Mozambique Diagnostic Review of Consumer Protection and Financial Literacy

The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financial consumer protection is a necessary precursor to building trust in the formal financial sector and thus in encouraging financial inclusion. Further, consumer protection helps ensure that expanded access benefits consumers and the economy as a whole. While increased access can result in significant economic and societal benefits, it can be neutral or even harmful if consumers: (i) cannot exercise their rights as consumers, (ii) cannot select the financial products that suit them best; and (iii) are not protected from mis-selling, fraud, and other market abuses. The main objective of a CPFL Review is to assess the legal, regulatory, and institutional frameworks for financial consumer protection in a country, with reference to the good practices. The following areas are addressed: (i) institutional arrangements, (ii) the legal and regulatory framework, (iii) transparency and disclosure, (iv) business practices, (v) complaints handling and dispute resolution mechanisms and (vi) financial literacy/capability. All parts of a financial sector can be considered, including banking, non-bank credit institutions, insurance, securities, private pensions, and credit reporting.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2015-11
Subjects:	FINANCIAL SERVICES, INVESTMENT ADVISER, MASS MEDIA, BORROWER, PENSION MEMBERS, DISCLOSURE OF INFORMATION, ACCOUNTING, FORMAL EDUCATION, DEPOSITS, CUSTOMER, FINANCIAL COMPANIES, FUND MANAGER, CONFLICT OF INTEREST, INFORMED DECISIONS, OCCUPATIONAL PLANS, MINIMUM WAGE, FUND MANAGERS, INTEREST, LONG-TERM SAVINGS, CONTRIBUTION, SALARY, CONTRIBUTION PAYMENT, MEDIUM ENTERPRISES, RESPONSIBILITY, PURCHASES, LABOR FORCE, OCCUPATIONAL PENSIONS, PENSION SECTOR, MARKET SHARES, LOAN, SALARIES, RECORD KEEPING, CONSUMER PROTECTION LAWS, FINANCIAL CONSUMER, BANKRUPTCY, REGULATORY AUTHORITY, CAR INSURANCE, BANKING SERVICE, AUDITS, INSURANCE COMPANY, LITERACY, MARKET PARTICIPANTS, KNOWLEDGE, INVESTMENT PRODUCTS, UNDER EMPLOYMENT, FINANCIAL PRODUCT, EDUCATION CAMPAIGNS, TRAINING, REPLACEMENT RATE, FINANCIAL INSTITUTION, WAGE, FINANCES, CONSUMER ORGANIZATIONS, EDUCATIONAL MATERIAL, FINANCIAL INSTITUTIONS, LITERACY PROGRAM, DEBT, LIFE INSURERS, SOCIAL PROTECTION, PRIVATE PENSION FUNDS, EXPENSE, EQUITIES, ASSET ACCUMULATION, PENSION FUNDS, FINANCIAL LITERACY INITIATIVE, BANKS, TRANSACTIONS, INSURANCES, YOUNG ADULTS, CONSUMER, EXPENSES, FINANCIAL TRANSACTIONS, BEST PRACTICES, MARKET CAPITALIZATION, MARKET CONDITIONS, BANK, INVESTMENT ADVISORS, CONTRIBUTIONS, DEMAND, OUTREACH PROGRAM, FINANCIAL SECURITY, FINANCIAL EDUCATION, SOURCE OF INFORMATION, FINANCIAL SERVICE PROVIDERS, SALE, PRIVATE PENSIONS, FINANCIAL LITERACY STRATEGY, DIVERSIFICATION, SECURITIES, INSURANCE, OUTREACH PROGRAMS, PURCHASE, CONSUMER INFORMATION, LABOUR FORCE, EDUCATION, PENSION SCHEME, SALES TACTICS, FINANCIAL INTERMEDIARIES, INVESTMENT SCHEME, PENSIONERS, SUPPLY, FINANCIAL EDUCATION MATERIAL, DISABILITY, FINANCIAL REGULATOR, SALES ACTIVITY, TERMINATION, PENSION SCHEMES, LEGAL RECOURSE, FINANCIAL CONSEQUENCES, AUDIT, COMMODITIES, INSURANCE COMPANIES, FINANCIAL SECTOR, LEVEL OF KNOWLEDGE, LIABILITIES, EXPENSE RATIO, FUND ASSETS, LITERACY PROGRAMS, SECURITIES INDUSTRY, ADVERTISEMENTS, INTEREST CHARGES, CASH FLOW, FINANCIAL SECTOR DEVELOPMENT, EDUCATIONAL PROGRAM, INVESTING, DEPOSIT, CAPITAL MARKETS, FINANCIAL EDUCATION MATERIALS, LIABILITY, TIMELY PAYMENT, CALCULATION, RETIREMENT, STOCK, MINIMUM PENSION, FINANCIAL GROUPS, SALES, INCOME, LIFE INSURANCE, FINANCIAL LITERACY, FINANCE COMPANIES, INTEREST RATE, FINANCIAL ACTIVITIES, STOCK MARKET, SPENDING, INFORMATION, HEALTH INSURANCE, CALCULATIONS, DISCLOSURE REQUIREMENTS, FINANCIAL REGULATORS, PROFIT SHARING, INSURANCE POLICIES, BONDS, FINANCIAL BEHAVIOR, PENSION SYSTEM, CONSUMER COUNCILS, BENEFICIARIES, PRIVATE PENSION, CREDITORS, PENSION, LENDER, CONSUMER RIGHTS, BROCHURES, BUDGET, CREDITS, SAVINGS, CONSUMER COMPLAINTS, CONFLICT OF INTERESTS, MONEY, RETIREMENT AGE, INVESTMENT ADVISOR, INTEREST RATES, OCCUPATIONAL PENSION SECTOR, COLLECTIVE INVESTMENT SCHEME, MARKETING, FINANCIAL PRODUCTS, OCCUPATIONAL PENSION, LENDERS, SOCIAL SECURITY, CUSTOMER SERVICE, PENSION MARKET, LOANS, VALUABLE, PENSION PRODUCTS, INSURANCE POLICY, INVESTMENT ADVISERS, FINANCE, CONSUMER RIGHT, ACCESS TO INFORMATION, EQUITY, TRANSACTION, INVESTORS, BANK PRODUCT, WAGES, FINANCIAL STABILITY, FINANCIAL TOPICS, PENSIONS, CURRICULA, CONTRIBUTION RATE, CREDIT, STAKEHOLDERS, BUDGETS, FINANCIAL INSTRUMENTS, FINANCIAL INSTRUMENT, PUBLIC AWARENESS, FINANCIAL CONSUMERS, CONSUMERS, PROPERTY, INVESTMENT ADVICE, FUND MANAGEMENT, RESPONSIBILITIES, FINANCIAL SERVICE, INVESTMENT RETURNS, CREDIT BUREAU, ANNUAL STATEMENTS, INVESTMENT MANAGEMENT, GENERAL PUBLIC, ACCESS TO CREDIT, INTERESTS, INVESTOR, SECURITY, YEARS OF SERVICE, AWARENESS CAMPAIGN, STOCKS, OCCUPATIONAL SCHEMES, STOCK EXCHANGE, FINANCIAL SITUATION, INVESTMENT, ATM, INVESTMENT PORTFOLIO, BALANCE SHEETS, FINANCIAL INFORMATION, FINANCIAL INTERMEDIARY, OCCUPATIONAL PENSION SCHEMES, STAKEHOLDER, PROFIT, AUTO INSURANCE, STUDENTS, INVESTMENTS, CHECK, INFORMED CHOICES, PENSION COVERAGE, PENSION FUND, PROVISION OF ADVICE, ASSET CLASS, CUSTOMERS, PROFITS, PENSION SPENDING, CONSUMER PROTECTION,
Online Access:	http://documents.worldbank.org/curated/en/2016/02/25929477/mozambique-diagnostic-review-consumer-protection-financial-literacy-insurance-private-pensions-securities-vol-2-comparison-good-practices https://hdl.handle.net/10986/23810
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