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Improving the Principles

The Client Protection Principles are meant to best reflect the microfinance industry’s thinking and better safeguard the clients we serve. Over the last several months the Campaign Task Force on the Evolution of the Principles has been considering recommendations that would modify two of the principles-responsible pricing and data privacy. The result of their deliberations, combined with the feedback we’ve received from Campaign endorsers and by the entire Campaign Steering Committee follows:

Principle Two: Transparent Pricing
New language – Transparent and Responsible Pricing: The pricing, terms and conditions of financial products (including interest charges, insurance premiums, all fees, etc.) will be transparent and will be adequately disclosed in a form understandable to clients. Responsible pricing means that pricing, terms, and conditions are set in a way that is both affordable to clients and sustainable for financial institutions.

Principle Six: Privacy of Client Data
New languagePrivacy of Client Data: The privacy of individual client data will be respected in accordance with the laws and regulations of individual jurisdictions, and such data cannot be used for other purposes without the express permission of the client (while recognizing that providers of financial services can play an important role in helping clients achieve the benefits of establishing credit histories).

 
 

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