Consumers for fair financial services

Consumers for Fair Financial Services, is the global campaign to increase consumers' access to safe, fair and competitive financial markets.

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Financial services are increasingly important to consumers everywhere, but access to financial services is not enough, they also need to be safe and fair.

Too often consumers are sold financial products that are not appropriate to their needs, or financial products that have unfair contracts or fees.

This can lead to real personal hardship and, as was shown in the financial crisis in 2007, when misselling is on a large scale it can contribute to economic crises as well.

These problems are not confined to one country or region.

Scandals

In recent years established financial markets have been rocked by a number of banking scandals including subprime mortgages in the US, payment protection insurance in the UK and preference shares in Spain.

At the same time in emerging and low income countries, millions of consumers are joining the market for financial services every year, often with low levels of financial literacy or in the context of very weak consumer protection.

That is why CI and its members have called for all financial services to be effectively regulated and for consumers to have access to complaint systems and redress when something goes wrong. The campaign is built on CI's members' extensive experience and expertise on these issues.

In 2010 CI and its members successfully campaigned the G20 to make new international recommendations for improving financial consumer protection. Since then CI has been ensuring the consumer voice is heard in the G20 agenda on financial consumer protection by:

CI continues to take part in these international processes as well as supporting members work at the national level and developing international work on specific issues effecting consumers of financial services.

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