Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries

This technical note is intended to assist policymakers and regulators seeking to establish a financial consumer protection supervision department (FCPSD) within the main financial regulatory body of a country. Concrete, practical information and le...

Full description

Bibliographic Details
Main Authors:	Jaeger, Johanna, Chien, Jennifer, Fathallah, Sarah
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	financial consumer protection legal framework financial regulation
Online Access:	http://documents.worldbank.org/curated/en/219651482403828775/Establishing-a-financial-consumer-protection-supervision-department-key-observations-and-lessons-learned-in-five-case-study-countries-technical-note http://hdl.handle.net/10986/25894

id	okr-10986-25894
recordtype	oai_dc
spelling	okr-10986-258942021-04-23T14:04:32Z Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries Jaeger, Johanna Chien, Jennifer Fathallah, Sarah financial consumer protection legal framework financial regulation This technical note is intended to assist policymakers and regulators seeking to establish a financial consumer protection supervision department (FCPSD) within the main financial regulatory body of a country. Concrete, practical information and lessons are drawn from the experiences of five countries: Armenia, the Czech Republic, Ireland, Peru, and Portugal - all of which have been operating a successful FCPSD for at least five years. The note covers the key aspects of the design process: supervisory agenda, organizational structure, supervisory activities, relationship with prudential supervision, and staffing needs. While there is no unified, orderly approach to establishing an FCPSD, many useful observations can be made from the common obstacles, including a lack of internal support, perceived conflicts of interest with prudential supervision, capacity constraints, and the inherent difficulties of starting up operations for the new (and potentially very broad) topic of financial consumer protection. How an FCPSD is established is highly dependent on country context: legal framework for the financial sector, organization of the main financial regulator, political priorities, current stage of development of financial markets, major consumer protection concerns, and other important factors. A comparative table summarizing the main elements in the establishment of FCPSDs in case study countries can be found in annex A. 2017-01-23T20:43:25Z 2017-01-23T20:43:25Z 2014-03 Report http://documents.worldbank.org/curated/en/219651482403828775/Establishing-a-financial-consumer-protection-supervision-department-key-observations-and-lessons-learned-in-five-case-study-countries-technical-note http://hdl.handle.net/10986/25894 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Armenia Czech Republic Ireland Peru Portugal
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	financial consumer protection legal framework financial regulation
spellingShingle	financial consumer protection legal framework financial regulation Jaeger, Johanna Chien, Jennifer Fathallah, Sarah Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
geographic_facet	Armenia Czech Republic Ireland Peru Portugal
description	This technical note is intended to assist policymakers and regulators seeking to establish a financial consumer protection supervision department (FCPSD) within the main financial regulatory body of a country. Concrete, practical information and lessons are drawn from the experiences of five countries: Armenia, the Czech Republic, Ireland, Peru, and Portugal - all of which have been operating a successful FCPSD for at least five years. The note covers the key aspects of the design process: supervisory agenda, organizational structure, supervisory activities, relationship with prudential supervision, and staffing needs. While there is no unified, orderly approach to establishing an FCPSD, many useful observations can be made from the common obstacles, including a lack of internal support, perceived conflicts of interest with prudential supervision, capacity constraints, and the inherent difficulties of starting up operations for the new (and potentially very broad) topic of financial consumer protection. How an FCPSD is established is highly dependent on country context: legal framework for the financial sector, organization of the main financial regulator, political priorities, current stage of development of financial markets, major consumer protection concerns, and other important factors. A comparative table summarizing the main elements in the establishment of FCPSDs in case study countries can be found in annex A.
format	Report
author	Jaeger, Johanna Chien, Jennifer Fathallah, Sarah
author_facet	Jaeger, Johanna Chien, Jennifer Fathallah, Sarah
author_sort	Jaeger, Johanna
title	Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
title_short	Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
title_full	Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
title_fullStr	Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
title_full_unstemmed	Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries
title_sort	establishing a financial consumer protection supervision department : key observations and lessons learned in five case study countries
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/219651482403828775/Establishing-a-financial-consumer-protection-supervision-department-key-observations-and-lessons-learned-in-five-case-study-countries-technical-note http://hdl.handle.net/10986/25894
_version_	1764460355431432192

Establishing a Financial Consumer Protection Supervision Department : Key Observations and Lessons Learned in Five Case Study Countries

Similar Items