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CI financial services programme
2013
Consumers International’s priorities for 2013
International agreements and processes1.G20 agenda on financial consumer protection2.ISO standard on mobile payments3.Revision of the UN Guidelines for Consumer ProtectionTopic specific issues4.Banking culture and sales incentives5.Structure, mandate and functions of financial consumer
protectionFundraising to support financial consumer protection6.International initiative to support CI and our members
work on financial services7.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 2013G20/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 bodiesResponsible lending
2. ISO standard on mobile payments
Aim for 2013The 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
SecurityApplications
C2C paymentsC2B paymentsMobile 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.
