As a licensed certifier of the Smart Campaign client protection certification program, MFR is committed to promote responsible and client centric practices in the inclusive finance sector.
MFR actively contributed to the development of the client protection certification standards in 2012 together with leading industry stakeholders and continues to support the scheme’s development. In 2015, MFR pilot-tested the upgraded 2.0 client protection methodology.
Today MFR has the largest market share among Smart Campaign Certifiers and the widest global experience.
The Smart Campaign client protection certification is an independent and third-party evaluation that provides an objective seal of confidence that a financial service provider is adequately implementing the client protection principles and is doing everything it should to treat clients fairly and to not harm them.
The Smart Campaign client protection certification is a highly valued mark of commitment by the industry, including many investors and donors, as “doing no harm” is the minimum that most stakeholders expect from the sector. Achieving the Smart Campaign client protection certification allows financial services providers to:
- Publicly demonstrate their commitment to client protection and responsible practices
- Better understand clients’ risks
- Improve their systems, practices and services by aligning to a set of standardized and globally accepted standards and keeping clients at the center of the decision-making process
MFR clients (Source: MFR customer care, June 2019) find the Client Protection Certification useful for:
All financial service providers engaged in financial inclusion, irrespective of their legal status and size, and interested in demonstrating their commitment to client protection.
How it works?
The certification reviews the financial service provider’s policies, procedures, management systems, training and marketing practices against the seven areas of client protection.
To achieve the Smart Campaign Client Protection Certification, the financial service provider must comply with all the indicators corresponding to the 25 adequate standards of care for client protection.
The process depends on the results of the final notification.
The Smart Campaign client protection certification has a 4-year validity with a mandatory surveillance audit conducted two years after the original certification award.