MFR is granted a full approval to conduct Client Protection Certifications under the CERISE-SPTF framework, effective as of May 1st 2021.
As part of MFR’s mission of improving responsible
practices in the inclusive finance industry,
MFR actively took part in the development of the new Client Protection Certification Methodology
together with leading industry stakeholders and continues to support the scheme’s development.
Today MFR has the largest market share among Client Protection Certifiers and the widest global experience.
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 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 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, December 2020) 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.
The new certification includes a process of recognizing financial institutions based on their performance and advancement towards implementing favourable client protection policies and practices. For this reason, the certification will provide with three levels of recognition (Bronze, Silver and Gold), depending on the percentage of compliance with the indicators.
The client protection certification has a 3-year validity.
In order to be ready for the certification and assess your compliance with the standards, you can apply first for the Client protection Pre-certification.