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G20 must champion consumer protection

UK must lead with consumer focused financial services

Consumers International

Which? has campaigned for stronger consumer protection in financial services alongside groups such as Consumers International

World leaders for the G20 major world economies have converged in Cannes, France, to discuss the global economy and eurozone crisis. Which? has appealed to Prime Minister David Cameron to ensure consumer protection in the financial services stays front of mind.

While the eurozone crisis is likely to take centre stage during the G20 discussions, Which? is urging G20 leaders to remember the economic and financial crisis has its roots in poor consumer protection.

Letter to the Prime Minister

Which? chief executive, Peter Vicary-Smith, has written to Prime Minister David Cameron to urge him to ‘take the lead internationally and raise the level of ambition on consumer protection in financial services.’

Which? has campaigned for stronger consumer protection in financial services in the UK and worked internationally with other consumer groups, including Consumers International.

G20 leaders must act

We have jointly campaigned for the creation of a new international organisation to champion consumer protection or for FinCoNet, the network of national consumer protection agencies, to strengthen its powers.

The strengthening of FinCoNet’s consumer protection powers has been endorsed by finance ministers following the recommendation of a report produced by the Financial Stability Board and the OECD.

The next step will be to ensure that governments adopt, or preferably go beyond, the recommendations.

Last month Which? signed a joint letter to G20 finance ministers urging them to remember that strong consumer protection in financial services is crucial to ensuring economic and financial stability.

More on this…

  • Join in with our banking debates on Which? Conversation
  • Find our how Which? has been campaigning on better banking for consumers
  • Want to complain about a financial service? Follow our tips
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