Public Event to Observe World Consumer Rights Day (WCRD) 2011

CUTS International is organising a public event on the occasion of World Consumer Rights Day (WCRD) on Wednesday, March 16, 2011 at Hotel Jaipur Palace, Jaipur under the project ‘Grassroots Reachout and Networking in Rajasthan through Consumer Action (GRANIRCA) in partnership with the Dept. of Consumer Affairs, Government of India. Dept. of Consumer Affairs, Government of Rajasthan will be the active collaborators in this event. The theme for 2011 WCRD is “Consumers for Fair Financial Services”. The purpose of the event is to celebrate, to express solidarity with the international consumer movement and to demand access to fair, safe and competitive financial services for all.

Consumers have been getting a bad deal on financial services for too long and the recent global recession had further worsened the situation. Though, every year, the global economy creates an estimated 150 million new consumers of financial services. Most are in developing countries, where consumer protection and financial literacy are still in their infancy. In a world, where banks are highly interdependent, a banking crisis anywhere in the world will further undermine consumer confidence and could have unpredictable international consequences. The global dimension of financial services and the increasing interdependence of financial markets, as well as the common challenge of effectively regulating complex and fast moving markets in financial consumer services, adds to the urgency for better regulation of such practices.

Representatives from various departments of government, consumers’ organizations, CSOs, media and financial sector service providers are expected to participate in the event.