Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool

This paper discusses how the importance of adequate consumer protection and financial literacy for the long-term stability of the financial sector, has been highlighted by the recent turmoil in financial markets worldwide. It presents a set of Good...

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Bibliographic Details
Main Authors:	Rutledge, Susan L., Annamalai, Nagavalli, Lester, Rodney, Symonds, Richard L.
Format:	Other Financial Sector Study
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCESS TO CREDIT ACCESS TO FINANCIAL SERVICES ADULT FINANCIAL LITERACY ADVERTISEMENT ADVERTISEMENTS ANTI-MONEY LAUNDERING ASYMMETRIC INFORMATION BANK ACCOUNT BANK CREDIT BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SUPERVISION BEHAVIORAL ECONOMICS BEST PRACTICES BIASES BORROWER BORROWING BUYERS CAPITAL MARKETS CERTIFICATE OF DEPOSIT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS COMMUNITY AFFAIRS COMPOUND INTEREST CONSUMER CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER EDUCATION CONSUMER GROUP CONSUMER INFORMATION CONSUMER LOANS CONSUMER MARKETS CONSUMER NEEDS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION MEASURES CONSUMER RIGHTS CONSUMERS CONTRIBUTIONS CREDIT BUREAUS CREDIT CARD CREDIT CARDS CREDIT HISTORIES CREDIT INSTITUTIONS CREDIT MARKETS CREDIT OPTIONS CREDIT PRODUCT CREDIT PRODUCTS CREDIT REPORTING CREDIT REPORTS CREDIT SCORES CREDIT TRANSACTIONS CREDITORS CURRENT ACCOUNT CURRENT ACCOUNTS DEBT DEBT COLLECTION DEBTS DECEPTIVE PRACTICES DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DISCLOSURE REQUIREMENTS DISCOUNT RATE DISCRIMINATION ECONOMIC COOPERATION EDUCATIONAL CAMPAIGNS EMPLOYEE EMPOWERMENT EXCHANGE COMMISSION EXCHANGE RATES EXPLOITATIVE CREDIT FAMILIES FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCES FINANCIAL ACCESS FINANCIAL ACTION FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL FRAUDS FINANCIAL FUTURES FINANCIAL INDUSTRY FINANCIAL INNOVATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY INITIATIVES FINANCIAL LOSS FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTORS FINANCIAL SECURITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL STATUS FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FOREIGN CURRENCY FUTURE INCOME GENERAL PUBLIC GOVERNMENT INTERVENTION GUARANTEE SCHEMES HOME MORTGAGE HOUSEHOLD LENDING HOUSEHOLDS HOUSING FINANCE INDEBTEDNESS INFORMATION TECHNOLOGY INFORMED CONSUMERS INFORMED DECISION INFORMED DECISIONS INFORMED FINANCIAL DECISIONS INSTITUTIONAL CAPACITIES INSURANCE INSURANCE COMMISSIONERS INSURANCE POLICY INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST RATE INTEREST RATES INTERNATIONAL FINANCE INVESTMENT PRODUCTS KNOWLEDGE GAP LENDER LENDERS LIABILITY LIFE EVENTS LIFE INSURANCE LIFETIME LIQUIDITY RISK LOAN LOAN AGREEMENT LONG-TERM SAVINGS LOW-INCOME MARKET CONDITIONS MARKET ECONOMIES MARKETING MASS MEDIA MEDIUM ENTERPRISES MICROFINANCE MINIMUM PAYMENT MORAL HAZARD MORTGAGE LOAN MORTGAGE MARKETS MORTGAGES PARENT ORGANIZATION PAYMENT SERVICES PENALTY FEES PENSION PENSION FUND PENSIONS PERSONAL FINANCE PERSONAL FINANCIAL INFORMATION PERSONAL FINANCIAL LITERACY PERSONAL PREFERENCES PRESENT VALUE PRIVATE PENSIONS PROPRIETORSHIPS PROTECTION OF CONSUMERS PROVISION OF CREDIT PUBLIC POLICY PURCHASES RAPID DEVELOPMENT RAPID GROWTH RATE OF INTEREST REGULATORY AUTHORITY REMITTANCE REPAYMENT RESIDENTIAL MORTGAGE RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL MARKETS RETAIL FINANCIAL SERVICES RETIREMENT RETIREMENT INCOME RISK MANAGEMENT SAFETY NETS SALE SALES SAVINGS SAVINGS ACCOUNT SCAMS SECURITIES SECURITIES DEALERS SENIOR SENIORS SOLVENCY STAKEHOLDERS SURVEYS OF CONSUMER TRANSACTION TYPES OF LOANS UNION UNIONS VALUABLE VALUE OF MONEY VALUE OF SAVINGS WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2010/08/16453153/europe-central-asia-good-practices-consumer-protection-financial-literacy-europe-central-asia-diagnostic-tool http://hdl.handle.net/10986/12828

Description
Summary:	This paper discusses how the importance of adequate consumer protection and financial literacy for the long-term stability of the financial sector, has been highlighted by the recent turmoil in financial markets worldwide. It presents a set of Good Practices for Consumer Protection and Financial Literacy, developed by the World Bank's Europe and Central Asia Region, using international experience as a guide. The Good Practices provide a practical tool for systematic analysis of laws, regulations and institutions involved in consumer protection and financial literacy, and allow detailed cross-country comparisons. The paper provides the four key concepts on which they are based: consumer disclosure should be simple, easy to understand and comparable; abusive business practices by financial service providers should be prohibited; consumers should have an easy, inexpensive and speedy method of resolving disputes with financial institutions; and financial education should be available to consumers so that they can understand financial services and products and make informed decisions.

Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool

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