News
Open letter to the G20 finance ministers - action is needed on consumer protection
15 Apr 2011
In an open letter released today, the heads of
consumer organisations in eighteen G20 countries called on their
finance ministers to ensure that the rapid increase in
international attention given to financial consumer protection
leads to 'a comprehensive solution and tangible benefits for
consumers.'
With G20 finance ministers meeting this weekend in Washington,
the letter calls for G20 finance ministers to use their influence
to ensure the opportunity presented by so much international
attention is not squandered.
The letter notes that in just six months the issue has been
forced on to the agenda for G20 leaders' and G20 finance ministers.
At the same time the World Bank is consulting on a new set of
guidelines on the issue, and more than fifty government financial
consumer protection agencies are meeting in May to discuss
strengthening future collaboration.
The consumer organisations are all members of Consumers
International (CI), and have helped develop our set of
recommendations for global action on financial services.
Safe, fair and competitive markets in financial
services. Recommendations to the G20 on options to enhance consumer
protection in financial services, cover consumer protection for
financial transactions, the structure and functions of national
financial consumer protection agencies, redress systems, the
promotion of competition in the sector, and the safety of
consumers' deposits and investments. The recommendations also call
for an international organisation to be established to support
national bodies and review implementation.
Consumer organisations from around the world will be meeting in Hong Kong from 3-5 May
for the CI World Congress with financial consumer protection high
on the agenda. Speakers include the director of the World Bank's
global programme on consumer protection and financial literacy and
consumer organisations in the United States, China, the
Netherlands, South Africa and Malaysia.
Full list of signatories:
Samuel Ocheing
President, Consumers International
James A. Guest
President & CEO, Consumers Union of United States, Inc.
UNITED STATES
Beatriz Garcia Buitrago
President, Consumidores Argentinos
ARGENTINA
Nick Stace
Chief Executive, Choice
AUSTRALIA
Lisa Gunn
Executive Co-ordinator, Instituto Brasileiro de Defesa do
Consumidor
BRAZIL
Michael Janigan
Executive Director, Public Interest Advocacy Center
CANADA
Monique Goyens
Director General, BEUC The European Consumers Organisation
EUROPEAN UNION
Alain Bazot
President, UFC-QUE Choisir?
FRANCE
Gerd Billen
Executive Director, Verbraucherzentrale Bundesverband
GERMANY
Connie Lau
Chief Executive, Consumer Council of Hong Kong
HONG KONG, CHINA
Pradeep S Mehta
Secretary General, CUTS International
INDIA
Sudaryatmo, SH
Chairman, Yayasan Lembaga Konsumen
INDONESIA
Luisa Crisigiovanni
Director, Altroconsumo
ITALY
Alejandro Calvillo Unna
Executive Director, El Poder del Consumidor
MEXICO
Mr Dmitriy Yanin
Director of the Confederation of Consumer Associations of
Russia
RUSSIA
Thami Bolani
Chairman, National Consumer Forum
SOUTH AFRICA
Jaiok, Kim
President, Consumers Korea
SOUTH KOREA
Ali ÇETİN
Vice-President, Tüketici Dernekleri Federasyonu
TURKEY
Peter Vicary-Smith
Chief Executive, Which?
UNITED KINGDOM