Following endorsement of the G20 High-level Principles on Financial Consumer Protection in 2011, the G20/OECD Task Force on Financial Consumer Protection is now engaged in supporting the implementation of the G20 High-level Principles (as set out in the Action Plan).
A first update report on effective approaches to support the implementation of the High-level Principles was developed around three priority principles:
- Disclosure and transparency
- Responsible business conduct of financial services providers and their authorised agents
- Complaints handling and redress
This report was presented to G20 leaders in September 2013. At this meeting, G20 leaders reiterated their support for the High-level Principles and asked the Task Force for a further update report in 2014. This report will be organised around the remaining principles:
- Legal, regulatory and supervisory framework
- Role of oversight bodies
- Equitable and fair treatment of consumers
- Protection of consumer assets against fraud and misuse
- Protection of consumer data and privacy
The draft text for "Effective Approaches to Support the Implementation of the remaining G20 High-Level Principles of Financial Consumer Protection" was circulated for informal consultation between 8-30 May 2014.
These reports draw on information gathered from Task Force Members and provide illustrative examples, which are complemented by factual information that has been collected in various jurisdictions and suggested by relevant international organisations. The effective approaches identified are not exhaustive but they do reflect considerations highlighted by Task Force members and represent non binding examples of effective approaches based on individual jurisdictional initiatives. These effective approaches are illustrative and are designed to assist regulators, supervisors and policy makers enhance financial consumer protection, while taking into account specific jurisdictional circumstances.
The G20/OECD Task Force on Financial Consumer Protection is open to all G20 and FSB members, other relevant international organisations and standard setters.
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Update report on effective approaches to support the implementation of the High-level Principles and Annex, prepared for the G20 Saint Petersburg Summit on 5-6 September 2013
G20-World Bank-OECD conference on empowering consumers of financial products and services, Moscow, 15-16 June 2013
G20/OECD Task Force on Financial Consumer Protection - Action Plan,
Mexico's Presidency of the G20 Discussion Paper, Jan 2012
G20 High-level Principles on Financial Consumer Protection, Oct 2011
G20 finance ministers agree new principles to boost financial consumer protection | version française, Oct 2011
Communiqué of the G20 Finance Ministers and Central Bank Governors, Oct 2011
Mr. Michael Chapman
Tel: +33 1 45 24 79 43