Transcript Consumers for Fair Financial Services campaign presentation

The CI campaign on
financial services
2010 - 2011
consumersinternational.org
Consumers International
• CI is the international federation of
consumer organisations.
• Established in 1960 we have more
than220 members in 115 countries
around the world.
• Financial services is a key concern
for many of our members and CI’s
work is built on their national
experience and expertise.
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Is there a crisis with financial
consumer protection?
• Weak financial consumer
protection a key catalyst of
the financial crisis
• An ongoing issue of concern
for many consumers in all
countries.
• 150 million new consumers of
financial services every year
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Is there a crisis with financial
consumer protection?
High level of risk to the
consumer justifies more
effective regulation.
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Complex products
Many ‘one-off’ decisions
Rapidly changing market
Major long term impacts
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CI campaign on Financial
Consumer Protection
Call for the G20 to establish an
Experts Group on:
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Contracts and charges
Information design and disclosure
Gov. and functions of FCP bodies
Competition
Ongoing international co-operation
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G20 activities
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G20 leaders’ Seoul Action Plan
‘options to enhance protection for consumer
finance’
G20 finance ministers
communiqué
‘common principles on financial consumer
protection’
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CI recommendations to
the G20
• Information design and disclosure
• Contracts charges and practices
• The structure and functions of national
financial consumer protection bodies
• Redress and dispute resolution systems
• Promoting competition in financial
services
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CI recommendations to
the G20
• Measures to promote stability and safety
of consumers deposits and investments
• Access to basic financial services and the
role of new forms of service
• Ongoing international co-operation on
financial consumer protection including
reviews of implementation
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CI input into the G20 process
• OECD /FSB consultation with CI
members at CI congress (HK) and
Transatlantic consumer dialogue
(Brussels)
• Discussions with the French
presidency of the G20
• Input into OECD draft principles
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Principles on financial
consumer protection
• High level principles are addressed to
G20 members and other interested
economies.
• Ten principles cover most aspects of
financial consumer protection.
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Report on Consumer
Finance Protection
FSB report recommends:
• An international organisation of
regulators to take the lead on global fcp
• Work on institutional arrangements
• Strengthening of supervisory tools
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G20 Cannes declaration
• Endorse the FSB and OECD principles.
• Commit to the full application of
these principles in our jurisdictions
• Request a report on progress to
upcoming Summits and develop
further guidelines if appropriate.
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What next?
The Mexican presidency of the
G20 has announced that it will:
• Seek G20 support and resources
for FinCoNet.
• Set out a 24 month timetable for
the development of guidelines
for the implementation of the
principles.
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www.consumersintenational.org
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