"Not enough brain power" spent on consumers during financial crisis - French Finance Minister, Christine Lagarde to tell consumer world congress
• Consumer leaders from more than 60 countries gather in Hong Kong to address the global challenge of financial consumer protection.
• Vice President of Consumers International calls for new rules to reign in 'abusive' system.
• Representatives from the Financial Stability Board, the OECD, and the World Bank join discussions on financial services
In a video address to the Consumers International (CI) World Congress in Hong Kong, Christine Lagarde French Minister of Economic Affairs and chair of the G20 finance ministers in 2011 will say:
"It is my personal belief that on the occasion of the crisis we didn't spend a lot of time, nor a lot of brain power on consumers", going on to say, "consumers were the victims on many occasions and in many instances".
The message comes as consumer organisations from around the world meet in Hong Kong to debate the state of protection for financial consumers can be improved.
Financial consumer protection is currently the focus of an unprecedented level of international attention. Following requests from the G20 leaders, the OECD, the Financial Stability Board and the World Bank are all in the process of developing international proposals on the issue. All three organisations will be represented at the CI World Congress to hear the views of consumer organisations.
Madame Lagarde will also say "it is only fair that consumers are part of the process of rebuilding trust and rebuilding regulation and making sure that the same situation does not happen again."
The message from Madame Lagarde will be followed by a keynote address from James Guest, Vice President of CI and CEO of Consumers Union in the United States. Highlighting the impact of financial abuses in the US, India, Egypt, Spain and Bosnia, James Guest will talk about the significance of the CI campaign on financial services.
James Guest will say:
"The financial services system has become abusive and needs to be reined in. Consumers need protection, and so does the global financial system. It needs to be protected from itself-from the greed and irresponsible behaviour that over the last several years has pushed the global financial system to the brink of collapse."
Consumers International has recently released a set of recommendations calling on the G20 to take action on financial consumer protection. The recommendations cover consumer protection for financial transactions, the structure and functions of national financial consumer protection agencies, redress systems, the promotion of competition in the sector, and the safety of consumers' deposits and investments. The recommendations also call for an international organisation to be established to support national bodies and review implementation.
As well as financial services, other issues on the CI World Congress agenda will include sustainable consumption, corporate responsibility, and consumer access to safe and nutritious food and consumer rights in the digital world.
There will over 700 delegates attending from over 60 countries. This includes over 120 consumer activist delegates from mainland China for the first time.
CI President Samuel Ochieng said on the eve of the event said......
"The 19th Consumers International World Congress is about exploring ways in which we can empower consumers around the issues that really matter in the 21st Century - sustainability, corporate responsibility, safe and nutritious food, access to knowledge in the digital world, and a fair financial system that puts consumers first, not last."
Chairman of the Hong Kong Consumer Council Professor Anthony Cheung complimented CI for adopting a most fitting theme for this congress - "Empowering Tomorrow's Consumers". He said, "Tomorrow's consumers are bound to be confronted by new unprecedented issues arising from a changing world. Their consumer welfare is something that we must focus our attention on as a matter of urgency and priority."
Media accrediation for CI World Congress can be applied for here:
www.consumersinternational.org/congress/media
Notes to Editors:
- Consumers International (CI) is the only independent global campaigning voice for consumers, with over 220 member organisations in 115 countries, we are building a powerful international consumer movement to help protect and empower consumers everywhere.
- The Hong Kong Consumer Council (HKCC) is an independent statutory body committing itself as the trusted voice for consumer betterment towards safe and sustainable consumption in a fair and just market. Joined Consumers International (CI) in 1976, HKCC became CI Council Member in 1978 and has been the Executive Member since 1994.
- Consumers International's recommendations to the G20 on 'Safe, fair and competitive markets in financial services' can be found at http://www.consumersinternational.org/our-work/financial-services/key-projects/g20-campaign
- Consumers International's 19th World Congress takes place at the Hong Kong Conference and Exhibition Centre, 3-6 May. Day 1 is dedicated to fringe event with Day 2 & 3 taken up with the official programme. Day 4 is the CI General Assembly. All details are at www.consumersinternational.org/congress
- The CI World Congress occurs every four to five years. It includes the General Assembly where CI's President, Executive and Council are voted in.
- The last Congress took place n Sydney in 2007. The CI World Congress was previously held in Hong Kong in 1991. The co-hosts for the event are CI's Hong Kong member, The Consumer Council.
- Full list of confirmed chairs and speakers:
- Alan Jope, Chairman, Unilever in China
- Alejandro Calvillo, Executive Director, El Poder del Consumidor (Mexico)
- Anna Glayzer, Programme Officer (Food safety and Nutrition), Consumers International
- Anthony Cheung, Chairman, Hong Kong Consumer Council
- Anwar Fazal, civil-society leader and former CI President
- Bart Combée, President, Consumentenbond
- Connie Hedegaard, European Commissioner for Climate Action, EU Commission
- David Hammerstein, intellectual property advisor, Transatlantic Consumer Dialogue, and former Spanish MEP
- Diana Tsui, CSR Director, KPMG
- Gerd Billen, Executive Director, The Federation of German Consumer Organisations (vzbv)
- Gerd Leonhard, The Futures Agency
- Guido Adriaenssens, Chief Executive Officer, International Consumer Research and Testing (ICRT)
- H C Yang, Vice President and Secretary General, China Consumers' Association
- Hassan Qaqaya, Chief, Capacity Building and Technical Assistance Section, Competition Law and Policy and Consumer Protection Section, UNCTAD
- Helio Mattar, Founder, Akatu Institute for Conscious Consumption (Brazil)
- Indrani Thuraisingham, Head of CI Office for Asia Pacific and the Middle East, Consumers International
- Jaiok Kim, President, Consumers Korea
- James Guest, CEO, Consumers Union of United States
- Jami Solli, specialist on financial services in consumer protection law
- Jan Gustav Strandenaes, Senior Adviser, The Northern Alliance for Sustainability (ANPED)
- Jean Halloran, Consumers Union of United States
- Jens Henriksson, International Officer, Swedish Consumers' Association
- Jeremy Malcolm, Access to Knowledge Programme Coordinator, Consumers International
- Jonathon Hanks, University of Cape Town
- Jørgen Schlundt, Deputy Director, National Food Institute, Denmark
- Justin Macmullan, Head of Campaigns, Consumers International
- Lisa Gunn, Executive Director, Brazilian Institute for Consumer Defence (IDEC)
- Niall Dunne, former Director, Saatchi & Saatchi Sustainability
- Norma McCormick, Chair, ISO Committee on Consumer Policy (COPOLCO)
- Peter Kell, Chair, Australian Competition and Consumer Commission (ACCC)
- Premila Kumar, Chief Executive, Consumer Council of Fiji
- Rasmus Kjeldahl, Executive Director, Danish Consumer Council
- Ratna Devi, Deputy Secretary General, Federation of Malaysian Consumers Associations (FOMCA)
- Rehan Saiyed, Storm Corporate Design Limited
- Richard Henry Kimera, Chief Executive, Consent, Uganda
- Robert Welford, Chairman, CSR Asia
- Robin Simpson, Senior Policy Advisor, Consumers International
- Samuel Ochieng, President, CIN Kenya and Consumers International
- Stefan Larenas R, President, Organisation of Consumers and Users of Chile (ODECU)
- Sue Rutledge, Director of Consumer Protection, World Bank
- Sunil Abraham, Executive Director, Centre for Internet and Society, India
- Thami Bolani, Chairman, National Consumer Forum (South Africa)