Country Studies Provide Powerful Lessons in Financial Consumer Protection
Until the financial crisis of 2007, the global economy was adding an estimated 150 million new consumers of financial services each year. Rates of increase have since slowed but the growth continues. Most new consumers are in developing countries w...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2010/07/12817898/country-studies-provide-powerful-lessons-financial-consumer-protection http://hdl.handle.net/10986/10171 |
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okr-10986-101712021-04-23T14:02:49Z Country Studies Provide Powerful Lessons in Financial Consumer Protection Rutledge, Sue ABILITY OF CONSUMERS ACCURATE INFORMATION ACTION PLANS ARBITRATION ASSETS BANK CREDIT BANK POLICY BANKING SECTOR BANKS BASIC FINANCIAL SERVICES BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CENTRAL BANK CODES OF CONDUCT COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPETITIVE FINANCIAL MARKETS CONFLICTS OF INTEREST CONSUMER BEHAVIOR CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER DISCLOSURE CONSUMER PROTECTION CONSUMER PROTECTION MEASURES CONSUMERS CONTRACT PROVISIONS CONTRIBUTION COURT PROCESS COURT SYSTEMS CREDIT INSTITUTIONS CREDIT REPORTING DEBT DEBT COLLECTION DEBT COLLECTORS DECEPTIVE PRACTICES DEPOSIT DEVELOPING COUNTRIES DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EMERGING MARKETS EXPOSURE FAMILY MEMBER FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAMS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INVESTMENT FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FORMAL FINANCIAL SECTOR FRAUD GLOBAL ECONOMY HIGH SCHOOL STUDENTS HOUSEHOLD DEBT INCOME INDIVIDUAL CONSUMERS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORKS INSURANCE INTEREST RATES LEGAL OBLIGATIONS LIQUIDITY LIQUIDITY RISK LOAN LOAN PERFORMANCE LONG-TERM INVESTMENT LONG-TERM LOANS LONG-TERM SAVINGS MANDATE MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MICROFINANCE MORTGAGE MORTGAGE PRODUCTS NATIONAL BANK NEW INVESTORS PAYOFF PERSONAL DATA PERSONAL INFORMATION PRIVACY PRIVATE PENSIONS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATIONS RAPID GROWTH REGULATORS REGULATORY FRAMEWORKS REGULATORY LICENSES RESIDENTIAL MORTGAGE RESPONSIBILITIES RETAIL FINANCIAL SERVICES RETIREMENT SECURITIES SENIOR SERVICE CONTRACTS STANDARD CONTRACT STANDARD CONTRACTS STOCK MARKET SUPERVISION SUPERVISORY AGENCIES SUPERVISORY AGENCY SURVEYS OF CONSUMER TECHNICAL ISSUES TELEPHONE TELEPHONE LINES TRANSPARENCY VALUABLE VARIABLE INTEREST RATES Until the financial crisis of 2007, the global economy was adding an estimated 150 million new consumers of financial services each year. Rates of increase have since slowed but the growth continues. Most new consumers are in developing countries where consumer protection and financial literacy are still in their infancy. This is particularly true in countries that have moved from central planning to market economies where protecting consumers is necessary to ensure stable and competitive financial markets and give new consumers confidence in the formal financial systems. The global financial crisis has highlighted the importance of consumer protection and financial literacy for the stability of the financial sector. In the US, the rapid growth of complex residential mortgage products, combined with securitized instruments which were sold to poorly informed parties, has caused much turmoil. Financial institutions worldwide have been obliged to write off trillions of dollars of assets. In Europe and Central Asia (ECA) too, damage to the financial sector was serious. 2012-08-13T10:37:32Z 2012-08-13T10:37:32Z 2010-07 http://documents.worldbank.org/curated/en/2010/07/12817898/country-studies-provide-powerful-lessons-financial-consumer-protection http://hdl.handle.net/10986/10171 English Europe and Central Asia Knowledge Brief; Volume No. 26 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Europe and Central Asia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ABILITY OF CONSUMERS ACCURATE INFORMATION ACTION PLANS ARBITRATION ASSETS BANK CREDIT BANK POLICY BANKING SECTOR BANKS BASIC FINANCIAL SERVICES BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CENTRAL BANK CODES OF CONDUCT COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPETITIVE FINANCIAL MARKETS CONFLICTS OF INTEREST CONSUMER BEHAVIOR CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER DISCLOSURE CONSUMER PROTECTION CONSUMER PROTECTION MEASURES CONSUMERS CONTRACT PROVISIONS CONTRIBUTION COURT PROCESS COURT SYSTEMS CREDIT INSTITUTIONS CREDIT REPORTING DEBT DEBT COLLECTION DEBT COLLECTORS DECEPTIVE PRACTICES DEPOSIT DEVELOPING COUNTRIES DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EMERGING MARKETS EXPOSURE FAMILY MEMBER FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAMS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INVESTMENT FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FORMAL FINANCIAL SECTOR FRAUD GLOBAL ECONOMY HIGH SCHOOL STUDENTS HOUSEHOLD DEBT INCOME INDIVIDUAL CONSUMERS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORKS INSURANCE INTEREST RATES LEGAL OBLIGATIONS LIQUIDITY LIQUIDITY RISK LOAN LOAN PERFORMANCE LONG-TERM INVESTMENT LONG-TERM LOANS LONG-TERM SAVINGS MANDATE MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MICROFINANCE MORTGAGE MORTGAGE PRODUCTS NATIONAL BANK NEW INVESTORS PAYOFF PERSONAL DATA PERSONAL INFORMATION PRIVACY PRIVATE PENSIONS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATIONS RAPID GROWTH REGULATORS REGULATORY FRAMEWORKS REGULATORY LICENSES RESIDENTIAL MORTGAGE RESPONSIBILITIES RETAIL FINANCIAL SERVICES RETIREMENT SECURITIES SENIOR SERVICE CONTRACTS STANDARD CONTRACT STANDARD CONTRACTS STOCK MARKET SUPERVISION SUPERVISORY AGENCIES SUPERVISORY AGENCY SURVEYS OF CONSUMER TECHNICAL ISSUES TELEPHONE TELEPHONE LINES TRANSPARENCY VALUABLE VARIABLE INTEREST RATES |
| spellingShingle |
ABILITY OF CONSUMERS ACCURATE INFORMATION ACTION PLANS ARBITRATION ASSETS BANK CREDIT BANK POLICY BANKING SECTOR BANKS BASIC FINANCIAL SERVICES BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CENTRAL BANK CODES OF CONDUCT COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPETITIVE FINANCIAL MARKETS CONFLICTS OF INTEREST CONSUMER BEHAVIOR CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER DISCLOSURE CONSUMER PROTECTION CONSUMER PROTECTION MEASURES CONSUMERS CONTRACT PROVISIONS CONTRIBUTION COURT PROCESS COURT SYSTEMS CREDIT INSTITUTIONS CREDIT REPORTING DEBT DEBT COLLECTION DEBT COLLECTORS DECEPTIVE PRACTICES DEPOSIT DEVELOPING COUNTRIES DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EMERGING MARKETS EXPOSURE FAMILY MEMBER FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION PROGRAMS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INVESTMENT FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FORMAL FINANCIAL SECTOR FRAUD GLOBAL ECONOMY HIGH SCHOOL STUDENTS HOUSEHOLD DEBT INCOME INDIVIDUAL CONSUMERS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORKS INSURANCE INTEREST RATES LEGAL OBLIGATIONS LIQUIDITY LIQUIDITY RISK LOAN LOAN PERFORMANCE LONG-TERM INVESTMENT LONG-TERM LOANS LONG-TERM SAVINGS MANDATE MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MICROFINANCE MORTGAGE MORTGAGE PRODUCTS NATIONAL BANK NEW INVESTORS PAYOFF PERSONAL DATA PERSONAL INFORMATION PRIVACY PRIVATE PENSIONS PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATIONS RAPID GROWTH REGULATORS REGULATORY FRAMEWORKS REGULATORY LICENSES RESIDENTIAL MORTGAGE RESPONSIBILITIES RETAIL FINANCIAL SERVICES RETIREMENT SECURITIES SENIOR SERVICE CONTRACTS STANDARD CONTRACT STANDARD CONTRACTS STOCK MARKET SUPERVISION SUPERVISORY AGENCIES SUPERVISORY AGENCY SURVEYS OF CONSUMER TECHNICAL ISSUES TELEPHONE TELEPHONE LINES TRANSPARENCY VALUABLE VARIABLE INTEREST RATES Rutledge, Sue Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| geographic_facet |
Europe and Central Asia |
| relation |
Europe and Central Asia Knowledge Brief; Volume No. 26 |
| description |
Until the financial crisis of 2007, the
global economy was adding an estimated 150 million new
consumers of financial services each year. Rates of increase
have since slowed but the growth continues. Most new
consumers are in developing countries where consumer
protection and financial literacy are still in their
infancy. This is particularly true in countries that have
moved from central planning to market economies where
protecting consumers is necessary to ensure stable and
competitive financial markets and give new consumers
confidence in the formal financial systems. The global
financial crisis has highlighted the importance of consumer
protection and financial literacy for the stability of the
financial sector. In the US, the rapid growth of complex
residential mortgage products, combined with securitized
instruments which were sold to poorly informed parties, has
caused much turmoil. Financial institutions worldwide have
been obliged to write off trillions of dollars of assets. In
Europe and Central Asia (ECA) too, damage to the financial
sector was serious. |
| format |
Publications & Research :: Brief |
| author |
Rutledge, Sue |
| author_facet |
Rutledge, Sue |
| author_sort |
Rutledge, Sue |
| title |
Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| title_short |
Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| title_full |
Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| title_fullStr |
Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| title_full_unstemmed |
Country Studies Provide Powerful Lessons in Financial Consumer Protection |
| title_sort |
country studies provide powerful lessons in financial consumer protection |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2010/07/12817898/country-studies-provide-powerful-lessons-financial-consumer-protection http://hdl.handle.net/10986/10171 |
| _version_ |
1764412113492639744 |