perfect opportunity for sharing experience, information and insights as well as for discussing issues and challenges at hand. i have no doubt that the topics on the agenda will stimulate enriching discussions and provide participants with key takeaways that will be useful for the benefit of their respective populations. ladies and gentlemen by the nature of our functions and mandates, it is a matter of pride for all of us to see our jurisdiction progress and thrive. unfortunately, the pandemic stymied progress temporarily, claimed millions of lives globally and put a drag on global growth. however, one of its offshoots has been an acceleration in the pace of digitalisation. this has resulted in digital financial services gaining traction globally. while the benefits have been immeasurable in terms of convenience, facilitating access and reducing cost, it is of essence that we also focus on the consumer protection angle. the frameworks in place must be adapted to the changing landscape to foster the buildup of consumer resilience and trust in a digital era. the approach and mechanisms adopted to protect consumers will vary due to the specificities of each jurisdiction and the level of development of the financial system. consideration of country - specific circumstances is important for crafting relevant and effective consumer protection and education infrastructures. individual countries need to customise the consumer protection and education framework to their environment, taking into account factors such as the stage of economic and regulatory development, the structure of the financial system and the level of consumer sophistication. as i speak to you, i am tempted to share a real - life situation that impacted many people in mauritius recently and which exposes the naivety of potential victims. indications are pointing to a potential scam that could have been perpetrated through social networks. with the advent of technology and the speed with which information flows on social networks, wrongdoers are using ingenious means to entice people to invest in unregulated companies by promising spectacular returns. we constantly remind our population to deal with regulated entities and the list of our licensees is updated on the website of the bank on a real time basis. however, some people still fall prey to these scams. the emergence of social network as a means of communication and the possible consequences of its misuse for consumers of financial services could be a topic for finconet to consider in future seminars. ladies and gentlemen while digitalisation remains a formidable tool to expand inclusive access to financial services, it has also introduced new types of risks

harvesh seegolam : market conduct supervision in challenging times speech by mr harvesh seegolam, governor of the bank of mauritius, at the finconet / bank of mauritius international seminar on market conduct supervision in challenging times, pointe aux piments, 24 november 2023. * * * the first deputy governor and chairperson of the financial services commission the second deputy governor members of the board of the bank of mauritius the chair of the international financial consumer protection organisation representatives of the oecd, finconet secretariat chief executive officers of banks and other financial institutions chief executive officer of the mauritius bankers association distinguished guests ladies and gentlemen all protocol observed. i wish you all a very good morning or good afternoon, depending in which geography you currently are if you are attending this event virtually. at the outset, i would like to extend a warm and digital welcome to all of you on the occasion of the finconet international seminar which is being organised in mauritius for the first time. this year represents a special landmark as finconet is celebrating its ten years of existence. i seize this opportunity to congratulate the founders on their vision for the laudable initiative of creating a network dedicated to financial consumer protection. the turnout for this event, both physical and virtual is testimony to the increasing importance of consumer protection in the financial services industry. i am further informed that we have participants from all around the globe. ladies and gentlemen the financial services industry occupies a pivotal position due to its fiduciary nature. consumer protection is, therefore, a linchpin for a safe and sound financial system. this has been epitomised by the united nations general assembly, in its resolution on consumer protection of 22 december 2015 which recognized that " consumer confidence and trust in a well - functioning market for financial services promotes financial stability, growth, efficiency and innovation over the long term and that the recent financial crisis places a renewed focus on consumer protection, calling for effective regulatory, supervisory and enforcement frameworks in the financial sector to contribute to the welfare of consumers ". the un guidelines for consumer protection inter - alia makes reference to the establishment of appropriate controls and insurance mechanisms to protect consumer assets, including deposits. as we all know, the delivery of financial services transcends national borders. countries, therefore, need to take cognizance of developments at international level in 1 / 5 bis - central bankers'speeches strengthening their own consumer protection environment. a forum like the one today is the