Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations

The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2012-06
Subjects:	ACCESS TO CREDIT, ADDITIONAL MONEY, ANNUAL PERCENTAGE RATE, APR, ATM, BANK ACCOUNT, BANK ACCOUNTS, BANK CREDIT, BANKING SERVICES, BANKING SYSTEM, BANKS, BENEFICIARY, BEST PRACTICE, BEST PRACTICES, BORROWER, BORROWING, BORROWING MONEY, CALCULATION, CALCULATIONS, CALL CENTER, CAPITAL MARKET, CAPITAL MARKETS, COLLEGE STUDENTS, COMMUNITY AFFAIRS, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CONFIDENCE, CONSUMER CREDIT, CONSUMER CREDITS, CONSUMER EDUCATION, CONSUMER FINANCE, CONSUMER INDEBTEDNESS, CONSUMER INFORMATION, CONSUMER LENDING, CONSUMER LOAN, CONSUMER LOANS, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER PROTECTION LAWS, CONSUMER RIGHTS, CONSUMER UNDERSTANDING, CONSUMERS, CONTRIBUTION, COST OF CREDIT, CREDIT BUREAU, CREDIT CARD, CREDIT CARDS, CREDIT INSTITUTIONS, CREDIT PRODUCTS, CREDIT PROVIDERS, CREDIT REPORT, CREDIT UNIONS, CURRENCY, CURRICULA, CURRICULUM, DEBT, DEBT COLLECTION, DECEPTIVE PRACTICES, DEPOSIT, DEPOSIT ACCOUNTS, DEPOSIT PRODUCT, DEPOSIT PRODUCTS, DEPOSITS, DISCLOSURE OF INFORMATION, DISCLOSURE REQUIREMENT, DISCLOSURE REQUIREMENTS, EDUCATION CAMPAIGN, EDUCATIONAL ACTIVITIES, EDUCATIONAL PROGRAMS, ENTREPRENEURS, EQUITY MARKET, FAMILY MEMBER, FEDERAL RESERVE, FINANCIAL ADVICE, FINANCIAL ADVISOR, FINANCIAL BEHAVIOR, FINANCIAL COMPANIES, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRIMES, FINANCIAL CRISIS, FINANCIAL DATA, FINANCIAL DECISION, FINANCIAL EDUCATION, FINANCIAL EDUCATION ACTIVITIES, FINANCIAL EDUCATION IN SCHOOLS, FINANCIAL EDUCATION INITIATIVES, FINANCIAL EDUCATION MATERIALS, FINANCIAL EDUCATION PROGRAM, FINANCIAL EDUCATION PROGRAMS, FINANCIAL GOALS, FINANCIAL INDUSTRY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY ACTIVITIES, FINANCIAL LITERACY EDUCATION, FINANCIAL LITERACY STRATEGY, FINANCIAL LITERACY SURVEY, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL REGULATION, FINANCIAL REGULATOR, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SECTOR REGULATION, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES AUTHORITY, FINANCIAL SERVICES REGULATIONS, FINANCIAL STABILITY, FINANCIAL SYSTEM, FOREIGN CURRENCIES, FOREIGN CURRENCY, FORMAL CREDIT, FORMAL FINANCIAL INSTITUTION, FORMAL LOANS, GENERAL PUBLIC, GOVERNMENT PENSION, HOME MORTGAGE, HOUSEHOLD DEBT, HOUSEHOLD FINANCES, HOUSEHOLD FINANCIAL MANAGEMENT, HOUSEHOLD SAVINGS, HOUSEHOLDS, INCOME, INFORMATION ON BUSINESS, INFORMATION TO CONSUMERS, INFORMED DECISIONS, INSURANCE, INSURANCE PENETRATION, INSURANCE POLICIES, INSURANCE POLICY, INTEREST CHARGES, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INVESTMENT ADVICE, INVESTMENT COMPANIES, INVESTMENT PRODUCTS, LATE PAYMENT, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIFETIME, LOAN, LOAN MARKETS, LOAN PRODUCTS, LOCAL CURRENCY, LOW INCOME, MANDATORY CONTRIBUTIONS, MARKET CAPITALIZATION, MARKET PARTICIPANTS, MARKET SHARE, MARKETING, MATHEMATICS, MONTHLY PAYMENT, MORTGAGE, MORTGAGE LOANS, MORTGAGES, MUTUAL FUNDS, NEGATIVE CREDIT HISTORY, NOMINAL INTEREST RATE, PAWN, PAWN SHOPS, PAWNSHOPS, PENSION, PENSION AWARENESS, PENSION FUND, PENSION FUNDS, PENSIONS, PERSONAL FINANCIAL INFORMATION, PERSONAL FINANCIAL LITERACY, PERSONAL INVESTMENT, POINT-OF-SALE, PRESS RELEASE, PRIVATE PENSION, PRIVATE PENSION FUNDS, PRIVATE PENSIONS, PROFESSIONAL ASSOCIATIONS, PURCHASES, REGULAR EXPENSE, RESPONSIBILITIES, RETAIL FINANCIAL SERVICE, RETIREMENT, RISK PROFILES, SALE, SALES, SALES AGENTS, SAVERS, SAVING MONEY, SAVINGS, SAVINGS PRODUCTS, SECONDARY SCHOOLS, SECURITIES, SECURITIES DEALER, SENIORS, STAKEHOLDER, STAKEHOLDERS, STOCK EXCHANGE, STOCK MARKET, SUPPORT PROGRAM, TEACHER TRAININGS, TRANSACTION, VALUABLE, WITHDRAWAL, YEARLY STATEMENTS, YOUNG CHILDREN,
Online Access:	http://documents.worldbank.org/curated/en/2012/06/17510032/armenia-diagnostic-review-consumer-protection-financial-literacy https://hdl.handle.net/10986/13226
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