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 |
| id |
okr-10986-12723 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY ACTION PLAN ADVERTISEMENTS ANNUAL PERCENTAGE RATE APR AWARENESS CAMPAIGN BANK ACCOUNTS BANK CREDIT BANK OF LATVIA BANKING INDUSTRY BEST PRACTICES BORROWING BROCHURES BUDGET CONSTRAINTS BUSINESS PRACTICE BUSINESS PRACTICES CALCULATIONS CAPABILITY CAPABILITY BUILDING CAPACITY BUILDING CAPITAL MARKET CLEARINGHOUSE CODE OF CONDUCT CODES OF CONDUCT COLLATERAL COLLECTION PROCESS COMMERCIAL BANKS COMMUNICATION STRATEGY CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMERS CONTACT INFORMATION CREDIT BUREAUS CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORTING CREDIT REPORTING SYSTEM DEBT DEBT COLLECTION DEBT COLLECTIONS DEBT COLLECTORS DEBTS DISCLOSURE OF INFORMATION DISPUTE RESOLUTION ECONOMIC DOWNTURN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM EDUCATIONAL PROGRAMS EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS FINANCES FINANCIAL ADVERTISING FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION FOR ADULTS FINANCIAL EDUCATION FOR CHILDREN FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY PROGRAMS FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SUPPORT FULL DISCLOSURE GENERAL PUBLIC GOVERNMENT FUNDING IMAGE INDEBTEDNESS INFORMATION POLICY INFORMED DECISION INFORMED DECISIONS INSPECTIONS INSURANCE INTEREST RATES INVESTMENT PRODUCTS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGAL RIGHTS LEGAL STANDARDS LEGISLATION LEVEL OF EDUCATION LICENSE LICENSES LIFE INSURANCE LOAN LOW COSTS MARKET COMPETITION MARKET PARTICIPANTS MARKET REGULATOR MONEY MARKET MONEY MARKET MUTUAL FUNDS MONTHLY PAYMENT MORTGAGES MUTUAL FUNDS NEW PRODUCT OLDER CHILDREN PENALTIES PENSION PENSION PRODUCTS POINT OF SALE POLITICAL STABILITY PRIVATE CREDIT PRIVATE CREDIT BUREAUS PRUDENTIAL SUPERVISION REGULATORS RESULT RESULTS RETURNS SALE SALES SAVINGS SAVINGS ACCOUNTS SELF-REGULATION SENIOR SOCIAL SECURITY STAKEHOLDERS STANDARD CONTRACT SUPERVISION SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPPORT PROGRAMS TARGETS TEACHER TRAINING TELEPHONE TRAINING MATERIALS TRAINING PROGRAMS TRANSACTION TURNOVER USABILITY USER USERS USES VERIFICATION YOUNG ADULTS YOUNG CHILDREN YOUNG PEOPLE |
| spellingShingle |
ACCOUNTABILITY ACTION PLAN ADVERTISEMENTS ANNUAL PERCENTAGE RATE APR AWARENESS CAMPAIGN BANK ACCOUNTS BANK CREDIT BANK OF LATVIA BANKING INDUSTRY BEST PRACTICES BORROWING BROCHURES BUDGET CONSTRAINTS BUSINESS PRACTICE BUSINESS PRACTICES CALCULATIONS CAPABILITY CAPABILITY BUILDING CAPACITY BUILDING CAPITAL MARKET CLEARINGHOUSE CODE OF CONDUCT CODES OF CONDUCT COLLATERAL COLLECTION PROCESS COMMERCIAL BANKS COMMUNICATION STRATEGY CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMERS CONTACT INFORMATION CREDIT BUREAUS CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORTING CREDIT REPORTING SYSTEM DEBT DEBT COLLECTION DEBT COLLECTIONS DEBT COLLECTORS DEBTS DISCLOSURE OF INFORMATION DISPUTE RESOLUTION ECONOMIC DOWNTURN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM EDUCATIONAL PROGRAMS EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS FINANCES FINANCIAL ADVERTISING FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION FOR ADULTS FINANCIAL EDUCATION FOR CHILDREN FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY PROGRAMS FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SUPPORT FULL DISCLOSURE GENERAL PUBLIC GOVERNMENT FUNDING IMAGE INDEBTEDNESS INFORMATION POLICY INFORMED DECISION INFORMED DECISIONS INSPECTIONS INSURANCE INTEREST RATES INVESTMENT PRODUCTS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGAL RIGHTS LEGAL STANDARDS LEGISLATION LEVEL OF EDUCATION LICENSE LICENSES LIFE INSURANCE LOAN LOW COSTS MARKET COMPETITION MARKET PARTICIPANTS MARKET REGULATOR MONEY MARKET MONEY MARKET MUTUAL FUNDS MONTHLY PAYMENT MORTGAGES MUTUAL FUNDS NEW PRODUCT OLDER CHILDREN PENALTIES PENSION PENSION PRODUCTS POINT OF SALE POLITICAL STABILITY PRIVATE CREDIT PRIVATE CREDIT BUREAUS PRUDENTIAL SUPERVISION REGULATORS RESULT RESULTS RETURNS SALE SALES SAVINGS SAVINGS ACCOUNTS SELF-REGULATION SENIOR SOCIAL SECURITY STAKEHOLDERS STANDARD CONTRACT SUPERVISION SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPPORT PROGRAMS TARGETS TEACHER TRAINING TELEPHONE TRAINING MATERIALS TRAINING PROGRAMS TRANSACTION TURNOVER USABILITY USER USERS USES VERIFICATION YOUNG ADULTS YOUNG CHILDREN YOUNG PEOPLE World Bank Latvia : Action Plan on Financial Consumer Protection |
| geographic_facet |
Europe and Central Asia Latvia |
| description |
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. |
| format |
Economic & Sector Work :: Investment Climate Assessment (ICA) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Latvia : Action Plan on Financial Consumer Protection |
| title_short |
Latvia : Action Plan on Financial Consumer Protection |
| title_full |
Latvia : Action Plan on Financial Consumer Protection |
| title_fullStr |
Latvia : Action Plan on Financial Consumer Protection |
| title_full_unstemmed |
Latvia : Action Plan on Financial Consumer Protection |
| title_sort |
latvia : action plan on financial consumer protection |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2010/04/16449898/latvia-action-plan-financial-consumer-protection http://hdl.handle.net/10986/12723 |
| _version_ |
1764421665117175808 |
| spelling |
okr-10986-127232021-04-23T14:03:04Z Latvia : Action Plan on Financial Consumer Protection World Bank ACCOUNTABILITY ACTION PLAN ADVERTISEMENTS ANNUAL PERCENTAGE RATE APR AWARENESS CAMPAIGN BANK ACCOUNTS BANK CREDIT BANK OF LATVIA BANKING INDUSTRY BEST PRACTICES BORROWING BROCHURES BUDGET CONSTRAINTS BUSINESS PRACTICE BUSINESS PRACTICES CALCULATIONS CAPABILITY CAPABILITY BUILDING CAPACITY BUILDING CAPITAL MARKET CLEARINGHOUSE CODE OF CONDUCT CODES OF CONDUCT COLLATERAL COLLECTION PROCESS COMMERCIAL BANKS COMMUNICATION STRATEGY CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMERS CONTACT INFORMATION CREDIT BUREAUS CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORTING CREDIT REPORTING SYSTEM DEBT DEBT COLLECTION DEBT COLLECTIONS DEBT COLLECTORS DEBTS DISCLOSURE OF INFORMATION DISPUTE RESOLUTION ECONOMIC DOWNTURN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM EDUCATIONAL PROGRAMS EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS FINANCES FINANCIAL ADVERTISING FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION FOR ADULTS FINANCIAL EDUCATION FOR CHILDREN FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY PROGRAMS FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SUPPORT FULL DISCLOSURE GENERAL PUBLIC GOVERNMENT FUNDING IMAGE INDEBTEDNESS INFORMATION POLICY INFORMED DECISION INFORMED DECISIONS INSPECTIONS INSURANCE INTEREST RATES INVESTMENT PRODUCTS LAWS LEGAL AUTHORITY LEGAL PROVISIONS LEGAL RIGHTS LEGAL STANDARDS LEGISLATION LEVEL OF EDUCATION LICENSE LICENSES LIFE INSURANCE LOAN LOW COSTS MARKET COMPETITION MARKET PARTICIPANTS MARKET REGULATOR MONEY MARKET MONEY MARKET MUTUAL FUNDS MONTHLY PAYMENT MORTGAGES MUTUAL FUNDS NEW PRODUCT OLDER CHILDREN PENALTIES PENSION PENSION PRODUCTS POINT OF SALE POLITICAL STABILITY PRIVATE CREDIT PRIVATE CREDIT BUREAUS PRUDENTIAL SUPERVISION REGULATORS RESULT RESULTS RETURNS SALE SALES SAVINGS SAVINGS ACCOUNTS SELF-REGULATION SENIOR SOCIAL SECURITY STAKEHOLDERS STANDARD CONTRACT SUPERVISION SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPPORT PROGRAMS TARGETS TEACHER TRAINING TELEPHONE TRAINING MATERIALS TRAINING PROGRAMS TRANSACTION TURNOVER USABILITY USER USERS USES VERIFICATION YOUNG ADULTS YOUNG CHILDREN YOUNG PEOPLE 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. 2013-03-14T15:48:13Z 2013-03-14T15:48:13Z 2010-04 http://documents.worldbank.org/curated/en/2010/04/16449898/latvia-action-plan-financial-consumer-protection http://hdl.handle.net/10986/12723 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Investment Climate Assessment (ICA) Economic & Sector Work Europe and Central Asia Latvia |