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.
DOCUMENTS AND LINKS
G20-World Bank-OECD conference on empowering consumers of financial products and services, Moscow, 15-16 June 2013
Mr. Michael Chapman
G20/OECD Task Force on Financial Consumer Protection
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.
Effective approaches to support the implementation of the remaining G20 High-Level Principles of Financial Consumer Protection and addendum, submitted to G20 Finance Ministers and Central Bank Governors, Cairns, 21 September 2014
Update report on effective approaches to support the implementation of the High-level Principles and Annex, submitted to the G20 Saint Petersburg Summit on 5-6 September 2013
Communiqué of the G20 Finance Ministers and Central Bank Governors, 15 October 2011
Angel Gurría speaks to G20 about financial consumer protection, 4 November 2011, Cannes