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Deadline for response: 16 January 2009
The OECD is inviting public comments on the draft OECD `Good Practices on Financial Education and Awareness Relating to Credit’ from stakeholders with expertise in credit and financial education issues – e.g., governments, market supervisors and regulator, ombudsmen, credit market players and their national associations, credit counselors, credit reporting agencies, consumer associations, as well as NGOs, corporations and trade unions that play specific role in these areas.
These good practices build on the OECD’s ‘Recommendations on Principles and Good Practices for Financial Education and Awareness’. In addition, they seek to address certain questions specific to credit issues and market players that are involved in those issues, and to highlight good practices that could raise consumers’ awareness and enhance education in the realm of credit.
After setting out a general framework and definition, the draft good practices outline the main stakeholders’ roles and responsibilities in enhancing public awareness and capability on credit-related issues. These include:
- OECD’s role as standard setter and promoter of international cooperation on financial education;
- governments’ function as a role model in providing an infrastructure allowing for enhanced consumer awareness of credit issues and their position as leading coordinator in the launching and monitoring of national awareness campaigns;
- the information and advisory role and responsibilities of credit market players and intermediaries as regards consumers; and
- the information provision and training function which can be played by other relevant social partners.
Given the potential consequences of making bad or uninformed decision when it comes to mortgages, and because of their long term nature, their size, their unique and often complex characteristics, the draft good practices also give special considerations to the protection and awareness of consumers entering into a mortgage agreement.
The suggested good practices also highlight useful tools and methodology to meet awareness and education objectives: importance of the evaluation of the level of public awareness and education and of the efficiency of implemented programs; use of alternative mechanisms to ensure that the larger audience possible can be reached; and development of innovative partnerships with social partners to better meet the needs of the most vulnerable segments of the population.
Procedure
DRAFT TEXT: Download the draft Good Practices on Financial Education and Awareness Relating to Credit, pdf format.
CONTACT: Comments may be sent to Sophie Saltré, OECD Financial Affairs Division [Sophie.saltre@oecd.org].
CUT-OFF DATE FOR COMMENTS: In order for comments to be considered promptly, they must be received by 16 January 2009.
CONFIDENTIALITY AND USE OF COMMENTS: Comments will be treated confidentially and considered with a view of finalizing the Good Practices on Financial Education and Awareness Relating to Credit and publishing those as a Council recommendation in the first part of 2009;
COMMENTS NAMING ORGANISATIONS AND INDIVIDUALS: The purpose of the consultations is to provide inputs of generic interest for the consideration of the Committee on Financial Markets– they are not intended for use as a forum for waging campaigns and self-promotion.
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