Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations
The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to internati...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
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Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/06/17510032/armenia-diagnostic-review-consumer-protection-financial-literacy http://hdl.handle.net/10986/13226 |
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okr-10986-13226 |
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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 |
ACCESS TO CREDIT ADDITIONAL MONEY ANNUAL PERCENTAGE RATE APR ATM BANK ACCOUNT BANK ACCOUNTS BANK CREDIT BANKING SERVICES BANKING SYSTEM BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING BORROWING MONEY CALCULATION CALCULATIONS CALL CENTER CAPITAL MARKET CAPITAL MARKETS COLLEGE STUDENTS COMMUNITY AFFAIRS CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER INDEBTEDNESS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAWS CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTION COST OF CREDIT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORT CREDIT UNIONS CURRENCY CURRICULA CURRICULUM DEBT DEBT COLLECTION DECEPTIVE PRACTICES DEPOSIT DEPOSIT ACCOUNTS DEPOSIT PRODUCT DEPOSIT PRODUCTS DEPOSITS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENT DISCLOSURE REQUIREMENTS EDUCATION CAMPAIGN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAMS ENTREPRENEURS EQUITY MARKET FAMILY MEMBER FEDERAL RESERVE FINANCIAL ADVICE FINANCIAL ADVISOR FINANCIAL BEHAVIOR FINANCIAL COMPANIES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISION FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION IN SCHOOLS FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL EDUCATION PROGRAM FINANCIAL EDUCATION PROGRAMS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL LITERACY EDUCATION FINANCIAL LITERACY STRATEGY FINANCIAL LITERACY SURVEY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REGULATION FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SERVICES REGULATIONS FINANCIAL STABILITY FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL CREDIT FORMAL FINANCIAL INSTITUTION FORMAL LOANS GENERAL PUBLIC GOVERNMENT PENSION HOME MORTGAGE HOUSEHOLD DEBT HOUSEHOLD FINANCES HOUSEHOLD FINANCIAL MANAGEMENT HOUSEHOLD SAVINGS HOUSEHOLDS INCOME INFORMATION ON BUSINESS INFORMATION TO CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INTEREST CHARGES INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT ADVICE INVESTMENT COMPANIES INVESTMENT PRODUCTS LATE PAYMENT LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LOAN LOAN MARKETS LOAN PRODUCTS LOCAL CURRENCY LOW INCOME MANDATORY CONTRIBUTIONS MARKET CAPITALIZATION MARKET PARTICIPANTS MARKET SHARE MARKETING MATHEMATICS MONTHLY PAYMENT MORTGAGE MORTGAGE LOANS MORTGAGES MUTUAL FUNDS NEGATIVE CREDIT HISTORY NOMINAL INTEREST RATE PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION AWARENESS PENSION FUND PENSION FUNDS PENSIONS PERSONAL FINANCIAL INFORMATION PERSONAL FINANCIAL LITERACY PERSONAL INVESTMENT POINT-OF-SALE PRESS RELEASE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS PURCHASES REGULAR EXPENSE RESPONSIBILITIES RETAIL FINANCIAL SERVICE RETIREMENT RISK PROFILES SALE SALES SALES AGENTS SAVERS SAVING MONEY SAVINGS SAVINGS PRODUCTS SECONDARY SCHOOLS SECURITIES SECURITIES DEALER SENIORS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE STOCK MARKET SUPPORT PROGRAM TEACHER TRAININGS TRANSACTION VALUABLE WITHDRAWAL YEARLY STATEMENTS YOUNG CHILDREN |
| spellingShingle |
ACCESS TO CREDIT ADDITIONAL MONEY ANNUAL PERCENTAGE RATE APR ATM BANK ACCOUNT BANK ACCOUNTS BANK CREDIT BANKING SERVICES BANKING SYSTEM BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING BORROWING MONEY CALCULATION CALCULATIONS CALL CENTER CAPITAL MARKET CAPITAL MARKETS COLLEGE STUDENTS COMMUNITY AFFAIRS CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER INDEBTEDNESS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAWS CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTION COST OF CREDIT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORT CREDIT UNIONS CURRENCY CURRICULA CURRICULUM DEBT DEBT COLLECTION DECEPTIVE PRACTICES DEPOSIT DEPOSIT ACCOUNTS DEPOSIT PRODUCT DEPOSIT PRODUCTS DEPOSITS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENT DISCLOSURE REQUIREMENTS EDUCATION CAMPAIGN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAMS ENTREPRENEURS EQUITY MARKET FAMILY MEMBER FEDERAL RESERVE FINANCIAL ADVICE FINANCIAL ADVISOR FINANCIAL BEHAVIOR FINANCIAL COMPANIES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISION FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION IN SCHOOLS FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL EDUCATION PROGRAM FINANCIAL EDUCATION PROGRAMS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL LITERACY EDUCATION FINANCIAL LITERACY STRATEGY FINANCIAL LITERACY SURVEY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REGULATION FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SERVICES REGULATIONS FINANCIAL STABILITY FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL CREDIT FORMAL FINANCIAL INSTITUTION FORMAL LOANS GENERAL PUBLIC GOVERNMENT PENSION HOME MORTGAGE HOUSEHOLD DEBT HOUSEHOLD FINANCES HOUSEHOLD FINANCIAL MANAGEMENT HOUSEHOLD SAVINGS HOUSEHOLDS INCOME INFORMATION ON BUSINESS INFORMATION TO CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INTEREST CHARGES INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT ADVICE INVESTMENT COMPANIES INVESTMENT PRODUCTS LATE PAYMENT LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LOAN LOAN MARKETS LOAN PRODUCTS LOCAL CURRENCY LOW INCOME MANDATORY CONTRIBUTIONS MARKET CAPITALIZATION MARKET PARTICIPANTS MARKET SHARE MARKETING MATHEMATICS MONTHLY PAYMENT MORTGAGE MORTGAGE LOANS MORTGAGES MUTUAL FUNDS NEGATIVE CREDIT HISTORY NOMINAL INTEREST RATE PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION AWARENESS PENSION FUND PENSION FUNDS PENSIONS PERSONAL FINANCIAL INFORMATION PERSONAL FINANCIAL LITERACY PERSONAL INVESTMENT POINT-OF-SALE PRESS RELEASE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS PURCHASES REGULAR EXPENSE RESPONSIBILITIES RETAIL FINANCIAL SERVICE RETIREMENT RISK PROFILES SALE SALES SALES AGENTS SAVERS SAVING MONEY SAVINGS SAVINGS PRODUCTS SECONDARY SCHOOLS SECURITIES SECURITIES DEALER SENIORS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE STOCK MARKET SUPPORT PROGRAM TEACHER TRAININGS TRANSACTION VALUABLE WITHDRAWAL YEARLY STATEMENTS YOUNG CHILDREN World Bank Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| geographic_facet |
Europe and Central Asia Armenia |
| description |
The objectives of the diagnostic review
of consumer protection and financial literacy for Armenia
are: (i) to assess the existing financial consumer
protection framework, by reviewing laws, regulations and
practices in Armenia compared to international good
practices; and (ii) to provide recommendations on ways to
improve consumer protection and financial literacy in
Armenia. The review provides a detailed assessment of the
institutional, legal and regulatory framework in four
financial segments, namely banking, non-bank credit
institutions, securities, and insurance. Many key steps have
already been taken in financial consumer protection,
especially at the regulatory and institutional levels.
Regarding the institutional framework, adequate resources
need to be allocated to the consumer protection team and
modern supervisory tools should be made available. Consumer
organizations should be strengthened and motivated to assist
the Central Bank of Armenia (CBA) in market monitoring. In
terms of consumer disclosure, the CBA should issue
regulations that require financial institutions to provide
clear, understandable, timely, comparable and standardized
information to consumers. In the area of regulation of
business practices, the CBA should require that sales agents
are well trained and should test them regularly. All
financial institutions should regularly analyze the
complaints received and the analysis should be provided to
the CBA. The Steering Committee for the National Strategy of
Financial Education should become the key body to manage
financial education in Armenia. |
| format |
Economic & Sector Work :: Public Expenditure Review |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| title_short |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| title_full |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| title_fullStr |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| title_full_unstemmed |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations |
| title_sort |
armenia : diagnostic review of consumer protection and financial literacy, volume 1. key findings and recommendations |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/06/17510032/armenia-diagnostic-review-consumer-protection-financial-literacy http://hdl.handle.net/10986/13226 |
| _version_ |
1764422678910861312 |
| spelling |
okr-10986-132262021-04-23T14:03:07Z Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations World Bank ACCESS TO CREDIT ADDITIONAL MONEY ANNUAL PERCENTAGE RATE APR ATM BANK ACCOUNT BANK ACCOUNTS BANK CREDIT BANKING SERVICES BANKING SYSTEM BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING BORROWING MONEY CALCULATION CALCULATIONS CALL CENTER CAPITAL MARKET CAPITAL MARKETS COLLEGE STUDENTS COMMUNITY AFFAIRS CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER INDEBTEDNESS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAWS CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTION COST OF CREDIT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT INSTITUTIONS CREDIT PRODUCTS CREDIT PROVIDERS CREDIT REPORT CREDIT UNIONS CURRENCY CURRICULA CURRICULUM DEBT DEBT COLLECTION DECEPTIVE PRACTICES DEPOSIT DEPOSIT ACCOUNTS DEPOSIT PRODUCT DEPOSIT PRODUCTS DEPOSITS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENT DISCLOSURE REQUIREMENTS EDUCATION CAMPAIGN EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAMS ENTREPRENEURS EQUITY MARKET FAMILY MEMBER FEDERAL RESERVE FINANCIAL ADVICE FINANCIAL ADVISOR FINANCIAL BEHAVIOR FINANCIAL COMPANIES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRIMES FINANCIAL CRISIS FINANCIAL DATA FINANCIAL DECISION FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION IN SCHOOLS FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL EDUCATION PROGRAM FINANCIAL EDUCATION PROGRAMS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL LITERACY EDUCATION FINANCIAL LITERACY STRATEGY FINANCIAL LITERACY SURVEY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR REGULATION FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SERVICES REGULATIONS FINANCIAL STABILITY FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL CREDIT FORMAL FINANCIAL INSTITUTION FORMAL LOANS GENERAL PUBLIC GOVERNMENT PENSION HOME MORTGAGE HOUSEHOLD DEBT HOUSEHOLD FINANCES HOUSEHOLD FINANCIAL MANAGEMENT HOUSEHOLD SAVINGS HOUSEHOLDS INCOME INFORMATION ON BUSINESS INFORMATION TO CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE PENETRATION INSURANCE POLICIES INSURANCE POLICY INTEREST CHARGES INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT ADVICE INVESTMENT COMPANIES INVESTMENT PRODUCTS LATE PAYMENT LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFETIME LOAN LOAN MARKETS LOAN PRODUCTS LOCAL CURRENCY LOW INCOME MANDATORY CONTRIBUTIONS MARKET CAPITALIZATION MARKET PARTICIPANTS MARKET SHARE MARKETING MATHEMATICS MONTHLY PAYMENT MORTGAGE MORTGAGE LOANS MORTGAGES MUTUAL FUNDS NEGATIVE CREDIT HISTORY NOMINAL INTEREST RATE PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION AWARENESS PENSION FUND PENSION FUNDS PENSIONS PERSONAL FINANCIAL INFORMATION PERSONAL FINANCIAL LITERACY PERSONAL INVESTMENT POINT-OF-SALE PRESS RELEASE PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PROFESSIONAL ASSOCIATIONS PURCHASES REGULAR EXPENSE RESPONSIBILITIES RETAIL FINANCIAL SERVICE RETIREMENT RISK PROFILES SALE SALES SALES AGENTS SAVERS SAVING MONEY SAVINGS SAVINGS PRODUCTS SECONDARY SCHOOLS SECURITIES SECURITIES DEALER SENIORS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE STOCK MARKET SUPPORT PROGRAM TEACHER TRAININGS TRANSACTION VALUABLE WITHDRAWAL YEARLY STATEMENTS YOUNG CHILDREN The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia. 2013-04-22T16:31:57Z 2013-04-22T16:31:57Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/17510032/armenia-diagnostic-review-consumer-protection-financial-literacy http://hdl.handle.net/10986/13226 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Armenia |