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

The diagnostic review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework in four segments of the financial sector: banking, microfinance, securities, and insurance. The review took place in response to a request for World Bank technical assistance in the field of financial consumer protection made by Pakistan's Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP). The review consists of two volumes. Volume one summarize the key findings and recommendations of the review and Volume two presents a detailed assessment of each financial segment compared against the good practices for financial consumer protection. The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014-03
Subjects:	ASSET MANAGEMENT, ATM, ATMS, AWARENESS CAMPAIGNS, BANK ACCOUNT, BANK BRANCHES, BANK CUSTOMERS, BANK LENDING, BANKERS ASSOCIATION, BANKING INDUSTRY, BANKING PRODUCTS, BANKS, BASIC FINANCIAL LITERACY, BASIC FINANCIAL TOPICS, BENEFICIARIES, BORROWER, BORROWING, BROKERAGE, BROKERAGE FIRMS, BUDGETING, BUSINESS PRACTICES, CALCULATION, CAPITAL MARKET, CAPITAL MARKET INVESTOR, CAPITAL MARKETS, CASH FLOW, CENTRAL DEPOSITORY, CODE OF CONDUCT, CODES OF CONDUCT, COMMERCIAL BANKS, COMMODITIES, COMMODITY, COMPREHENSIVE FINANCIAL EDUCATION, CONFIDENCE OF INVESTORS, CONFIDENTIALITY, CONFLICTS OF INTEREST, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CREDIT, CONSUMER DISCLOSURE, CONSUMER FINANCE, CONSUMER ISSUES, CONSUMER LENDING, CONSUMER PROTECTION, CONSUMER PROTECTION LAWS, CONSUMER PROTECTION MEASURES, CONSUMER RIGHTS, CONSUMER UNDERSTANDING, CONSUMERS, CONTRIBUTIONS, CREDIT CARDS, CREDIT PRODUCTS, CREDITWORTHINESS, DAY-TO-DAY MONEY MANAGEMENT, DEALING WITH BANK, DEBT, DEBT COLLECTION, DEBT MANAGEMENT, DECEPTIVE PRACTICES, DELIVERY MECHANISMS, DEPOSIT, DEPOSIT INSURANCE, DEPOSITS, DEVELOPMENT FINANCE, DISCLOSURE DOCUMENTS, DISCLOSURE REQUIREMENTS, DISCLOSURE STANDARDS, DISPUTE RESOLUTION, EDUCATION PROGRAM, EDUCATIONAL MATERIALS, EXCHANGE COMMISSION, FAMILY MEMBERS, FINANCE PRODUCTS, FINANCIAL ARRANGEMENTS, FINANCIAL CONCEPTS, FINANCIAL CONSUMER, FINANCIAL EDUCATION, FINANCIAL EDUCATION INITIATIVES, FINANCIAL EDUCATION PROGRAM, FINANCIAL EDUCATION PROGRAMS, FINANCIAL EXCLUSION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INVESTMENTS, FINANCIAL LITERACY, FINANCIAL LITERACY CURRICULUM, FINANCIAL LITERACY INITIATIVES, FINANCIAL LITERACY PROGRAM, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL REGULATORS, FINANCIAL SECTOR, FINANCIAL SECTOR POLICIES, FINANCIAL SECTOR POLICY, FINANCIAL SECTORS, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES AUTHORITY, FINANCIAL SYSTEM, FINANCIAL TOOLS, FORMAL EDUCATION, FRAUD, FUTURES, GENERAL POPULATION, GENERAL PUBLIC, HEALTH INSURANCE, INFLATION, INFORMATION TO CONSUMERS, INSURANCE, INSURANCE COMPANIES, INSURANCE INDUSTRY, INSURANCE MARKETS, INSURANCE POLICY, INSURER, INSURERS, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INVESTING, INVESTMENT ACCOUNT, INVESTMENT ACCOUNTS, INVESTMENT DECISION, INVESTMENT POLICIES, INVESTOR EDUCATION, INVESTOR PROTECTION, JURISDICTION, LACK OF INFORMATION, LARGE BANKS, LEGAL ENVIRONMENT, LEGAL FRAMEWORK, LEGAL SYSTEM, LIABILITY, LIFE INSURANCE, LOAN, LOAN APPLICATION, LOAN OFFICERS, LOAN UNDERWRITING, LOW-INCOME, LOW-INCOME COUNTRIES, LOWER-INCOME INDIVIDUALS, MARKET PARTICIPANTS, MARKETING, MASS MEDIA, MEDIA CAMPAIGN, MEDIA CAMPAIGNS, MEDIUM ENTERPRISE, MEDIUM ENTERPRISES, MICROFINANCE, MOBILE BANKING, MOBILE PHONE, MOBILE PHONES, MONTHLY INCOME, MORTGAGES, MUTUAL FUND, MUTUAL FUNDS, NEW PRODUCTS, PENSIONS, PHONE BANKING, PORTFOLIO, POTENTIAL INVESTORS, POVERTY ALLEVIATION, PRIVACY, PRIVATE SECTOR DEVELOPMENT, PROBABILITY, PROFESSIONAL ASSOCIATIONS, PROFIT SHARING, PRUDENT FINANCIAL DECISIONS, PUBLIC AWARENESS, PUBLIC CONFIDENCE, QUESTIONNAIRE, RAPID GROWTH, REGISTRATION OF SECURITIES, REGULATOR, REGULATORY BODIES, REGULATORY ENVIRONMENTS, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REGULATORY GAPS, REGULATORY REQUIREMENT, REPUTATION, RESPONSIBILITIES, RETIREMENT, RETIREMENT AGE, RISK MANAGEMENT, SAFETY NET, SALE, SALES, SAVERS, SAVINGS, SAVINGS PROGRAMS, SECURITIES, SECURITIES MARKET, SECURITIES MARKETS, SENIOR, SOURCE OF INFORMATION, STAKEHOLDER, STAKEHOLDERS, STATE BANK, STOCK EXCHANGE, STOCK EXCHANGES, SUPERVISORY AGENCIES, TAX, TECHNICAL ASSISTANCE, TOTAL COSTS, TRADES, TRANSPARENCY, TRUST FUND, TYPICAL INVESTOR, UNEXPECTED EXPENSES, VALUABLE, VALUATION, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2014/03/19454949/pakistan-diagnostic-review-consumer-protection-financial-literacy-vol-1-2-key-findings-recommendations https://hdl.handle.net/10986/18657
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