CBK joins the International Financial Consumer Protection Organization (FinCoNet)

The Central Bank of the Republic of Kosovo (CBK) announces that it has become an Associate Member of the International Financial Consumer Protection Organization (FinCoNet), an organization that promotes international best practices to ensure that financial products and services are fair, transparent, and in line with global consumer protection standards.

Membership in FinCoNet represents an important step towards strengthening the CBK’s role as a supervisory authority in advancing the framework for financial consumer protection, with a special emphasis on the effective supervision of the market conduct of financial institutions.

The use of international standards and FinCoNet recommendations will directly contribute to improving the CBK’s supervisory approach toward market conduct practices, enhancing the protection of financial consumers, and building a fairer and more sustainable financial system.

Additionally, through this membership, the CBK will benefit from expertise and international best practices in the further development of the Consumer Protection Department, a newly added function within its new organizational structure. This includes the enhancement of advanced methods for monitoring and analyzing the behavior of financial institutions, as well as improving transparency and oversight to protect consumers.

Through participation in FinCoNet activities, including training sessions, studies, and international collaborations, the CBK will have the opportunity to further develop local standards in alignment with the G20/OECD High-Level Principles on Financial Consumer Protection, adapting these principles when drafting the regulatory framework of Kosovo’s financial market.

FinCoNet, headquartered in France, is an international organization of supervisory authorities responsible for financial consumer protection. It currently has 36 members, including central banks and supervisory authorities from developed countries such as Germany, France, Italy, the Netherlands, and Canada. Its secretariat is hosted by the Organisation for Economic Co-operation and Development (OECD).

In line with its Strategic Plan, the CBK remains committed to advancing projects that promote consumer protection, financial inclusion, and the enhancement of public trust in the financial market, through strengthening transparency and fair access to financial services.