The Subgroup Co-Chairs are: China and Russia
Download here: Subgroup Terms of Reference and Work Plan
This Subgroup takes forward G20 Leaders commitments on financial literacy and financial consumer protection. It supports and complements work of the existing Subgroups on activities specifically related to consumer protection and financial literacy in their work programs. It also takes steps to reinforce integration of perspectives and experience from developing countries into global discussions and guidance on financial consumer protection and financial literacy.
Effective financial consumer protection is an essential element of financial inclusion, and of growing importance for policymakers implementing policies to support greater financial inclusion. Proportionate regulation and supervision can help ensure transparency and fair conduct by providers, which in turn enables consumers to understand the benefits of formal products and providers and to make choices that fit their needs and represent good value for money. Together, these interventions build trust in the formal system and promote improved uptake of conventional and innovative financial services. Similarly, well-designed financial capability interventions play an important role in reinforcing protective policy regimes and responsible business conduct by enhancing consumers' abilities to select suitable financial products, exercise their rights, and fulfill their responsibilities.