Financial Consumer Protection
Responses to COVID-19
Since the start of the pandemic, the OECD has played a leading role in supporting countries by gathering and sharing information about measures implemented by jurisdictions to protect and support financial consumers in response to COVID-19. To support policymakers and public authorities around the globe, the OECD has produced the following resources and publications:
Compendium of Measures to Address the COVID-19 Crisis (Updated throughout 2020)
Protecting consumer assets, data and privacy
Digitalisation can bring many benefits to financial consumers, but also comes with new risks. Positive outcomes include greater access to, and choice of, products and services available at lower costs, expanded speed, convenience, personalisation and security. Risks include new forms of theft or fraud perpetrated online, data breaches, lack of privacy and digital security incidents.
The Policy Guidance note on Financial Consumer Protection Policy Approaches in the DigitalAge: Protecting Consumers' assets, data and privacy has been developed by the G20/OECD FCP Task Force, and sets out flexible and non-binding guidance to support the implementation of the FCP Principles.
The ageing population and the increase in longevity present opportunities and challenges across many countries, such as financially preparing people for ageing, supporting access to relevant financial products and services, ensuring older people are fairly treated and protecting older people from financial abuse.
The report on Financial Consumer Protection and Ageing Populations produced by the G20/OECD Task Force on FCP focuses specifically on issues and approaches for the financial consumer protection of older people as financial consumers. This report also sets out a number of examples from jurisdictions as well as policy considerations for policy makers and public authorities relating to the financial consumer protection of older people drawn from the analysis and research conducted.
To strengthen financial inclusion in the ageing society, the OECD and the Global Partnership on Financial Inclusion developed the G20 Fukuoka Policy Priorities on Aging and Financial Inclusion, which was endorsed by the G20 Finance Ministers and Central Bank Governors at their meeting in Fukuoka, Japan on 8-9 June 2019.
The global financial crisis highlighted the need for more effective financial consumer protection measures as consumers face more sophisticated and complex financial markets. The availability of information has grown both in quantity and complexity and the pace of change, in terms of new product developments, product innovations, and technological advances, has increased dramatically.
Building and maintaining consumer confidence and trust in financial markets promotes efficiency and stability and helps to create positive outcomes for both financial institutions and their customers.
The OECD is working on how to enhance financial consumer protection, which includes determining what is required to help consumers gain the confidence, knowledge, information, security and choices they need to enable them to fully participate in financial markets.
OECD-SEBON Conference and roundtable on financial consumer protection and education in Asia-Pacific, 2-3 July 2019, Kathmandu, Nepal
ASIC-OECD Asia/Pacific Financial Consumer Protection Seminar, 28 September 2017, Melbourne, Australia
SEBI-OECD Asia Seminar: Emerging Trends in Financial Consumer Protection Across Asia, 4-5 February 2016, Mumbai, India
OECD/FCA conference on consumer financial protection, London, 23-24 September 2015
G20-World Bank-OECD conference on empowering consumers of financial products and services, Moscow, 15-16 June 2013
Seminar on the evolution of financial consumer protection and education in Asia, 13-14 December, Hong Kong (China)
Documents and links
G20 Fukuoka Policy Priorities on Aging and Financial Inclusion, prepared by the OECD and the Global Partnership on Financial Inclusion, under the Japanese G20 Presidency, June 2019
G20 High-level Principles on Financial Consumer Protection
In February 2011, the G20 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. These principles were endorsed at the G20 meeting on 14-15 October 2011.
The G20/OECD Task Force on Financial Consumer Protection is currently focused on supporting the implementation of the High-level Principles.
Effective approaches to support the implementation of the remaining G20 High-Level Principles of Financial Consumer Protection and addendum, submitted to G20 Finance Ministers and Central Bank Governors, Cairns, 21 September 2014
Update report on effective approaches to support the implementation of the High-level Principles and Annex, submitted to the G20 Saint Petersburg Summit on 5-6 September 2013
Communiqué of the G20 Finance Ministers and Central Bank Governors, 15 October 2011
Angel Gurría speaks to G20 about financial consumer protection, 4 November 2011, Cannes
Online public consultation on draft high-level principles on financial consumer protection 1-31 August 2011