Page 17 - FIGI Digital Financial Services Consumer Competency Framework

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1�3 Evaluate the commercial information provided, and suitability for purpose
To critically evaluate various marketing and advertising methods and activities promoting the service. To recognise how
advertising and commercial communication can influence one’s choices as a consumer.
Knowledge Area CA1.3-K1 Understand whether the preferred service is suitable for consumer’s purpose and
budget.
CA1.3-K2 Be aware that the commercial offer might be subject to different marketing and
advertising methods to influence and stimulate purchase.
CA1.3-K3 Be aware of hidden charges and fees by other names and penalties.
CA1.3-K4 Be aware that personal data may be collected and for what purpose even if the
service is provided free of (direct) charges.
CA1.3-K5 Be aware that the advertised product (including appearance and content) may be
different from actual product on sale.
CA1.3-K6 Be aware of applicable regulations and policies regarding marketing and advertis-
ing methods, terms and conditions, charges and fees.
Skills Area CA1.3-S1 Identify whether the commercial information and the provider are reliable.
CA1.3-S2 Distinguish commercial messages from unbiased consumer information.
CA1.3-S3 Be aware of gender bias in advertisement.
CA1.3-S4 Be able to identify Unlicensed Digital Investment Schemes(digital Ponzi schemes),
false statements, and omission of important facts or misleading information by the provid-
er, including legislation which bans such conduct.
CA1.3-S5 Be able to identify the fundamental benefits and risks of the product or service.
CA1.3-S6 Be able to identify terms and conditions which are too good to be true, i.e. offer-
ing exemplary returns within a short duration.
CA1.3-S7 Keep regular and updated records of income and expenditures, compare these
records on a regular basis.
CA1.3-S8 Establish short, medium and long term goals to be met by DFS considering the
financial situation of the consumer.
Proactive Steps CA1.3-P1 Be skeptical of advertising and promotional practices noting that they may be
misleading or gender biased.
CA1.3-P2 Base purchasing choices on actual information, rather than generated by targeted
advertisement, and on genuine user requirements and needs.
CA1.3-P3 Check the contract for the DFS provider’s and consumer’s liability in case of
fraud and security measures implemented to protect financial services transactions and
consumer data.
CA1.3-P4 Be aware that abusive fees and charges can lead to sanctions.
CA1.3-P5 Be able to contact the DFS provider for further clarification about the promotion-
al information.
CA1.3-P6 Check the contract and regulatory provisions for consumer rights and obliga-
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Digital Financial Services Consumer Competency Framework 15