Croatia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison against Good Practices

As financial markets develop and deepen, one of the key issues for a fair, open and efficient market is effective consumer protection and financial literacy. The European Union takes the approach that an effective regime of financial consumer protection should allow consumers to have access to: sufficient information to make informed decisions about their financial choices; cost-effective recourse mechanisms to redress violations of financial service contracts; and programs of consumer education and financial literacy that empower them to understand their financial rights and obligations. This review has found that the quality of consumer protection in financial services in Croatia has improved in recent years. In particular, the approval of the 2007 Consumer Protection Act incorporated many of the EU Directives related to financial consumer protection. In addition, the National Council on Consumer Protection was established in 2008 to advise the Government on its national strategy for consumer protection in the coming years. A nation-wide baseline survey of financial literacy would provide useful information in designing programs in financial education and consumer awareness. As pioneered in the United Kingdom, financial literacy surveys can identify which part of the population is most vulnerable to financial abuse. The baseline survey should be segmented by age, gender, geographic area, household income, and formal education. After a period of three to five years, a follow-up survey could be done to evaluate the effectiveness of the programs of financial education and consumer awareness.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2010-02
Subjects:	ACCESSIBILITY, ACCRUALS, ADVERTISEMENT, ADVERTISEMENTS, AFFORDABILITY, ALTERNATIVE FINANCING, ANNUAL INTEREST RATE, ANTI-MONEY LAUNDERING, ATM, ATM CARDS, BANK ACCOUNT, BANK CHARGES, BANK CREDIT, BANK CUSTOMERS, BANK DEPOSITS, BANK OFFICIALS, BANK PRODUCTS, BANKERS ASSOCIATIONS, BANKING ASSOCIATIONS, BANKING CUSTOMERS, BANKING PRACTICES, BANKING PRODUCTS, BANKING SECTOR, BANKING SERVICES, BANKING SYSTEM, BANKING SYSTEMS, BANKS, BEST PRACTICES, BIG BANKS, BORROWER, BROCHURE, BROCHURES, BUSINESS ACTIVITIES, BUSINESS ASSOCIATIONS, CALCULATION, CAPITAL MARKET, CHECKS, COLLATERAL, COMMERCIAL BANKS, COMPOUND INTEREST, CONFLICT OF INTERESTS, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CONFIDENCE, CONSUMER COUNSELING, CONSUMER CREDIT, CONSUMER INFORMATION, CONSUMER ISSUES, CONSUMER LITERACY, CONSUMER PROTECTION, CONSUMERS, CONSUMERS ASSOCIATIONS, COST OF CREDIT, COURT SETTLEMENT, CREDIT BUREAU, CREDIT CARD, CREDIT CARDS, CREDIT EXPANSION, CREDIT INFORMATION, CREDIT INSTITUTION, CREDIT INSTITUTIONS, CREDIT PRODUCTS, CREDIT REPORT, CREDIT RISK, CREDIT UNIONS, CREDITOR, CREDITORS, CREDITS, CREDITWORTHINESS, CROATIAN NATIONAL BANK, CURRENCY, CURRENT ACCOUNT, CURRENT ACCOUNTS, DEBT, DEBT COLLECTION, DEBT COLLECTORS, DEBTOR, DEBTORS, DEBTS, DEPOSIT, DEPOSIT ACCOUNT, DEPOSIT ACCOUNTS, DEPOSIT INSURANCE, DEPOSITOR, DEPOSITS, DISCLOSURE OF INFORMATION, DISPOSABLE INCOME, DOMESTIC CURRENCY, EMPLOYERS, ENFORCEMENT AGENCIES, ENTREPRENEURSHIP, EXCHANGE RATE, FEE INCOME, FINANCIAL ACTIVITIES, FINANCIAL ARRANGEMENT, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL EDUCATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY PROGRAM, FINANCIAL LITERACY SURVEYS, FINANCIAL MATTERS, FINANCIAL PRODUCTS, FINANCIAL REGULATORS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FOREIGN CURRENCY, FOREIGN EXCHANGE, FUND MANAGEMENT, GENERAL PUBLIC, GUARANTOR, HOUSEHOLD DEBT, HOUSEHOLD DEPOSITS, HOUSEHOLD SAVINGS, HOUSING, HOUSING LOANS, INACTIVE ACCOUNTS, INDEBTEDNESS, INFORMATION REQUIREMENTS, INFORMATION SHARING, INFORMATION SYSTEM, INFORMATION TO CONSUMERS, INFORMED DECISION, INSTALLMENTS, INSURANCE, INSURANCE COMPANIES, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE PREMIUMS, INSURANCE SCHEME, INTEREST CHARGES, INTEREST COSTS, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL FINANCIAL CRISIS, INVESTMENT FUND, INVESTMENT FUNDS, INVESTMENT PRODUCTS, LAWS, LEGAL FRAMEWORK, LEGAL PROVISION, LEGAL PROVISIONS, LEGAL RECOURSE, LEGAL REQUIREMENT, LEGAL REQUIREMENTS, LEGISLATION, LIABILITY, LIFE INSURANCE, LIFE INSURANCE PREMIUMS, LINES OF CREDIT, LOAN, LOAN AMOUNT, LOAN CONTRACT, LOAN DEFAULT, LOAN REPAYMENT, MANDATES, MANDATORY PENSION FUNDS, MARKET COMPETITION, MARKET CONCENTRATION, MARKET PARTICIPANTS, MARKET SHARE, MARKET SIZE, MARKETING, MAXIMUM LOAN AMOUNT, MINIMUM BALANCE, MINIMUM PAYMENT, MONIES, MORTGAGE, MORTGAGE LOAN, MORTGAGE LOANS, MORTGAGES, NATIONAL BANK, NOMINAL INTEREST RATE, NOMINAL INTEREST RATES, NONPERFORMING LOANS, ONLINE CREDIT, OPERATING INCOME, OPERATING PERMITS, OUTSTANDING BALANCE, OVERDRAFT, OVERDRAFT FACILITIES, OVERDRAFTS, PAYMENT SYSTEM, PAYMENT SYSTEMS, PENSION, PENSION FUNDS, PENSIONS, PERSONAL FINANCE, PERSONAL FINANCES, PORTFOLIO, PREDATORY LENDING, PRESS CONFERENCES, PRIVATE CREDIT, PRIVATE PENSION, PRIVATE PENSION FUNDS, PRUDENTIAL REGULATION, PUBLIC AWARENESS, RATE OF INTEREST, RECAPITALIZATION, REPAYMENT, REPAYMENT PERIODS, RESERVES, RESPONSIBILITIES, SALARY, SALE, SALES, SAVINGS, SAVINGS BANKS, SECURITIES, SHARE OF ASSETS, STOCK EXCHANGE, TRANSACTION, TYPES OF LOANS, UNION, VARIABLE INTEREST RATES, VULNERABLE CONSUMERS, VULNERABLE GROUPS,
Online Access:	http://documents.worldbank.org/curated/en/2010/02/16376854/croatia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2 https://hdl.handle.net/10986/18474
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