Draft of the High-level Principles on Financial Consumer Protection for public consultation, August 1, 2011

• “Financial consumer protection should be an integral part of the legal and regulatory framework, and should reflect the diversity of national circumstances and global market and regulatory developments in the financial sector.
• Regulation should reflect and be proportionate to the characteristics, type and variety of the financial products and consumers and be responsive to new products, technologies and mechanisms.
• Financial service providers, their authorized agents and advisors that deal directly with consumers, should be appropriately regulated and/or supervised, with account taken of relevant service and sector specific approaches. Strong legal and judicial mechanisms should exist to protect consumers from and sanction financial frauds and abuses.
• Relevant non-governmental stakeholders – including industry and consumer organisations, professional bodies and research communities – should be consulted when policies related to financial consumer protection and education are developed and the access of consumer organisations to such processes should be facilitated.”
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