The Minister for Finance Michael McGrath T.D. has welcomed the publication of the OECD’s Consumer Finance Risk Monitor.

The OECD Consumer Finance Risk Monitor sets out the risks facing financial consumers globally in a range of key sectors including banking and payments, credit, insurance, investments and pensions based on input from 43 countries including Ireland.

Key risks highlighted in the report include inflation and rising interest rates, financial scams and frauds, and poor-value products and service.

It also describes regulatory and supervisory approaches that are being undertaken by countries across the OECD to monitor and address these risks.

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Minister McGrath welcomed publication of the report and said,

The publication of the OECD’s first Consumer Finance Risk Monitor is an important addition to the work being undertaken at a national, European and international level to understand and address the complex and evolving range of risks facing consumers of financial products and services.

I welcome the fact that Ireland is one of 43 countries that inputted into this Monitor.

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The risks highlighted in the Monitor are ones that many consumers of financial products and services in Ireland may also face.

It is also welcome to see consumer protection initiatives that have been undertaken in Ireland, including the ban on price walking and financial education campaigns on ‘Buy Now Pay Later’, highlighted in this report.

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The OECD Monitor will help to inform the Government’s ongoing focus on strengthening the consumer protection framework including in terms of the work on Push Payment Fraud and on the development of Ireland’s first National Financial Literacy Strategy.

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