The product innovations have not focused on customer requirements and have, instead, aimed at serving the interests of the service provider. The basic fact, that the well-being of the consumer is essential for the sustainability and growth of the service provider, has been lost sight of.
As part of its regulatory reform agenda, G 20 Finance Ministers and Central Bank Governors have also endorsed a set of High-level Principles on Financial Consumer Protection, underlining its overall importance for financial stability.