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.