Callon’s Blog
CONSUMER BEHAVIOUR & DEBT
The following 7 Blogs on Consumer Debt are my opinions based on dealing with consumers and issue of debt for over 20 years, first as Deputy and former Acting Commissioner of the Financial Consumer Agency of Canada and then as a former Superintendent of Bankruptcy during the financial crisis that saw consumer insolvencies double in bankruptcy filings.
RESPONSIBLE REGULATION FOR RESPONSIBLE LENDING (7/7)
Governments must clearly state by regulation what its expectations are as to the type and required level of market conduct essential to be a part of the financial sector. Setting out by regulation, the market conduct principles (expectations) that are applicable to...
THE GROWTH AND SUCCESS OF THE OVER-INDEBTEDNESS BUSINESS (5/7)
Reliance on Debt Societal / Consumer behaviour towards the use of debt and access to credit has changed; influenced by technology, easier lending practices, low interest rates and the extensive media messages to buy now. It has come to the point where over...
ARE WE AT THE POINT OF GOVERNMENT INTERVENTION IN THE RETAIL CREDIT SECTOR? (6/7)
Normally such intervention is to protect the public interest and instill confidence in the economy or sector requiring regulation. More than 10 years ago we witnessed provincial governments focus on and intervene in the market conduct of payday lending and cheques...
GROWTH AND IMPACT OF IRRESPONSIBLE LENDERS (4/7)
In the past, regulatory frameworks for licensed financial institutions (LFI), whether banks, credit unions, insurance companies, securities, etc., had focused primarily on prudential matters, profitability of business models and financial stability. The public...
ACCESS TO GOOD DEBT / BAD DEBT (3/7)
I offer no comment on the differentiation between what is considered good debt or bad debt; my concern is whether the debt is suitable, appropriate and affordable now and in the near future. I would suggest that consumers do not understand or even care about the...
ADDICTED TO BORROWING / CREDIT? (2/7)
In general, our economy has become significantly rooted in consumer spending as there has been limited growth in consumer income when inflation is taken into consideration. So where does the fuel for economic expansion come from? I would suggest it is fueled, in a...
SHARING A PERSPECTIVE ON CONSUMER PROTECTION & FINTECH
SHARING A PERSPECTIVE ON CONSUMER PROTECTION & FINTECH PART 4/4
Government and regulators must not be swayed by the hype of Fintech and take decisions that are in the best interest of the Public. In consideration of the discussion in the previous Blogs, here are some points to consider:
SHARING A PERSPECTIVE ON CONSUMER PROTECTION & FINTECH PART 3/4
One key lesson learned from the 2007 / 2008 financial crisis is that it was a normal consumer product/ service combined with lax regulatory oversight causes and unethical conduct by financials services providers caused irreparable harm to the consumers, to the economy and to the integrity of the financial sector.
SHARING A PERSPECTIVE ON CONSUMER PROTECTION & FINTECH PART 2/4
In the retail financial services market place, the consumers of financial products and services will face multiple risks. Let me present the types of risks I have dealt with in my career:
SHARING A PERSPECTIVE ON CONSUMER PROTECTION & FINTECH PART 1/4
The financial sector is experiencing substantial promotion / hype of “FinTech” and innovation coupled with demands for regulators to lighten the regulatory burden, or perhaps providing exemptions for the sake of advancing innovation and the potential channel for expanding access to financial services for all consumers
MISC
WHAT DOES FREEDOM OF CONSUMER CHOICE MEAN IN TODAY’S WORLD?
Financial institutions and FinTech companies have expanded the collection and use of customer information as the capabilities of technology increased its capacity to share, channel, capture, store and analyse data about an individual customer, products and...
PART 2 – TWO-SIDED IMPACT OF TECHNOLOGY
Inclusion versus Exclusion Technology has, for a large segment of society, provided better and easier access for consumers, while there have been consequences on another portion of society. On the other hand, we have seen many governments, companies and financial...
WHEN TECHNOLOGY IS BEING USED TO CONSTRAIN CONSUMERS IN THE MARKET PLACE
As a form regulator of conduct / consumer protection in the financial market place for 20 years, I have observed trends over the years that were detrimental to supporting a fair, honest and responsive marketplace. Government has responded in the past by...
CONSUMER PROTECTION AGAINST FRAUD AND FALSIFICATION WITHIN FINANCIAL INSTITUTIONS
For many years I have been addressing conduct risks that financial consumers may face when acquiring financial products and managing their financial services. The term “conduct risk” refers to the inappropriate and/or unlawful behaviour and actions by a financial...
Financial Consumer Protection
After 40 years of regulatory experience in protecting the public interest in many ways, Mr. Callon is presenting his first blog and will be sharing his concerns / views on a variety of regulatory and financial consumer issues as time permits. Currently there is a...
