In February 2011, G20 Finance Ministers and Central Bank Governors 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.
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, started work on developing these principles in April 2011.
The principles are designed to assist governments and regulators in G20 countries and other interested economies to enhance financial consumer protection. They complement and do not substitute any existing international principles and/or guidelines. In particular they do not address sectoral issues dealt with by standard setters such as IOSCO, BCBS, IAIS. These (non binding) principles will be applicable across all financial service sectors.
The OECD conducted an online public consultation on the draft High-level Principles on Financial Consumer Protection which came to an end on 31 August 2011. This public consultation was part of a process of multiple consultations to get the views of all stakeholders.
Based on comments received, a further draft will be discussed by members of the Task Force at their next meeting on 14 September 2011. A final draft will then be submitted to the French Presidency, to be transmitted to the G20 Finance and Central Bank Governors meeting on 14 October 2011.
Draft text for the online consultation
Draft High-level Principles on Financial Consumer Protection (PDF)
Projet de principes de haut niveau sur la protection financière des consommateurs (PDF)
Any requests for further information should be addressed to Michael Chapman [ email@example.com ].
Financial literacy and consumer protection - overlooked aspects of the crisis - OECD Recommendation, OECD (2009)