Consumer protection, money laundering and risks that the coronavirus pandemic may pose in the future are three areas that FI will look more closely at in 2021.
This year, we will have a major focus on consumer protection. This includes consumer credit, where we will look more closely at lenders to ensure that they are conducting thorough credit assessments. FI will also focus on advisory services and the sale of financial products, both securities and insurance policies, and look more closely that firms are working in the best interest of the customer and not offering the products that earns them the most money.
In terms of money laundering, FI has observed that criminals are seeking new channels to launder their money as the major banks tighten their controls. We will therefore look more closely at whether the work by smaller banks and payment service firms is sufficiently methodical and structured to prevent money laundering. FI will benefit greatly in this work from its close cooperation with the police that was established in 2020.
The coronavirus pandemic will continue to affect FI's work in 2021. FI will carefully follow how the financial system will be impacted in the long run and implement measures where necessary to reduce future risks. FI will look into how the corporate bond market functions and how the funds that invest in corporate bonds can be better at managing their liquidity risks.
FI will also look at how financial firms measure and report climate-related risks and at how the firms operating the financial infrastructure for payments manage their risks when critical operations are outsourced.