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> Posted by Antonino Serra Cambaceres, Consumer Justice and Protection Programme Manager, Consumers International
World Consumer Rights Day is March 15. To celebrate, this week we’ll be sharing posts that explore the importance of client protection and initiatives that strengthen responsible practices in providing financial services. Given the tremendous growth of mobile phone-based financial services, it’s fitting that the theme of this year’s day is “fix our phone rights.”
While looking at some banking advertisements during a research study we conducted in 2009 on financial consumer protection in Latin America, we found one that used the motto A bank that doesn’t seem like a bank. Curious, right? Why should a bank say that the benefit it offers clients is that it is not like a bank?
In 2007, at the Consumers International Office for Latin America and the Caribbean we drew attention to the need to discuss the problems that consumers face in relation to financial products and services by organizing two workshops in Santiago, Chile and Buenos Aires, Argentina, on consumer protection, debt, and overindebtedness. The issues raised in the workshops convinced us that this was a substantial issue; the 2008 world financial crisis confirmed what we suspected.
We looked at transparency of information, ethical business, financial education for consumers and banks, and responsibility lending. We wanted to show financial institutions that the way they were conducting their business was not aligned with consumer protection in many areas, and that a fair relationship with consumers will bring wins to all.
> Posted by Center Staff
Consumers International doesn’t mince words.
Since the global financial crisis, according to CI, the world has been mired in an “ongoing crisis in financial consumer protection.” This crisis creates a “myriad of problems for consumers around the world,” says CI, a world federation that constitutes the “only independent and authoritative global voice for consumers.”
Consumers International is a federation of consumer groups that up to now has focused mainly on physical products like safe car seats and reliable appliances. It is significant that this year CI is, for the first time, taking up financial services.
Which brings us to today. March 15 is World Consumer Rights Day, and CI has selected financial services as its focus, in keeping with its Consumers for Fair Financial Services campaign. It is urging the G20 to adopt its recommendations on consumer protection in financial services. This campaign will also be highlighted at CI’s annual forum, to take place in May in Hong Kong. Consumers International largely represents consumers from higher-income countries, and that makes the G20’s financial inclusion effort a relevant focus. Read the rest of this entry »
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