CUTS International welcome inclusion of ‘consumer protection’ in G20 Action Plan

CUTS International, an Indian origin international advocacy organization, along with Consumers International (CI) and other consumer groups around the world, welcomed G20 commitment on financial consumer protection and inclusion of the term ‘enhancing consumer protection’ in the G20 Seoul Action Plan.

CUTS international jointly with Consumers International (CI), which represents 220 consumer organisations in 115 countries, was involved in a campaign urging the world leaders to support the establishment of an experts group on consumers’ financial protection during forthcoming G20 Summit.

As the G20 leaders acknowledge the need for consumer financial protection to be addressed by the next summit, consumer organisations welcomes this recognition but warns that much remains to be done to safeguard consumer interests.

Consumers International members around the world have been lobbying their governments to make sure that the interests of consumers are not overlooked. Thirty consumer organisations recently signed an open letter to the G20 expressing this concern. Fantastic, said Pradeep S. Mehta, Secretary General, CUTS, while welcoming the decision, Mr. Mehta was one of the signatories to the joint letter.

“The consumer movement has been very vocal in calling for G20 leaders to make a real commitment to protecting the public from abusive financial services industry practices. It is encouraging to see that the need for consumer financial protection has been recognized”, said, Justin Macmullan, CI’s Head of Campaigns.

“The G20 must do more than just pay lip service to the idea of putting consumers first. We want to see the Financial Stability Board (FSB) and the OECD, who have been charged with reporting back to the next G20 summit, fully consult with organisations that represent the views of consumers around the world. Consumer Organisations across the world have a wealth of experience and expertise in this area. We look forward to working with other international organisations to deliver strong and effective recommendations on global financial consumer protection.”