Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool

This paper discusses how the importance of adequate consumer protection and financial literacy for the long-term stability of the financial sector, has been highlighted by the recent turmoil in financial markets worldwide. It presents a set of Good Practices for Consumer Protection and Financial Literacy, developed by the World Bank's Europe and Central Asia Region, using international experience as a guide. The Good Practices provide a practical tool for systematic analysis of laws, regulations and institutions involved in consumer protection and financial literacy, and allow detailed cross-country comparisons. The paper provides the four key concepts on which they are based: consumer disclosure should be simple, easy to understand and comparable; abusive business practices by financial service providers should be prohibited; consumers should have an easy, inexpensive and speedy method of resolving disputes with financial institutions; and financial education should be available to consumers so that they can understand financial services and products and make informed decisions.

Bibliographic Details

Main Authors:	Rutledge, Susan L., Annamalai, Nagavalli, Lester, Rodney, Symonds, Richard L.
Language:	English en_US
Published:	World Bank, Washington, DC 2010-08
Subjects:	ACCESS TO CREDIT, ACCESS TO FINANCIAL SERVICES, ADULT FINANCIAL LITERACY, ADVERTISEMENT, ADVERTISEMENTS, ANTI-MONEY LAUNDERING, ASYMMETRIC INFORMATION, BANK ACCOUNT, BANK CREDIT, BANKING INDUSTRY, BANKING PRODUCT, BANKING PRODUCTS, BANKING SUPERVISION, BEHAVIORAL ECONOMICS, BEST PRACTICES, BIASES, BORROWER, BORROWING, BUYERS, CAPITAL MARKETS, CERTIFICATE OF DEPOSIT, CHECKING ACCOUNT, CHECKS, COLLATERAL, COMMERCIAL BANKS, COMMUNITY AFFAIRS, COMPOUND INTEREST, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CREDIT, CONSUMER EDUCATION, CONSUMER GROUP, CONSUMER INFORMATION, CONSUMER LOANS, CONSUMER MARKETS, CONSUMER NEEDS, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER PROTECTION MEASURES, CONSUMER RIGHTS, CONSUMERS, CONTRIBUTIONS, CREDIT BUREAUS, CREDIT CARD, CREDIT CARDS, CREDIT HISTORIES, CREDIT INSTITUTIONS, CREDIT MARKETS, CREDIT OPTIONS, CREDIT PRODUCT, CREDIT PRODUCTS, CREDIT REPORTING, CREDIT REPORTS, CREDIT SCORES, CREDIT TRANSACTIONS, CREDITORS, CURRENT ACCOUNT, CURRENT ACCOUNTS, DEBT, DEBT COLLECTION, DEBTS, DECEPTIVE PRACTICES, DEPOSIT, DEPOSIT INSURANCE, DEPOSITORS, DEPOSITS, DISCLOSURE REQUIREMENTS, DISCOUNT RATE, DISCRIMINATION, ECONOMIC COOPERATION, EDUCATIONAL CAMPAIGNS, EMPLOYEE, EMPOWERMENT, EXCHANGE COMMISSION, EXCHANGE RATES, EXPLOITATIVE CREDIT, FAMILIES, FEDERAL DEPOSIT INSURANCE CORPORATION, FEDERAL RESERVE, FINANCES, FINANCIAL ACCESS, FINANCIAL ACTION, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL EDUCATION, FINANCIAL FRAUDS, FINANCIAL FUTURES, FINANCIAL INDUSTRY, FINANCIAL INNOVATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY INITIATIVES, FINANCIAL LOSS, FINANCIAL MARKETS, FINANCIAL NEEDS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL REGULATION, FINANCIAL REGULATOR, FINANCIAL REGULATORS, FINANCIAL RISKS, FINANCIAL SECTOR, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SECTORS, FINANCIAL SECURITY, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES AUTHORITY, FINANCIAL STATUS, FINANCIAL SYSTEM, FINANCIAL TRANSACTIONS, FOREIGN CURRENCY, FUTURE INCOME, GENERAL PUBLIC, GOVERNMENT INTERVENTION, GUARANTEE SCHEMES, HOME MORTGAGE, HOUSEHOLD LENDING, HOUSEHOLDS, HOUSING FINANCE, INDEBTEDNESS, INFORMATION TECHNOLOGY, INFORMED CONSUMERS, INFORMED DECISION, INFORMED DECISIONS, INFORMED FINANCIAL DECISIONS, INSTITUTIONAL CAPACITIES, INSURANCE, INSURANCE COMMISSIONERS, INSURANCE POLICY, INTEREST CHARGE, INTEREST CHARGES, INTEREST COST, INTEREST RATE, INTEREST RATES, INTERNATIONAL FINANCE, INVESTMENT PRODUCTS, KNOWLEDGE GAP, LENDER, LENDERS, LIABILITY, LIFE EVENTS, LIFE INSURANCE, LIFETIME, LIQUIDITY RISK, LOAN, LOAN AGREEMENT, LONG-TERM SAVINGS, LOW-INCOME, MARKET CONDITIONS, MARKET ECONOMIES, MARKETING, MASS MEDIA, MEDIUM ENTERPRISES, MICROFINANCE, MINIMUM PAYMENT, MORAL HAZARD, MORTGAGE LOAN, MORTGAGE MARKETS, MORTGAGES, PARENT ORGANIZATION, PAYMENT SERVICES, PENALTY FEES, PENSION, PENSION FUND, PENSIONS, PERSONAL FINANCE, PERSONAL FINANCIAL INFORMATION, PERSONAL FINANCIAL LITERACY, PERSONAL PREFERENCES, PRESENT VALUE, PRIVATE PENSIONS, PROPRIETORSHIPS, PROTECTION OF CONSUMERS, PROVISION OF CREDIT, PUBLIC POLICY, PURCHASES, RAPID DEVELOPMENT, RAPID GROWTH, RATE OF INTEREST, REGULATORY AUTHORITY, REMITTANCE, REPAYMENT, RESIDENTIAL MORTGAGE, RESPONSIBILITIES, RETAIL BANKING, RETAIL FINANCIAL MARKETS, RETAIL FINANCIAL SERVICES, RETIREMENT, RETIREMENT INCOME, RISK MANAGEMENT, SAFETY NETS, SALE, SALES, SAVINGS, SAVINGS ACCOUNT, SCAMS, SECURITIES, SECURITIES DEALERS, SENIOR, SENIORS, SOLVENCY, STAKEHOLDERS, SURVEYS OF CONSUMER, TRANSACTION, TYPES OF LOANS, UNION, UNIONS, VALUABLE, VALUE OF MONEY, VALUE OF SAVINGS, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2010/08/16453153/europe-central-asia-good-practices-consumer-protection-financial-literacy-europe-central-asia-diagnostic-tool https://hdl.handle.net/10986/12828
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