in using them. clear rules of conduct for financial institutions, combined with programs of financial education for consumers, will increase consumer trust in financial markets and will support the development of these markets 1. international initiatives regarding consumer protection – initiatives by international organisations 11. globally, several initiatives have been taken for consumer protection by both the international standard setting bodies and the regulators. regarding initiatives taken by standard setting bodies, the g20 requested the oecd / fsb and others to articulate principles on financial consumer protection. these broadly state that financial consumer protection should be an integral part of the legal, regulatory and supervisory framework and there should be equitable and fair treatment of consumers with special attention dedicated to the needs of vulnerable groups. it should include access to adequate complaints handling and redress mechanisms that are accessible, affordable, independent, fair, accountable, timely and efficient. the g20 / oecd task force on financial consumer protection is currently focused on supporting the implementation of the high - level principles. the oecd is workingon how to enhance financial consumer protection, which includes determining what is required to help consumers gain the confidence, knowledge, information, security and choices they need to enable them to fully participate in financial markets. in 2011, the financial stability board published its report on consumer finance protection with particular focus on credit. 12. consumers international ( ci ) is a world federation of consumer groups. recently, ci conducted a global survey of 80 member jurisdictions to assess the state of consumer protection across the world. key findings include : • since 2012, members felt the top three advances they had witnessed in consumer protection were from : new legislation, consumer representation and regulation and enforcement. increasing consumers ’ awareness of their rights was also an important factor. • members felt that the three main factors that contribute to consumer detriment are : economic and development challenges, lack of regulation and enforcement ; and poor quality products and services. financial consumer protection 13. various national initiatives : a ) in usa, the dodd - frank wall street reform and consumer protection act of 2010 ( dodd - frank act ) established the consumer financial protection bureau ( cfpb ) to protect consumers by carrying out federal consumer financial laws. the cfpb is authorized to exercise its authority to ensure that : ( 1 ) consumers are provided with timely and understandable information to make responsible decisions about transactions involving consumer financial products and services ; ( 2 ) consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination ; ( 3 )

outdated, unnecessary, or unduly burdensome regulations concerning consumer financial products and services are regularly identified and good practices for financial consumers world bank june 2012. bis central bankers ’ speeches addressed in order to reduce unwarranted regulatory burdens ; ( 4 ) federal consumer financial law is enforced consistently, without regard to ( service providers ’ ) status as depository institutions, in order to promote fair competition ; and ( 5 ) markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. b ) in uk, the financial services act of 2012 set up the financial conduct authority ( fca ) which is responsible for regulating the consumer credit industry from 1 april 2014, taking over the role from theoffice of fair trading. the fca supervises banks to ensure they treat customers fairly, and encourages innovation and healthy competition. the authority has significant powers, including the power to regulate conduct related to the marketing of financial products. it is able to specify minimum standards and to place requirements on products. in addition, the fca is able to ban financial products for up to a year while considering an indefinite ban ; it will have the power to instruct firms to immediately retract or modify promotions which it finds to be misleading, and to publish such decisions. c ) in the european union, the european banking authority ( eba ) promotes a transparent, simple and fair internal market for consumers in financial products and services. the eba seeks to foster consumer protection in financial services across the eu by identifying and addressing detriments consumers may experience, or are at risk of experiencing, in their dealings with financial firms. the role and tasks of the eba related to consumer protection and financial activities include : collecting, analysing and reporting on consumer trends in the eu ; reviewing and coordinating financial literacy and education initiatives ; developing training standards for the industry ; contributing to the development of common disclosure rules ; monitoring existing and new financial activities ; issuing warnings if a financial activity poses a serious threat to the eba ’ s objectives as set out in the its funding regulation ; and temporarily prohibiting or restraining certain financial activities, provided certain conditions are met. the market is governed by the various directives issued by the eu such as the directives on consumer credit. d ) in hong kong, the industry - established code of banking practice ( cobp ) promotes good banking practices by setting out the minimum standards which financial institutions should follow in their dealings with customers. the code is a nonsta