At the occasion of their 19-20 February 2011 meeting in Paris, the G20 Finance Ministers and Central Bank Governors called on the OECD, the Financial Stability Board (FSB) and other relevant international organizations to develop common principles on consumer protection in the field of financial services by the time of their fall meeting in October 2011. As requested and agreed by the G20 French Presidency and the FSB, the development of these Principles was being led by the OECD. The high-level principles are designed to assist G20 countries and other interested economies to enhance financial consumer protection. The principles complement and do not substitute any existing international principles and/or guidelines. In particular they do not address sectoral issues dealt with by standard setter bodies such as BCBS, IAIS, and IOSCO. These (nonbinding) principles will be applicable across all financial services sectors. The OECD coordinating work on the principles was mainly channeled through the Task Force on Financial Consumer Protection of the Committee on Financial Markets which is open to all G20 and FSB members, and other relevant international organizations and standard setter bodies.

Inputs on financial education issues were provided through the OECD International Network on Financial Education (INFE) which comprises representatives from institutions from 90 economies, including all G20 countries. Financial consumer protection should be an integral part of the legal, regulatory and supervisory framework, and should reflect the diversity of national circumstances and global market and regulatory developments within the financial sector. Regulation should reflect and be proportionate to the characteristics, type, and variety of the financial products and consumers, their rights and responsibilities and be responsive to new products, designs, technologies and delivery mechanisms.3 Strong and effective legal and judicial or supervisory mechanisms should exist to protect consumers from and sanction financial frauds, abuses and errors. Financial services providers and authorized agents should be appropriately regulated and/or supervised, with account taken of relevant service and sector-specific approaches. Relevant non-governmental stakeholders  including industry and consumer organizations, professional bodies and research communities – should be consulted when policies related to financial consumer protection and education are developed. Access of relevant stakeholders and in particular consumer organizations to such processes should be facilitated and enhanced.