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NEW RESEARCH: How consumer advocates can shape the future of financial services
Consumers International and CGAP set out how consumer advocates can build a better future for consumers of financial services.
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Consumers everywhere need access to stable, secure and fair financial services. In recent years, banks and financial institutions have been undermined by scandals including subprime mortgages in the US, payment protection insurance in the UK, and pensioners losing their life-savings when they were mis-sold preference shares in Spain.
In 2010, we successfully campaigned alongside our members, convincing the G20 to take meaningful action on financial consumer protection. Our campaign included producing our own set of Recommendations to the G20 on the enhancement of consumer protection in financial services, inputting into the development of the G20 / OECD high level principles on financial consumer protection and effective approaches for their implementation. As well as supporting the development of the Financial Stability Board report on consumer credit.
As well as taking part in these international processes, we support our members’ work at the national level, and develop international work on specific issues affecting consumers.
blog
Three things we've learned about building a consumer-first marketplace in digital financial services
From online banking to Buy Now, Pay Later, digital financial services (DFS) have opened up a new world of opportunity for consumers. However, as the delivery of financial services for consumers is digitised, the urgency to close the digital gap becomes greater, as does the need to address mounting issues such as protecting consumer privacy and safeguarding data.
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