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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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| 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 |
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okr-10986-12828 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 Rutledge, Susan L. Annamalai, Nagavalli Lester, Rodney Symonds, Richard L. Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| geographic_facet |
Europe and Central Asia |
| relation |
ECSPF Working Paper;001 |
| description |
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. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
Rutledge, Susan L. Annamalai, Nagavalli Lester, Rodney Symonds, Richard L. |
| author_facet |
Rutledge, Susan L. Annamalai, Nagavalli Lester, Rodney Symonds, Richard L. |
| author_sort |
Rutledge, Susan L. |
| title |
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| title_short |
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| title_full |
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| title_fullStr |
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| title_full_unstemmed |
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool |
| title_sort |
good practices for consumer protection and financial literacy in europe and central asia : a diagnostic tool |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
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 |
| _version_ |
1764421685550776320 |
| spelling |
okr-10986-128282021-04-23T14:03:04Z Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool Rutledge, Susan L. Annamalai, Nagavalli Lester, Rodney Symonds, Richard L. 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 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. 2013-03-21T15:42:42Z 2013-03-21T15:42:42Z 2010-08 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 English en_US ECSPF Working Paper;001 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia |