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.
consumersinternational.org 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
consumersinternational.org Recommendations, standards and guidelines A new international organisation 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 G20 leaders High level conference Pre-existing work on good practices Develop standard s Implementation, standards and review Recommendation s Developing international standards Additional ISO working groups New international organisation Structural issues Ongoing FSB processes? TBD G20 countries Process for realising CI recommendations on financial consumer protection CI recommendations on FCP
consumersinternational.org 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.
consumersinternational.org 3. ISO standards Initial opposition appears to have been overcome. Discussions on: Financial advice Mobile banking Other areas?
consumersinternational.org 4. Financial inclusion Working with consultant to: identify key consumer protection issues build links with financial inclusion organisations support fundraising proposals
consumersinternational.org 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.
consumersinternational.org 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
consumersinternational.org Questions What aspects of financial consumer protection should we focus on? What sort of activities should we do? What opportunities are there?