Clear rules of conduct for financial institutions, combined with programs of financial education for consumers, will increase consumer trust in financial markets and will support the development of these markets 1. International initiatives regarding consumer protection – initiatives by International organisations 11. Globally, several initiatives have been taken for consumer protection by both the international standard setting bodies and the regulators.
Regarding initiatives taken by standard setting bodies, the G20 requested the OECD / FSB and others to articulate principles on Financial Consumer Protection. These broadly state that financial consumer protection should be an integral part of the legal, regulatory and supervisory framework and there should be equitable and fair treatment of consumers with special attention dedicated to the needs of vulnerable groups.