At their summit in Seoul the leaders of the G20 have decided, inter alia, to explore measures to enhance consumer protection in financial services.
They have asked the Financial Stability Board “to work in collaboration with the OECD and other international organizations to explore, and report back by the next summit, on options to advance consumer finance protection through informed choice that includes disclosure, transparency and education; protection from fraud, abuse and errors; and recourse and advocacy.”
International and national consumer organizations welcomed the decision. Consumers International, the international voice for consumers, stated: “It is encouraging to see that the need for consumer financial protection has been recognised.”
The CEO of the German Federation of Consumer Organizations commented that: “This decision is very good news for consumers worldwide. Chancellor Merkel has stick to her promise to uphold the issue in Seoul. This is a further signal that the Federal Government recognizes the increasing importance of consumer protection.”
Further information: media.seoulsummit.kr/contents/dlobo/E2._Seoul_Summit_Document.pdf, www.consumersinternational.org/news-and-media/press-releases/2010/11/consumer-groups-around-the-world-welcome-g20-commitment-on-financial-consumer-protection-, www.vzbv.de/go/presse/1414/index.html
Sources: G20 Seoul Summit 2010, Consumers International, vzbv