The global financial crisis 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.

Further reading

Financial Literacy and Consumer Protection: Overlooked Aspects of the Crisis / version française
 
Policy Framework for Effective and Efficient Financial Regulation: General Guidance and High-Level Checklist | version française
 
OECD Gateway for Financial Education

G20-World Bank-OECD conference on empowering consumers of financial products and services

G20/OECD Task Force on Financial Consumer Protection

The work of the Task Force is currently focused on supporting the implementation of the High-level Principles.

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. These principles were endorsed at the G20 meeting on 14-15 October 2011.

G20 High-level Principles on Financial Consumer Protection

G20 finance ministers agree new principles to boost financial consumer protection | version française

Communiqué of the G20 Finance Ministers and Central Bank Governors, 15 October 2011

Speeches by Angel Gurría at the G20-OECD High-level seminar on financial consumer protection, 14 October 2011

Angel Gurría speaks to G20 about financial consumer protection, 4 November 2011, Cannes

Online public consultation on draft high-level principles on financial consumer protection 1-31 August 2011

For further information, please contact:

Mr. Michael Chapman
Tel: +33 1 45 24 79 43
Email: michael.chapman@oecd.org