Latvia : Action Plan on Financial Consumer Protection
This paper forms the action plan for financial consumer protection, and focuses on the main findings and recommendations. These include proposing specific actions to be undertaken by Latvian authorities, financial institutions and consumer organiza...
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| Format: | Investment Climate Assessment (ICA) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2010/04/16449898/latvia-action-plan-financial-consumer-protection http://hdl.handle.net/10986/12723 |
| Summary: | This paper forms the action plan for
financial consumer protection, and focuses on the main
findings and recommendations. These include proposing
specific actions to be undertaken by Latvian authorities,
financial institutions and consumer organizations, so that
consumer protection is strengthened and made more effective
and efficient. Existing industry ombudsmen should publish
cases they have dealt with, as well as their yearly activity
report, which should be provided to the Financial and
Capital Market Commission (FCMC), and to the Consumer Rights
Protection Center (CRPC). The action plan draws on best
international practices and experiences of regulators and
supervisors, who have tried to introduce improved consumer
protection regimes in their countries. A well balanced
consumer protection regime serves the interest of financial
institutions as it provides them with better-informed
clients and makes sure that clients understand their
obligations under the contracts they signed. The paper takes
into account the current macroeconomic situation in Latvia,
and focuses primarily on measures that demand little to no
financing requirements. When actions with a funding need are
recommended, the action plan provides an estimate of
necessary costs. The plan recommends that the guidance
should focus on ensuring independence of decisions made by
the ombudsman, low costs for the public, and the binding
nature of ombudsman's decisions for financial institutions. |
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