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Press Release

G20 finance ministers have ignored the needs of “real people”

Response to the communiqué from G20 finance ministers and central bank governors

As G20 finance ministers issue a statement detailing the progress they have made in finding 'policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels', Consumers International (CI)[i] is urgently calling for G20 leaders to remember the needs of the everyday consumers of financial services.

Justin Macmullan, CI's head of campaigns, explains: "The communiqué from G20 finance ministers and central bank governors acknowledges the high interdependence among G20 countries in the global financial system.  It also notes that 'uncoordinated responses will lead to worse outcomes for everyone' and yet there is barely a mention of a unified approach to the needs of the real people who consume financial services on a daily basis.

"Each year, the global economy creates up to 150 million new consumers of financial services, most of whom are in countries where consumer protection and financial literacy are still in their infancy.

"The communiqué mentions the need for global co-operation to address financial inclusion, but does not make a commitment to protect citizens from abusive financial services industry practices.

"CI, together with our 220 member organisations,  urgently want to see the establishment of an Experts Group on Consumer Financial Protection which would help to ensure that consumers everywhere have access to stable, fair and competitive financial services."

-ends-

Notes to Editors

CI wants the Experts Group on Consumer Financial Protection to create and recommend adoption by national governments of minimum standards relating to:

• Fair contract terms and charges for financial products and services
• Information design and disclosure on financial products
• The governance and functions of national financial consumer protection bodies.

It should also make recommendations for:

• The promotion of effective competition in markets for financial consumer services
• The development of a permanent organisation for international standard setting and co-ordination with regard to financial consumer protection.

 

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[i] Consumers International (CI) is the only independent global campaigning voice for consumers. With over 220 member organisations in 115 countries, we are building a powerful international consumer movement to help protect and empower consumers everywhere.

 

Our member organisations have extensive experience of working in financial consumer services including the testing of financial products and services, the provision of financial education and information to consumers, as well as consumer representation and advocacy.

 

For more information, visit www.consumersinternational.org