G20 ministers to develop ‘common principles’ on financial consumer protection

23 Feb 2011

G20 finance ministers commit to develop 'common principles' on financial consumer protection

G20 finance ministers meeting in Paris this weekend have called on the OECD and Financial Stability Board (FSB) to develop 'common principles on consumer protection in financial services.' This follows the Seoul Action Plan agreed at last year's G20 Summit in which G20 leaders tasked these organisations and others with investigating options for enhancing consumer protection in financial services and reporting back to the next G20 Summit later this year.

Consumer organisations in G20 countries actively lobbied their finance ministers ahead of the Paris meeting as part of CI's global Consumers for Fair Financial Services campaign.

Whilst welcoming the proposal to develop 'common principles', CI calls on the G20 not to limit the scope of the report that will be developed by the OECD and the FSB at this early stage in the process. The G20 should take a comprehensive approach to consumer protection and not to rule out practical recommendations that might ask G20 countries to take action either individually or as a group.

On 15 March, World Consumer Rights Day, CI will be issuing its own recommendations in a new paper: 'Safe, fair and competitive markets in financial services: recommendations for the G20 on the enhancement of consumer protection in financial services.'

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