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The G20 has taken crucial initative by co-ordinating national policies for all G20 countries through common standards and guidelines in the realm of financial consumer protection, financial education, taxation and financing for investment. The OECD shares its expertise in the following areas: 

 

FINANCIAL CONSUMER PROTECTION

 

In 2010, the G20 asked the Financial Stability Board (FSB) to work in collaboration with the OECD and other international organisations to explore, and report back by the Cannes Summit, on options to advance consumer finance protection through informed choice that includes disclosure, transparency and education; protection from fraud, abuse and errors; and recourse and advocacy.

Upon the request of the G20, the OECD and the Financial Stability Board (FSB), developed High-Level Principles on Financial Consumer Protection. The Principles were endorsed by Finance Ministers, in Paris, on 15 October 2011 and by Leaders at the Cannes Summit. In July 2012, the Principles were adopted by the OECD Council as a Recommendation, thereby expanding the coverage of the principles to include all OECD member countries.

Leaders in Los Cabos endorsed an Action Plan of the G20/OECD Task Force on Financial Consumer Protection to develop effective approaches to support the implementation of the High Level Principles on Financial Consumer Protection. As per this request, the OECD delivered an updated report at the Saint Petersburg Summit (pdf) which focused on identifying effective approaches to support the implementation of three of the 10 principles (disclosure, responsible business conduct and complaint handling).



FINANCIAL EDUCATION

Responding to the priority given by the Mexican Presidency to the issues related to financial inclusion, the OECD was asked to share its expertise on financial education and literacy which resulted into the OECD/International Network on Financial Education (INFE) High Level Principles on National Strategies for Financial Education.


In June 2012, the Leaders endorsed these principles, and called on the OECD/INFE and the World Bank in co-operation with the Global Partnership for Financial Inclusion (GPFI) to deliver further tools to promote financial education.


 

FINANCIAL EDUCATION AND WOMEN

Briefing by the Russian G20 Sherpa Ksenia Yudaeva - 13 June 2013

Ksenia Yudaeva
Russian G20 Sherpa

"We recognize the need for women and youth to gain access to financial services and financial education, ask the GPFI, the OECD/INFE, and the World Bank to identify barriers they may face and call for a progress report to be delivered by the next Summit" - G20 Leaders Declaration, June 2012

The OECD International Network on Financial Education (INFE) comprises institutions from more than 100 countries to develop policy analysis and guidance on key relevant financial education issues. The OECD/INFE is committed to supporting women’s financial empowerment and the related G20 agenda by providing policy evidence, analysis, and guidance to help policy makers address women’s needs for financial awareness and education.


OECD CONTRIBUTIONS TO G20