Consumer groups urge G20 to protect customersOpen letter to finance ministers about financial crisis
13 October 2011
Which? has signed a joint letter to the G20 leaders urging them to remember that strong consumer protection in financial services is crucial to ensuring economic and financial stability.
Consumers International, a campaigning group with member consumer organisations from around the world, is delivering the letter to ministers ahead of the G20 meeting in Paris this week.
Finance ministers and central bank governors from the G20 countries will be meeting to discuss global issues in finance. One of the items on the agenda is how to improve consumer protection in financial services.
Which? chief executive, Peter Vicary-Smith, has urged Chancellor George Osborne to champion consumer protection at the G20 summit saying it should be 'a fundamental part of the government's approach to promoting financial stability and growth.'
Better consumer protection
Consumer groups from across the world believe that the proposals being considered by G20 finance ministers 'fall short of what is required.'
The letter says 'remember that weak consumer protection in the form of irresponsible mortgage lending was both a catalyst for this crisis, and is a long-standing concern of 'ordinary people' who use financial services every day.'
Global consumer protection organisation
The letter also calls for the creation of a new international organisation to champion financial consumer protection in banking and credit.
Consumers International would like to see the G20 ministers supporting the creation of this new agency, which will monitor, challenge and advise on international banking issues.
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