CI financial services
programme
2013
Consumers International’s priorities for 2013
International agreements and processes
1. G20 agenda on financial consumer protection
2. ISO standard on mobile payments
3. Revision of the UN Guidelines for Consumer Protection
Topic specific issues
4. Banking culture and sales incentives
5. Structure, mandate and functions of financial consumer
protection
Fundraising to support financial consumer protection
6. International initiative to support CI and our members
work on financial services
7. International money transfers
1. G20 agenda on Financial
Consumer Protection
Background
• See flow chart on CI website
International relevance
• Scandals continue to shake the
financial sector and many
countries are undergoing
regulatory reforms.
• G20 banks still dominate
international markets.
• G20 work on FCP is influencing
networks beyond the G20.
G20 agenda on financial consumer protection
Aims for 2013
G20/OECD principles for financial consumer protection.
•The ‘effective approaches’ for implementing the G20
/OECD principles reflect CI recommendations.
•There is a clear timetable for their development .
•A process for peer reviewing implementation is agreed.
The International Network for Financial Consumer
Protection (FinCoNet)
•The network is established with sufficient resources .
•FinCoNet work on ‘responsible lending’ and ‘oversight
bodies’ reflects CI recommendations.
G20 agenda on Financial Consumer Protection
CI will work with members to:
• Lobby influential groups and individuals to support our
aims.
• Gather national examples and feed into the work of the
G20/ OECD taskforce and FinCoNet on:
Disclosure and transparency.
Responsible business conduct.
Complaints handling and redress.
Role of oversight bodies
Responsible lending
2. ISO standard on mobile payments
Aim for 2013
The new ISO standard on mobile payments addresses
consumer concerns about security, data privacy and
redress.
• Mobile payments have brought real benefits for consumers
including access and convenience.
CI will work with members to:
• Input into 6 draft papers on different aspects of the new
mobile payments standard.
ISO mobile banking
6 draft papers:
General framework
Security
Applications
C2C payments
C2B payments
Mobile banking
3. Revision of UN Guidelines for Consumer
Protection
Aim for 2013
•Proposals for the revision of the UNGCP include strong
guidance for protecting consumers of financial services.
•FS should be covered by all the general consumer
protections referred to in the main body of the guidelines. In
addition specific issues such as the complexity of financial
products, deposit protection and the stability of the sector
should be addressed in a dedicated FS section.
CI will work with members to:
•Ensure government support for our proposals
4. Banking culture and sales incentives
Aim for 2013
•Action is taken against sales incentives that encourage
the miss-selling of financial services such as loans
consumers cannot afford or insurance they don’t need.
CI will work with members to:
•work with members to gather evidence of inappropriate
sales incentives and miss-selling
•Feed findings into G20 work on ‘responsible business
practices’ and ‘responsible lending’
•Support members lobbying for national action on
inappropriate incentives.
5. Structure, mandate and functions of financial
consumer protection
Aim for 2013
• CI members have the tools they need to campaign for
improved national financial consumer regulation and
supervision
CI will work with members to:
• Develop a question based tool that members can use to
assess the structure, mandate and functions of financial
consumer protection in their country.
• Consider potential to use the assessment tool for
regional or international comparative surveys in 2014.
CI will seek support for CI and our members
work on financial consumer protection
6. An international initiative to support CI members
work on financial consumer protection.
•There is an urgent need to support consumer
organisations’ provision of financial education, advice
and mediation, as well as national and international
advocacy towards providers and regulators.
7. International money transfers.
•To help consumer organisations research international
money transfers, challenge the lack of competition and
provide information to consumers.
Thank you
[email protected]
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