Consumersinternational.org Where next for the CI campaign on Financial Services? Justin Macmullan...

consumersinternational.org

Where next for the CI campaign on Financial Services?

Justin Macmullan

Consumers International

May 2011


The story so far...

• World Consumer Rights Day 2010 • ‘Our money, our rights’• Council request to campaign on

financial services.• G20 campaign and Seoul Action Plan.

G20 activities



CI strategy for 2011

1. The G20 agree to a strong set of recommendations.

2. The lack of competition in FS is put on the international agenda.

3. Support the development of ISO standards in FS if appropriate.

4. Clarify potential role in financial inclusion.


1. G20 recommendations• G20 Seoul Action Plan• G20 finance ministers meeting• FSB and OECD processes• Other means

– FINCONET– Other FSB processes– ISO– World Bank guidelines


Rec

omm

enda

tions

, sta

ndar

ds a

nd

guid

elin

esA

new

in

tern

atio

nal

orga

nisa

tion

FSB

OECD

G20 leaders

G20 finance ministers

World Bank

FINCONET

ISO

FSB taskforce**

Pre existing work on consumer credit

OECD taskforce*

To develop common principles on FCP

Options to enhance CP in consumer finance

G20 finance ministers G

20

lead

ers

High level conference

Pre-existing work on good practices

Develop standards

Implementation, standards and review

Rec

omm

enda

tions

Developing international standards

Additional ISO working groups

New international organisation

Str

uctu

ral

issu

es

Ongoing FSB processes?

TBD

G20 countries

Process for realising CI recommendations on financial consumer protection

CI re

com

men

datio

ns o

n FC

P


2. Put competition on the international agenda• G20 finance ministers.• No single international institution to

lobby. We need to look for more innovative methods?

• Competition in remittances is on the agenda.


3. ISO standards

• Initial opposition appears to have been overcome. Discussions on:

• Financial advice• Mobile banking• Other areas?


4. Financial inclusion

Working with consultant to:• identify key consumer protection issues• build links with financial inclusion

organisations• support fundraising proposals


Surveys

1. Survey conducted in January.• Excellent response• First draft of analysis is finished• Results will feed into ISO and CI

lobbying

2. Questions on complaints.


What next? 2011

1. National lobbying on FSB / OECD

2. A Joint action in October– ranking?– ‘move your money’?– personal stories?

3. Competition / ISO / Financial inclusion


Questions

• What aspects of financial consumer protection should we focus on?

• What sort of activities should we do?• What opportunities are there?


[email protected]

Consumersinternational.org Where next for the CI campaign on Financial Services? Justin Macmullan...

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