Eurofinas comments on the G20 high level standards on financial consumer protection

31 August 2011

Eurofinas takes the view that, for financial services, the need for appropriate consumer protection from potential misleading practices is best served by robust principles for pre-contractual information transparency, increased financial literacy schemes and easy redress.

Furthermore, Eurofinas believes it is critical that the impacts of new regulatory proposals on inter alia product and distribution innovation, competition and the wider economy are duly assessed and taken into account. In this context, the Federation stressed the need for oversight bodies to engage into a regular and comprehensive dialogue with all stakeholders, conduct public consultations and provide timely information. This is key for a sound regulatory framework and a proper implementation of requirements by private economic operators.

Press release

 

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