Digital transformation of the financial sector - AMF releases an issues paper as part of its 2022 Rendez-vous

MONTRÉAL, Nov. 22, 2022 /CNW Telbec/ - The Autorité des marchés financiers (AMF) has released an issues paper entitled Insights into the risks and benefits of digital financial services for consumers, which presents many findings and trends observed in the financial sector, as part of its 2022 Rendez-vous.

The paper considers the profound digital transformation of the financial sector, which has accelerated during the pandemic and that today reflects some major changes in consumer habits. More and more consumers consider themselves to be self-directed in their financial decision-making and are being offered new and at times complex products or services for which disclosure is incomplete or that are much too risky for them.

In his speech, AMF President and CEO Louis Morisset called on industry participants to act together to better support consumers in their financial decisions. "The digital transformation of financial products and services has many tangible benefits but carries just as many risks. More than ever before, we, financial sector participants and the regulator, must work together to increase the vigilance and financial and digital literacy of Québec consumers," he said.

Through its issues paper, the AMF also proposes potential research and projects focused on the use of technological innovations to increase consumers' financial and digital literacy, responsible innovation among digital financial service providers, and consideration of emerging issues related to the digital transformation of the financial sector.

Expanded program for the 17th edition of the Rendez-vous and a return to an in-person format

The Rendez-vous with the AMF marked its 17th edition this year. Some 400 industry stakeholders who attended the event were offered a program focused on current and emerging opportunities and issues in Québec's financial sector. Workshops were held on the digital transformation of financial services and on environmental, social and governance factors (ESG) and their incorporation into investment decisions. The Québec Minister of Finance, Eric Girard, and the Chair of the International Sustainability Standards Board (ISSB), Emmanuel Faber, also participated in the event. 

The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.

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SOURCE Autorité des marchés financiers