Press Release
‘Not enough brain power’ spent on consumers during financial crisis - French Finance Minister
02 May 2011
'Not enough brain power' spent on consumers during
financial crisis - French Finance Minister, Christine Lagarde to
tell consumer world congress
- Consumer leaders from more than 60 countries gather in
Hong Kong to address the global challenge of financial consumer
protection.
- Vice President of Consumers International calls for new
rules to reign in 'abusive' system.
- Representatives from the Financial Stability Board, the
OECD, and the World Bank join discussions on financial
services
In a video address to the Consumers International (CI) World
Congress in Hong Kong, Christine Lagarde French Minister of
Economic Affairs and chair of the G20 finance ministers in 2011
will say:
"It is my personal belief that on the occasion of the
[financial] crisis we didn't spend a lot of time, nor a lot of
brain power on consumers", going on to say, "consumers
were the victims on many occasions and in many instances".
The message comes as consumer organisations from around the
world meet in Hong Kong to debate the state protection for
financial consumers.
Financial consumer protection is currently the focus of an
unprecedented level of international attention. Following requests
from the G20 leaders, the OECD, the Financial Stability Board and
the World Bank are all in the process of developing international
proposals on the issue. All three organisations will be
represented at the CI World Congress to hear the views of consumer
organisations.
Madame Lagarde will also say "It is only fair that consumers
are part of the process of rebuilding trust and rebuilding
regulation and making sure that the same situation does not happen
again."
The message from Madame Lagarde will be followed by a keynote
address from James Guest, Vice President of CI and CEO of Consumers
Union in the United States. Highlighting the impact of financial
abuses in the US, India, Egypt, Spain and Bosnia, James Guest will
talk about the significance of the CI campaign on financial
services.
James Guest will say:
"The financial services system has become abusive and needs
to be reined in. Consumers need protection, and so does the global
financial system. It needs to be protected from itself; from the
greed and irresponsible behaviour that over several years has
pushed the global financial system to the brink of
collapse."
Consumers International has recently released a set of
recommendations calling on the G20 to take action on financial
consumer protection. The recommendations 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 call for
an international organisation to be established to support national
bodies and review implementation.
As well as financial services, other issues on the CI World
Congress agenda will include sustainable consumption, corporate
responsibility, consumer access to safe and nutritious food, and
consumer rights in the digital world.
CI President Samuel Ochieng said on the eve of World
Congress:
"The 19th Consumers International World Congress is
about exploring ways in which we can empower consumers around the
issues that really matter in the 21st Century - sustainability,
corporate responsibility, safe and nutritious food, access to
knowledge in the digital world, and a fair financial system that
puts consumers first, not last."
Chairman of the Hong Kong Consumer Council Professor Anthony
Cheung complimented CI for adopting a most fitting theme for this
congress 'Empowering Tomorrow's Consumers' He said:
"Tomorrow's consumers are bound to be confronted by new
unprecedented issues arising from a changing world. Their consumer
welfare is something that we must focus our attention on as a
matter of urgency and priority."
-ends-
Media accrediation for CI World Congress can be applied for
here:
www.consumersinternational.org/congress/media
Notes to Editors:
- 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.
- The Hong Kong Consumer Council (HKCC) is an independent
statutory body committing itself as the trusted voice for consumer
betterment towards safe and sustainable consumption in a fair and
just market. Joined Consumers International (CI) in 1976, HKCC
became CI Council Member in 1978 and has been the Executive Member
since 1994.
- Consumers International's recommendations to the G20 on 'Safe,
fair and competitive markets in financial services' can be found at
/our-work/financial-services/key-projects/g20-campaign
- Consumers International's 19th World Congress takes
place at the Hong Kong Conference and Exhibition Centre, 3-6 May.
Day 1 is dedicated to fringe event with Day 2 & 3 taken up with
the official programme. Day 4 is the CI General Assembly. All
details are at www.consumersinternational.org/congress
- The CI World Congress occurs every four to five years. It
includes the General Assembly where CI's President, Executive and
Council are voted in.
- The last Congress took place n Sydney in 2007. The CI World
Congress was previously held in Hong Kong in 1991. The co-hosts for
the event are CI's Hong Kong member, The Consumer Council.