The crisis in the financial markets in combination with a sharp economic downturn have created a climate of deep insecurity for consumers, as well as short and long term detriment: increasing spirals of debt and falling house prices; devalued deposits and diminishing returns on long term investments, including provision for old age. We are also seeing increasing levels of exclusion from mainstream lending as banks try to rebuilt profits and become more cautious.

Governments have been quick to act with massive economic stimulus and investing billions of taxpayers’ money in too-big-to-fail financial institutions. Meanwhile, measures to mitigate consumer harm and prevent it happening again in the future are still on the drawing board or early implementation stage.

Time is therefore ripe to consider, in a forum of all interested parties from both sides of the Atlantic, whether these will genuinely serve the interests of consumers and society as a whole, and ensure long-term stability, or will they prove to be just a quick fix and return to business as usual? What urgent measures are still needed to be considered in the financial sector to prevent long term detriment and exclusion? And are there alternative business models and ways of measuring progress that can serve consumers and society?

The Slovene Consumers Association ZPS is organising this first multi-stakeholder forum that aims to bring together all stakeholders with an interest in financial services for consumers from the EU and USA. The forum is organized in partnership with the European Consumers Organization BEUC and Transatlantic Consumer Dialogue TACD.

             Finforum Conclusions                                                                                                              Ljubljana Declaration