The Impact of the World Bank on the Improvements of Consumer Protection in Financial Services and on Developing Financial Literacy in the Czech Republic and Slovakia

This study analyzes the impact of work of the World Bank in the areas of consumer protection in financial services and in improving financial literacy in the Czech Republic and Slovakia, the first two countries where the World Bank provided technical assistance in the areas of consumer protection in financial services and financial literacy. The impulse of the Czech authorities was their understanding that consumer protection was lacking in the area of financial services while the offer and complexity of financial products was growing rapidly in the quickly developing post-communist market. The authorities were dealing with a growing number of complaints from the public as well as increasing media coverage of consumer complaints, while lacking adequate internal expertise to deal with these issues. The World Bank prepared the technical note on consumer protection in financial services for the Czech Republic. After the note was presented publicly at a dissemination seminar in the Czech Republic, authorities of the Slovak Republic requested similar assistance as they were dealing with similar issues. This study describes the impact the pioneering work of the World Bank team had on the Czech Republic and Slovakia, and how it assisted national authorities in improving consumer protection in financial services and developing programs to increase financial literacy of the Czech and Slovak populations.

Bibliographic Details

Main Author:	Prouza, Tomáš
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2010-07-24
Subjects:	ACCOUNTABILITY, ADVISORY SERVICES, APR, ARBITRATION, ASSET VALUE, BAD ADVICE, BANK CREDIT, BANK DEPOSITS, BANK LOANS, BANK OFFICIALS, BANKING PRODUCTS, BANKING SECTOR, BANKS, BEST PRACTICES, BOND, BOND PRICES, BROKER, BROKERS, BUSINESS CREDITS, CAPITAL MARKET, CAPITAL MARKETS, CENTRAL BANK, CENTRAL BANK SUPERVISION, COLLECTIVE INVESTMENT, COMPREHENSIVE FINANCIAL LITERACY, CONSULTATION PROCESS, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CONFIDENCE, CONSUMER CREDIT, CONSUMER CREDITS, CONSUMER EDUCATION, CONSUMER FINANCE, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER PROTECTION LAW, CONSUMER PROTECTION LAWS, CONSUMER PROTECTION MEASURES, CONSUMER RIGHTS, CONSUMERS, CONSUMERS ASSOCIATIONS, CONTRIBUTION, CORPORATE DEPOSITS, CORPORATE GOVERNANCE, COURT SETTLEMENT, COURT SETTLEMENTS, CREDIT CARD, CREDIT CARD INTEREST RATES, CREDIT MARKET, CREDIT MARKETS, CREDIT PROVIDERS, CREDIT UNION, CREDIT UNIONS, CURRENCY, CURRENT ACCOUNTS, CURRICULA, CURRICULUM, DEBT, DEBTS, DECEPTIVE PRACTICES, DEFAULTS, DEPOSIT, DEPOSITORS, DEPOSITS, DISCLOSURE REQUIREMENTS, DISCRIMINATION, DISPUTE RESOLUTION, EDUCATION PROGRAM, EDUCATION STANDARDS, EDUCATION SYSTEM, EDUCATIONAL MATERIAL, EDUCATIONAL PROGRAM, EDUCATIONAL PROGRAMS, EQUAL TREATMENT, FINANCE COMPANIES, FINANCIAL ADVICE, FINANCIAL ADVISER, FINANCIAL ADVISOR, FINANCIAL ADVISORS, FINANCIAL COMPANIES, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL DECISIONS, FINANCIAL EDUCATION, FINANCIAL EDUCATION PROGRAMS, FINANCIAL INDUSTRY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY SURVEY, FINANCIAL MARKET, FINANCIAL MARKET DEVELOPMENTS, FINANCIAL MARKETS, FINANCIAL MATTERS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL RESPONSIBILITY, FINANCIAL SECTOR, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SERVICES PROVIDERS, FINANCIAL SUPPORT, FOREIGN FUNDS, FULL DISCLOSURE, GENERAL PUBLIC, GOVERNMENT POLICY, GOVERNMENT REGULATION, GOVERNMENT SUPPORT, GUARANTEE SCHEME, GUARANTEE SCHEMES, HIGH SCHOOL FINANCIAL EDUCATION, HIGH SCHOOL STUDENTS, HOUSEHOLDS, INCOME, INDEBTEDNESS, INFLATION, INFORMATION ASYMMETRY, INFORMATION DISCLOSURE, INFORMATION REQUIREMENTS, INFORMATION TO CONSUMERS, INFORMED CONSUMERS, INFORMED DECISIONS, INSURANCE, INSURANCE COMPANIES, INSURANCE MARKET, INTEREST RATE, INTEREST RATES, INVESTMENT ADVISORS, INVESTMENT COMPANIES, INVESTMENT FUNDS, INVESTMENT PRODUCTS, LACK OF EXPERIENCE, LARGE BANKS, LEGAL ASSISTANCE, LEGAL FRAMEWORK, LEGISLATION, LENDER, LEVEL OF CONTRIBUTION, LEVEL OF KNOWLEDGE, LEVEL PLAYING FIELD, LEVY, LIFE INSURANCE, LIFE INSURANCE PRODUCTS, LOAN, LOAN PRODUCTS, LOW FINANCIAL LITERACY, MANDATES, MARKET DEVELOPMENT, MARKET INFORMATION, MARKET PARTICIPANTS, MARKET PLAYER, MARKET SHARE, MARKETING, MATURITY, MONEY MARKET, MORTGAGES, MUTUAL FUNDS, NATIONAL BANK, NATIONAL BANK OF SLOVAKIA, NET ASSET, NEW MARKETS, OUTSTANDING DEBT, PAYMENT SERVICES, PAYMENTS SERVICES, PENSION, PENSION CONTRACTS, PENSION FUNDS, PENSION REFORM, PENSIONS, PERSONAL FINANCE, PERSONAL FINANCIAL EDUCATION, POINT OF SALE, PROFESSIONAL ASSOCIATIONS, PROFESSIONAL INVESTORS, PROFESSIONAL QUALIFICATION, PRUDENTIAL SUPERVISION, PUBLIC AGENCIES, PUBLIC BUDGET, PUBLIC EDUCATION, PUBLIC FINANCE, PUBLIC REGISTER, REGULATORY CAPACITY, REGULATORY FRAMEWORK, RESERVES, RESIDENTIAL MORTGAGES, RETAIL BANKING, RETAIL CREDITS, RETAIL FINANCIAL MARKET, RETAIL SAVINGS, SALE, SALES, SAVINGS, SAVINGS ACCOUNT, SAVINGS SCHEMES, SECURITIES, SECURITIES REGULATION, SENIOR, SOCIAL RESPONSIBILITY, SOURCE OF INFORMATION, STAKEHOLDER, STAKEHOLDERS, SUPERVISORY AGENCIES, SUPERVISORY AGENCY, SUPERVISORY AUTHORITIES, TECHNICAL ASSISTANCE, TYPES OF CONSUMER,
Online Access:	http://documents.worldbank.org/curated/en/360221468246042415/The-impact-of-the-World-Bank-on-the-improvements-of-consumer-protection-in-financial-services-and-on-developing-financial-literacy-in-the-Czech-Republic-and-Slovakia https://hdl.handle.net/10986/27731
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