Consumersinternational.org The CI campaign on financial services 2010 - 2011.

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Presentation transcript:

consumersinternational.org The CI campaign on financial services

Consumers International CI is the international federation of consumer organisations. Established in 1960 we have more than220 members in 115 countries around the world. Financial services is a key concern for many of our members and CI’s work is built on their national experience and expertise. consumersinternational.org

Is there a crisis with financial consumer protection? Weak financial consumer protection a key catalyst of the financial crisis An ongoing issue of concern for many consumers in all countries. 150 million new consumers of financial services every year consumersinternational.org

Is there a crisis with financial consumer protection? High level of risk to the consumer justifies more effective regulation. Complex products Many ‘one-off’ decisions Rapidly changing market Major long term impacts consumersinternational.org

CI campaign on Financial Consumer Protection Call for the G20 to establish an Experts Group on: Contracts and charges Information design and disclosure Gov. and functions of FCP bodies Competition Ongoing international co-operation consumersinternational.org

G20 activities consumersinternational.org

G20 leaders’ Seoul Action Plan G20 finance ministers communiqué consumersinternational.org ‘options to enhance protection for consumer finance’ ‘common principles on financial consumer protection’

CI recommendations to the G20 Information design and disclosure Contracts charges and practices The structure and functions of national financial consumer protection bodies Redress and dispute resolution systems Promoting competition in financial services consumersinternational.org

CI recommendations to the G20 Measures to promote stability and safety of consumers deposits and investments Access to basic financial services and the role of new forms of service Ongoing international co-operation on financial consumer protection including reviews of implementation consumersinternational.org

CI input into the G20 process OECD /FSB consultation with CI members at CI congress (HK) and Transatlantic consumer dialogue (Brussels) Discussions with the French presidency of the G20 Input into OECD draft principles consumersinternational.org

Principles on financial consumer protection High level principles are addressed to G20 members and other interested economies. Ten principles cover most aspects of financial consumer protection. consumersinternational.org

Report on Consumer Finance Protection FSB report recommends: An international organisation of regulators to take the lead on global fcp Work on institutional arrangements Strengthening of supervisory tools consumersinternational.org

G20 Cannes declaration Endorse the FSB and OECD principles. Commit to the full application of these principles in our jurisdictions Request a report on progress to upcoming Summits and develop further guidelines if appropriate. consumersinternational.org

What next? The Mexican presidency of the G20 has announced that it will: Seek G20 support and resources for FinCoNet. Set out a 24 month timetable for the development of guidelines for the implementation of the principles. consumersinternational.org

consumersinternational.org