Re: Financial consumer protection

Jeremy, Since the OECD report you reference includes some systemic issues
not only procedural ones, you might consider including the following:
http://www.businessweek.com/news/2013-11-01/barclays-citigroup-among-banks-sued-over-wm-reuters-rates-1
http://www.bloomberg.com/news/2013-06-11/traders-said-to-rig-currency-rates-to-profit-off-clients.html

We're working at enabling choice of currency and choice of price index in
web payments so that both vendors and purchasers can partially defend the
purchasing power of their relative prices from such (alleged) price
manipulation.  Details discussed here:
https://github.com/web-payments/payswarm.com/issues/9
Two examples here: https://payswarm.com/events/2013/nyc-web-payments-bof

This and other broad-market price manipulation problems are certainly not
unique to web payments, nor to the forex market.  But an online payments
system does provide a practical venue in which some partial protection can
be chosen by vendors and purchasers. Basically, prices can be indexed by
the vendors to relevant and consumer-verifiable fundamentals.


-- 
Joseph Potvin
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On Sat, Dec 14, 2013 at 7:43 AM, Jeremy Malcolm <jeremy@ciroap.org> wrote:

> Hello group,
>
> Can anyone orient me to anything that may have already been done on either
> covering, or at least mapping, financial consumer protection issues in the
> development of the webpayments standard?  Or is this yet to be addressed?
>
> In case you don't know what sort of thing I'm thinking about...
>
>
> http://www.oecd-ilibrary.org/science-and-technology/report-on-consumer-protection-in-online-and-mobile-payments_5k9490gwp7f3-en
> http://www.oecd.org/regreform/sectors/financialconsumerprotection.htm
>
> I'm trying to write a preliminary background briefing on this issue for
> the consumer movement.
>
> Thanks.
>
>  --
>
>
>
> *Dr Jeremy MalcolmSenior Policy OfficerConsumers International | the
> global campaigning voice for consumers*
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