Press Release

Consumer groups around the world welcome G20 commitment on financial consumer protection

12 Nov 2010

Response to communiqué from G20 leaders

As the G20 leaders acknowledge the need for consumer financial protection to be addressed by the next summit[i], Consumers International (CI)[ii], which represents 220 consumer organisations in 115 countries, welcomes this recognition but warns that much remains to be done to safeguard consumer interests.

Justin Macmullan, CI's Head of Campaigns, explains: "The consumer movement has been very vocal in calling for G20 leaders to make a real commitment to protecting the public from abusive financial services industry practices. It is encouraging to see that the need for consumer financial protection has been recognised.

"Consumers International members around the world have been lobbying their governments to make sure that the interests of consumers are not overlooked.  Thirty consumer organisations recently signed an open letter to the G20 expressing this concern.

"The G20 must do more than just pay lip service to the idea of putting consumers first. We want to see the Financial Stability Board (FSB) and the OECD, who have been charged with reporting back to the next G20 summit, fully consult with organisations who represent the views of consumers around the world.

"Consumers International and its member organisations have a wealth of experience and expertise in this area. We look forward to working with other international organisations to deliver strong and effective recommendations on global financial consumer protection."

-ends-

 

 

Notes to Editors

 


[i] Point 41 of the Seoul Action Plan states:

Enhancing consumer protection: We asked the FSB to work in collaboration with the OECD and other international organizations to explore, and report back by the next summit, on options to advance consumer finance protection through informed choice that includes disclosure, transparency and education; protection from fraud, abuse and errors; and recourse and advocacy.

 

 

[ii] 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

 

Comments
comments powered by Disqus
Access to stable, secure and fair financial services is important for consumers everywhere.
Go to Financial Services
GoView more options