Transcript The story so far... - Consumers International

Where next for the
CI campaign on Financial Services?
May 2011
Justin Macmullan
Consumers International
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The story so far...
• World Consumer Rights Day 2010
• ‘Our money, our rights’
• Council request to campaign on
financial services.
• G20 campaign and Seoul Action Plan.
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G20 activities
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CI strategy for 2011
1. The G20 agree to a strong set of
recommendations.
2. The lack of competition in FS is put on
the international agenda.
3. Support the development of ISO
standards in FS if appropriate.
4. Clarify potential role in financial
inclusion.
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1. G20 recommendations
•
•
•
•
G20 Seoul Action Plan
G20 finance ministers meeting
FSB and OECD processes
Other means
–
–
–
–
FINCONET
Other FSB processes
ISO
World Bank guidelines
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To
develop
common
principles
on FCP
Implementation,
standards and
review
OECD
OECD taskforce*
FSB taskforce**
G20 finance
ministers
High level
conference
G20 finance
ministers
Pre
existing
work on
consumer
credit
G20 leaders
Options to
enhance
CP in
consumer
finance
Pre-existing
work on good
practices
Recommendations
World
Bank
G20 leaders
organisation
A new international
Recommendations, standards and guidelines
New
international
organisation
FINCONET
G20
countries
Develop
standards
FSB
Developing
international
standards
ISO
Structural issues
CI recommendations on FCP
Process for realising CI recommendations
on financial consumer protection
Ongoing FSB
processes?
Additional
ISO working
groups
TBD
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2. Put competition on the
international agenda
• G20 finance ministers.
• No single international institution to
lobby. We need to look for more
innovative methods?
• Competition in remittances is on the
agenda.
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3. ISO standards
• Initial opposition appears to have been
overcome. Discussions on:
• Financial advice
• Mobile banking
• Other areas?
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4. Financial inclusion
Working with consultant to:
• identify key consumer protection issues
• build links with financial inclusion
organisations
• support fundraising proposals
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Surveys
1.
•
•
•
Survey conducted in January.
Excellent response
First draft of analysis is finished
Results will feed into ISO and CI
lobbying
2. Questions on complaints.
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What next? 2011
1. National lobbying on FSB / OECD
2. A Joint action in October
– ranking?
– ‘move your money’?
– personal stories?
3. Competition / ISO / Financial inclusion
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Questions
• What aspects of financial consumer
protection should we focus on?
• What sort of activities should we do?
• What opportunities are there?
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[email protected]
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