Public Consultation: Draft Recommendation on High-Level Principles on Financial Consumer Protection


The consultation closed on 25 February 2022

About the revised Recommendation

Financial consumer protection refers to the framework of laws, regulations and other measures generally designed to ensure fair and responsible treatment of financial consumers in their purchase and use of financial products and services and their dealings with financial services providers. 

The G20/OECD High-Level Principles on Financial Consumer Protection are embodied in the OECD Recommendation on High-Level Principles on Financial Consumer Protection [OECD/LEGAL/0394]. They were developed as part of the OECD’s strategic response to the global financial crisis, and in response to the call from G20 Finance Ministers and Central Bank Governors in February 2011 to enhance financial consumer protection. The development of the Principles entailed an extensive consultation process with national authorities and international organisations, including the FSB, Consumers International and other key stakeholders.

The Principles were endorsed by G20 Leaders in November 2011 and adopted by the OECD Council in the form of a Recommendation on 17 July 2012 [C(2012)102]. The Principles are included in the Financial Stability Board (“FSB”) Compendium of Standards.

The Principles are the leading international standard for effective and comprehensive financial consumer protection frameworks. As a high-level standard, the Principles are specifically designed and intended to be applicable to any jurisdiction and are cross-sectoral in nature (i.e. they can be applied to credit, banking, payments, insurance, pensions and investment sectors). Many countries, including OECD, G20 and FSB jurisdictions, have adopted the Principles in establishing or enhancing their financial consumer protection frameworks.



Invitation to comment

The Recommendation and therefore the current revision process is likely to be of interest to relevant policy makers and public authorities, financial services industry representatives and consumer representatives.

How your input will be used

Responses received will be analysed by the OECD Secretariat and shared with the Task Force and the CMF. They will be taken into consideration in developing the final version of the draft revised Recommendation that embodies the Principles.

You will not receive an individual response to your input unless the OECD Secretariat needs to clarify your feedback. This web page is expected to be updated as the revision progresses towards adoption of the Recommendation via an intergovernmental process. Responses will be considered public and may be published on the website in conformity with OECD policies. Please indicate clearly if you do not wish your response to be published.



This consultation closed on 25 February 2022. Questions can be addressed to

Process to revise the Recommendation

Since the adoption of the Recommendation on the Principles ten years ago, the size and nature of the consumer financial services market have grown and changed considerably, with new types of financial products, services and distribution channels. A review was conducted in 2021-22 to assess the implementation of the Principles, evaluate their continued importance and relevance and to identify trends, policy developments and approaches that warrant updates to the Principles.

In line with the conclusions of the 2022 Report on the Implementation of the Recommendation, the Principles are currently being revised to reflect these changes and ensure that they continue to reflect best practices and are forward-looking.

The proposed revisions to the Principles reflect developments such as the impact, opportunities and risks for consumers associated with digitalisation, sustainable finance, financial well-being, as well as the lessons learnt from responding to the COVID-19 pandemic.

This update is being undertaken by the G20/OECD Task Force on Financial Consumer Protection, which is responsible for developing and updating international standards on financial consumer protection, including the High-Level Principles as well as the Recommendation of the Council on Consumer Protection in the Field of Consumer Credit. The Task Force is a sub-committee of the OECD Committee on Financial Markets.

The draft Recommendation was available for public comment until 25 February 2022. The draft submitted for consultation remains a work in progress.

Following this consultation, the text will be finalised and embodied in a draft revised Recommendation to be submitted to the OECD Council for adoption and transmitted to the G20 for endorsement.


Documents and links


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What are OECD Recommendations and how are they used?

OECD Recommendations are adopted by the OECD’s governing body, the Council, and result from the substantive work carried out in the Organisation’s committees and their subsidiary bodies.  Recommendations generally contain high-level policy directions based on agreed good practices and aspirational goals, and serve to highlight the importance of specific work areas in the context of broader international policy-making.  They are not legally binding, but practice accords them great moral force as representing the political will of Members and non-Members having adhered to them (Adherents), on whom there is an expectation to do their utmost to fully implement them.

For more information, please consult the online Compendium of OECD Legal Instruments.


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