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consumersinternational

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.

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consumersinternational

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  1. The CI campaign on financial services 2010 - 2011 consumersinternational.org

  2. 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. consumersinternational.org

  3. 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 consumersinternational.org

  4. Is there a crisis with financial consumer protection? High level of risk to the consumer justifies more effective regulation. • Complex products • Many ‘one-off’ decisions • Rapidly changing market • Major long term impacts consumersinternational.org

  5. CI campaign on Financial Consumer Protection Call for the G20 to establish an Experts Group on: • Contracts and charges • Information design and disclosure • Gov. and functions of FCP bodies • Competition • Ongoing international co-operation consumersinternational.org

  6. G20 activities consumersinternational.org

  7. G20 leaders’ Seoul Action Plan ‘options to enhance protection for consumer finance’ G20 finance ministers communiqué ‘common principles on financial consumer protection’ consumersinternational.org

  8. 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 consumersinternational.org

  9. 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 consumersinternational.org

  10. 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 consumersinternational.org

  11. 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. consumersinternational.org

  12. 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 consumersinternational.org

  13. 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. consumersinternational.org

  14. 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. consumersinternational.org

  15. www.consumersintenational.org consumersinternational.org

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