Published on 20 December 2022
Press release

Updated G20/OECD High-Level Principles on Financial Consumer Protection

Press release 22/32

On 12 December 2022, the G20/OECD High-Level Principles on Financial Consumer Protection (hereafter the “Principles”) were updated:

Updated G20/OECD High-Level Principles on Financial Consumer Protection – OECD

As a high-level standard, the Principles are specifically designed and intended to be applicable to any jurisdiction and are cross-sectoral in nature (i.e. they can be applied to credit, banking, payments, insurance, pensions and investment sectors).

The Principles were reviewed and updated, via a comprehensive process to incorporate policy developments that have evolved over the ten years since they were first adopted.

The main policy changes to the updated Principles are explained below:

  • two new Principles (12 in total), i.e. “Access and Inclusion” and “Quality Financial Products” because these concepts, which are important to a holistic approach to financial consumer protection, were not covered in the original Principles;
  • three new cross-cutting themes that are relevant to the consideration and implementation of each and all of the Principles, namely “Digitalisation”, “Financial Well-being” and “Sustainable Finance”, and to include references throughout the Principles to illustrate the cross-cutting themes;
  • incorporation of high-level lessons from the response to the COVID-19 pandemic throughout the Principles such as enhanced protections for consumers who may be vulnerable and a greater focus on tackling financial scams.