Industry Supports OECD and G20 Focus on Financial Consumer Protection
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Mr. Kent Andrews, BIAC Finance Task Force Vice-Chair with Ms. Gabriela Ramos, OECD Chief of Staff of the Secretary-General and G20 Sherpa
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Paris, 15 October 2011 –
The BIAC Finance Task Force, in co-operation with the BIAC Consumer
Policy Task Force, supports financial consumer protection and
believes that it can contribute to financial stability. However, a
balanced policy approach is essential, and policymakers must resist
taking drastic and burdensome policy measures that could negatively
impact competition, innovation and consumer choice. Financial
consumer protection is a shared responsibility of policymakers,
industry and consumers, and it is therefore necessary to work
together to develop suitable approaches.
Mr. Kent Andrews, Vice-Chair of the BIAC Finance Task Force,
highlighted these views at a G20 French Presidency/OECD High-Level
Seminar on Financial Consumer Protection on 14 October. Moderating
the panel discussion of non-governmental stakeholders, Ms. Gabriela
Ramos, OECD Sherpa to the G20, welcomed the fact that financial
consumer protection now features prominently on the G20 agenda.
On the occasion of their 19-20 February 2011 meeting in Paris, the
G20 Finance Ministers and Central Bank Governors called on the OECD,
the Financial Stability Board (FSB) and other relevant international
organisations to develop common principles on consumer protection in
the field of financial services. BIAC actively contributed to the
drafting of these principles over recent months, which were
subsequently supported by G20 Finance Ministers and Central Bank
Governors on 14-15 October. BIAC appreciates the OECD’s leading role
in this effort and encourages further work in this area.
A paper on financial consumer protection, developed by the BIAC
Finance Task Force in co-operation with the BIAC Consumer Policy
Task Force, is available (here).
For further information, please contact Jonathan Greenhill and
Eiichi Ohira at the BIAC Secretariat.
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