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France/G20/protecting consumers of financial products

Published on February 10, 2011
Working meeting of the Financial Sector Consultative Committee – Communiqué issued by the Ministry of the Economy, Finance and Industry

Paris, February 8, 2011

Christine Lagarde, Minister of the Economy, Finance and Industry, today chaired a working meeting of the Financial Sector Consultative Committee (CCSF), which brings together consumer groups and professional and business representatives, following the renewal of its membership.

Christine Lagarde set out to the CCSF four work priorities:

- continue to take action on bank charges to ensure the implementation of the banks’ commitment of 21 September 2010 to increasing the transparency of bank charges and reducing penalty charges for vulnerable customers;

- propose measures at the end of February to facilitate consumer mobility in property insurance;

- monitor and support insurers’ initiatives to increase the transparency of complementary health insurance;

- conduct an assessment of the credit risk insurance reform implemented by the Lagarde Act, on the first anniversary of the reform’s coming into force on 1 September 2011.

Christine Lagarde announced that she wanted to make consumer protection a central plank of the French G20 Presidency’s work. At the G20 finance ministers’ meeting of 18 and 19 February, Christine Lagarde will propose to her counterparts that the G20 finance ministers’ meeting in October 2011 be an opportunity to identify common principles for protecting consumers of financial products. At the October meeting, Christine Lagarde will organize, in cooperation with the OECD, a high-level conference on the protection of consumers of financial products, to which she will invite the G20 finance ministers./.

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