Jacek Barszczewski took part in a debate on anti-disinformation initiatives, held during the IZFiA Forum

Jacek Barszczewski, Director of the Public Communication Department at the UKNF, took part in a debate titled ‘Trust in the era of disinformation: how to build the security and credibility of the capital market?’, held during the 20th Funds Forum organised by the Polish Chamber of Fund and Asset Management (IZFiA). The debate addressed how to enhance the credibility of and protect confidence in capital market institutions in the face of fake news.

Jacek Barszczewski pointed to the important role of the financial supervisor in ensuring the security of and confidence in financial markets, especially in the context of disinformation and crisis communication. The activities of the UKNF consist not only in supervising and conducting inspections of financial market entities, but also supporting and assisting them in crises, including in the area of public communication and public relations.

Jacek Barszczewski talked about the evolving role of financial supervisor, whose competence today goes beyond traditional activities. In emergency situations, such as the COVID-19 pandemic or Russia’s aggression against Ukraine, the UKNF would act as a coordinator of financial sector activities, including in the area of communication. The supervisor would initiate status follow-up meetings, during which major threats were identified and crisis management plans were developed. Mr Barszczewski also stressed that such cooperation had taken place not only during big crises, but also daily, when supervised entities could count on support and consultation in the event of image-related or communication issues.

Another important topic of the discussion was disinformation in financial markets. Jacek Barszczewski said that disinformation may take the form of dishonest communications regarding entire sectors of the economy (such as banking or investment funds) or individual institutions. Spreading fake news may have serious consequences, including loss of clients’ trust or massive bank runs and fund runs. To give an example, he referred to resolution processes at Idea Bank and Getin Noble Bank, which were accompanied by fake news or manipulated narratives. In such cases the supervision authority would respond by publishing communications and providing detailed explanations, often in forms separating facts from fake news.

Jacek Barszczewski also stressed the importance of effective communication and cooperation across the financial sector. ‘Being right’ is not enough – the key is to convey information in a way that is comprehensible and credible to recipients. He presented the process of building confidence in the financial market as a joint effort of the supervision authority, commercial entities, and their professional associations. Fight against disinformation, as activities in the field of cybersecurity, should be based on cooperation, not competition. The role of the supervision authority is to coordinate these efforts and support the entire sector. Professional associations should integrate the environment and come up with joint communication strategies for enhanced credibility and confidence in the financial market.