G20 finance ministers agree new principles to boost financial consumer protection

>> News release 18 October 2011 ( français )

>> Text of the principles (pdf)

>> G20 communiqué

OECD work on financial consumer protection

The global financial crisis has highlighted the need for more effective financial consumer protection measures as consumers face more sophisticated and complex financial markets. The availability of information has grown both in quantity and complexity and the pace of change, in terms of new product developments, product innovations, and technological advances, has increased dramatically.

Building and maintaining consumer confidence and trust in financial markets promotes efficiency and stability and helps to create positive outcomes for both financial institutions and their customers.

The OECD is working on how to enhance financial consumer protection, which includes determining what is required to help consumers gain the confidence, knowledge, information, security and choices they need to enable them to fully participate in financial markets.

G20 High-level Principles on Financial Consumer Protection

In February 2011, the G20 called on the OECD, the Financial Stability Board (FSB) and other relevant international organisations to develop common principles on consumer protection in the field of financial services.

At their meeting on 14-15 October 2011, G20 Finance Ministers and Central Bank Governors endorsed the High-level Principles on Financial Consumer Protection and called for further work on implementation (see the G20 communiqué).

Task Force on Financial Consumer Protection

The principles were developed by an OECD-led Task Force on Financial Consumer Protection, which is open to all G20 and FSB members, other relevant international organisations and standard setters. As part of a process of multiple consultations to get the views of all stakeholders, the OECD invited comment on the draft principles via an online public consultation.

The Task Force is chaired by Mr. Juan Manual Valle from the Mexican Ministry of Finance and membership currently includes 33 countries and 10 international organisations. The Task Force met for the first time in April 2011 when work started on developing the principles.

Angel Gurría speaks to G20 leaders about financial consumer protection

Cannes, 4 November 2011

Francois Baroin, French Minister of Finance at the G20-OECD High-level Seminar on Financial Consumer Protection