Good Practices for Financial Consumer Protection
Financial consumer protection sets clear rules of conduct for financial firms regarding their retail customers. It aims to ensure that consumers: 1) receive information to allow them to make informed decisions, 2) are not subject to unfair or decep...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/583191468246041829/Good-practices-for-financial-consumer-protection http://hdl.handle.net/10986/26861 |
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okr-10986-26861 |
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oai_dc |
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Digital Repository |
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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 ACCOUNT HOLDERS ADVERTISEMENT ADVERTISEMENTS ANTI-MONEY LAUNDERING ATMS BAD CREDIT BANK CREDIT BANK FUNDING BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SERVICES BANKRUPTCY BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING CERTIFICATE OF DEPOSIT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONSUMER BEHAVIOR CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GROUP CONSUMER INFORMATION CONSUMER NEEDS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTIONS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PRODUCT CREDIT PRODUCTS CREDIT REGISTRIES CREDIT REPORTING CREDIT REPORTS CREDIT TRANSACTIONS CREDITORS CREDITS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNTS DEBT DEBT COLLECTION DEBT COLLECTOR DEBTOR DEBTORS DECEPTIVE PRACTICES DEFAULTED LOANS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEVELOPMENT BANK DISCLOSURE REQUIREMENTS ECONOMIC COOPERATION EDUCATION TRUST EMPLOYEE EMPOWERMENT EXCHANGE COMMISSION EXCHANGE RATES FDIC FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCIAL ACCESS FINANCIAL ACTION FINANCIAL ADVISERS FINANCIAL ARRANGEMENTS FINANCIAL CONSEQUENCES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL DISCLOSURE FINANCIAL DISTRESS FINANCIAL EDUCATION FINANCIAL EDUCATION FOR CONSUMERS FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY INITIATIVES FINANCIAL LITERACY PROGRAM FINANCIAL LITERACY PROGRAMS FINANCIAL LOSS FINANCIAL MARKET FINANCIAL MARKETPLACE FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FREE ACCESS GENERAL PUBLIC GUARANTEE SCHEMES HARMFUL PRACTICES HOME LOANS HOMEOWNERS HOUSING FINANCE INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION TO CONSUMERS INFORMED CHOICES INFORMED DECISION INFORMED DECISIONS INSURANCE INSURANCE COMMISSIONERS INSURANCE POLICY INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTMENT ADVICE INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT PRODUCTS LEGAL REMEDIES LENDER LENDERS LEVELS OF RISKS LIABILITY LIFE INSURANCE LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN SHARKING LONG-TERM SAVINGS LOW COST LOW-INCOME LOWER INTEREST RATE MARKETING MASS MEDIA MEDIUM ENTERPRISES MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGES OCCUPATIONAL PENSIONS OFFICE OF FAIR TRADING OUTSTANDING DEBTS PENALTY FEES PENSION PENSION FUND PENSIONS PERSONAL BANKRUPTCY PRIVATE PENSIONS PROMOTION NETWORK PROVISION OF CREDIT PURCHASES RATE OF INTEREST REGULATORY AUTHORITY REMITTANCES RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL MARKETS RETAIL FINANCIAL SERVICES RETIRED RETIREMENT RETIREMENT INCOME SALE SALES SAVINGS SAVINGS ACCOUNT SAVINGS BANKS SECURITIES SECURITIES DEALERS SENIOR SMALL ENTERPRISE STATE UNIVERSITY TECHNICAL ASSISTANCE TRADITIONAL BANKING TRANSACTION TRANSACTION FEES TYPES OF LOANS UNION UNIONS VALUABLE WITHDRAWAL WORTH YOUNG ADULTS |
| spellingShingle |
ACCESS TO CREDIT ACCOUNT HOLDERS ADVERTISEMENT ADVERTISEMENTS ANTI-MONEY LAUNDERING ATMS BAD CREDIT BANK CREDIT BANK FUNDING BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SERVICES BANKRUPTCY BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING CERTIFICATE OF DEPOSIT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONSUMER BEHAVIOR CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GROUP CONSUMER INFORMATION CONSUMER NEEDS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTIONS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PRODUCT CREDIT PRODUCTS CREDIT REGISTRIES CREDIT REPORTING CREDIT REPORTS CREDIT TRANSACTIONS CREDITORS CREDITS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNTS DEBT DEBT COLLECTION DEBT COLLECTOR DEBTOR DEBTORS DECEPTIVE PRACTICES DEFAULTED LOANS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEVELOPMENT BANK DISCLOSURE REQUIREMENTS ECONOMIC COOPERATION EDUCATION TRUST EMPLOYEE EMPOWERMENT EXCHANGE COMMISSION EXCHANGE RATES FDIC FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCIAL ACCESS FINANCIAL ACTION FINANCIAL ADVISERS FINANCIAL ARRANGEMENTS FINANCIAL CONSEQUENCES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL DISCLOSURE FINANCIAL DISTRESS FINANCIAL EDUCATION FINANCIAL EDUCATION FOR CONSUMERS FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY INITIATIVES FINANCIAL LITERACY PROGRAM FINANCIAL LITERACY PROGRAMS FINANCIAL LOSS FINANCIAL MARKET FINANCIAL MARKETPLACE FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FREE ACCESS GENERAL PUBLIC GUARANTEE SCHEMES HARMFUL PRACTICES HOME LOANS HOMEOWNERS HOUSING FINANCE INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION TO CONSUMERS INFORMED CHOICES INFORMED DECISION INFORMED DECISIONS INSURANCE INSURANCE COMMISSIONERS INSURANCE POLICY INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTMENT ADVICE INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT PRODUCTS LEGAL REMEDIES LENDER LENDERS LEVELS OF RISKS LIABILITY LIFE INSURANCE LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN SHARKING LONG-TERM SAVINGS LOW COST LOW-INCOME LOWER INTEREST RATE MARKETING MASS MEDIA MEDIUM ENTERPRISES MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGES OCCUPATIONAL PENSIONS OFFICE OF FAIR TRADING OUTSTANDING DEBTS PENALTY FEES PENSION PENSION FUND PENSIONS PERSONAL BANKRUPTCY PRIVATE PENSIONS PROMOTION NETWORK PROVISION OF CREDIT PURCHASES RATE OF INTEREST REGULATORY AUTHORITY REMITTANCES RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL MARKETS RETAIL FINANCIAL SERVICES RETIRED RETIREMENT RETIREMENT INCOME SALE SALES SAVINGS SAVINGS ACCOUNT SAVINGS BANKS SECURITIES SECURITIES DEALERS SENIOR SMALL ENTERPRISE STATE UNIVERSITY TECHNICAL ASSISTANCE TRADITIONAL BANKING TRANSACTION TRANSACTION FEES TYPES OF LOANS UNION UNIONS VALUABLE WITHDRAWAL WORTH YOUNG ADULTS World Bank Good Practices for Financial Consumer Protection |
| geographic_facet |
Europe and Central Asia |
| description |
Financial consumer protection sets clear
rules of conduct for financial firms regarding their retail
customers. It aims to ensure that consumers: 1) receive
information to allow them to make informed decisions, 2) are
not subject to unfair or deceptive practices, and 3) have
access to recourse mechanisms to resolve disputes.
Complementary financial literacy initiatives are aimed at
giving consumers the knowledge and skills to understand the
risks and rewards of using financial products and
services-and their legal rights and obligations in using
them. Clear rules of conduct for financial institutions,
combined with programs of financial education for consumers,
will increase consumer trust in financial markets and will
support the development of these markets. International and
regional non-government organizations are also playing an
increasingly important role in financial consumer
protection. The responsible finance forum lists financial
consumer protection regulation and financial capability as
two of the three pillars of the framework for responsible
finance. This summary is not exhaustive but helps illustrate
the many ongoing international initiatives that support
financial consumer protection. All the initiatives are
helpful in strengthening the global response to weaknesses
in financial consumer protection. Nevertheless, still more
could be done by civil society organizations, particularly
those operating at a global level. The World Bank is also
supporting the international dialogue on financial consumer
protection through development of good practices based on
country-level experience and ongoing technical assistance.
The good practices provide a comprehensive diagnostic tool
to help identify the consumer protection issues in all parts
of the financial sector. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Good Practices for Financial Consumer Protection |
| title_short |
Good Practices for Financial Consumer Protection |
| title_full |
Good Practices for Financial Consumer Protection |
| title_fullStr |
Good Practices for Financial Consumer Protection |
| title_full_unstemmed |
Good Practices for Financial Consumer Protection |
| title_sort |
good practices for financial consumer protection |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/583191468246041829/Good-practices-for-financial-consumer-protection http://hdl.handle.net/10986/26861 |
| _version_ |
1764462919589822464 |
| spelling |
okr-10986-268612021-04-23T14:04:38Z Good Practices for Financial Consumer Protection World Bank ACCESS TO CREDIT ACCOUNT HOLDERS ADVERTISEMENT ADVERTISEMENTS ANTI-MONEY LAUNDERING ATMS BAD CREDIT BANK CREDIT BANK FUNDING BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SERVICES BANKRUPTCY BANKS BENEFICIARY BEST PRACTICE BEST PRACTICES BORROWER BORROWING CERTIFICATE OF DEPOSIT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONSUMER BEHAVIOR CONSUMER COMPLAINT CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GROUP CONSUMER INFORMATION CONSUMER NEEDS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CONTRIBUTIONS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PRODUCT CREDIT PRODUCTS CREDIT REGISTRIES CREDIT REPORTING CREDIT REPORTS CREDIT TRANSACTIONS CREDITORS CREDITS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNTS DEBT DEBT COLLECTION DEBT COLLECTOR DEBTOR DEBTORS DECEPTIVE PRACTICES DEFAULTED LOANS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEVELOPMENT BANK DISCLOSURE REQUIREMENTS ECONOMIC COOPERATION EDUCATION TRUST EMPLOYEE EMPOWERMENT EXCHANGE COMMISSION EXCHANGE RATES FDIC FEDERAL DEPOSIT INSURANCE CORPORATION FEDERAL RESERVE FINANCIAL ACCESS FINANCIAL ACTION FINANCIAL ADVISERS FINANCIAL ARRANGEMENTS FINANCIAL CONSEQUENCES FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL DISCLOSURE FINANCIAL DISTRESS FINANCIAL EDUCATION FINANCIAL EDUCATION FOR CONSUMERS FINANCIAL EDUCATION PROGRAMS FINANCIAL INDUSTRY FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY INITIATIVES FINANCIAL LITERACY PROGRAM FINANCIAL LITERACY PROGRAMS FINANCIAL LOSS FINANCIAL MARKET FINANCIAL MARKETPLACE FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECURITY FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FREE ACCESS GENERAL PUBLIC GUARANTEE SCHEMES HARMFUL PRACTICES HOME LOANS HOMEOWNERS HOUSING FINANCE INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION TO CONSUMERS INFORMED CHOICES INFORMED DECISION INFORMED DECISIONS INSURANCE INSURANCE COMMISSIONERS INSURANCE POLICY INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INVESTMENT ADVICE INVESTMENT MANAGERS INVESTMENT POLICY INVESTMENT PRODUCTS LEGAL REMEDIES LENDER LENDERS LEVELS OF RISKS LIABILITY LIFE INSURANCE LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN SHARKING LONG-TERM SAVINGS LOW COST LOW-INCOME LOWER INTEREST RATE MARKETING MASS MEDIA MEDIUM ENTERPRISES MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGES OCCUPATIONAL PENSIONS OFFICE OF FAIR TRADING OUTSTANDING DEBTS PENALTY FEES PENSION PENSION FUND PENSIONS PERSONAL BANKRUPTCY PRIVATE PENSIONS PROMOTION NETWORK PROVISION OF CREDIT PURCHASES RATE OF INTEREST REGULATORY AUTHORITY REMITTANCES RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL MARKETS RETAIL FINANCIAL SERVICES RETIRED RETIREMENT RETIREMENT INCOME SALE SALES SAVINGS SAVINGS ACCOUNT SAVINGS BANKS SECURITIES SECURITIES DEALERS SENIOR SMALL ENTERPRISE STATE UNIVERSITY TECHNICAL ASSISTANCE TRADITIONAL BANKING TRANSACTION TRANSACTION FEES TYPES OF LOANS UNION UNIONS VALUABLE WITHDRAWAL WORTH YOUNG ADULTS Financial consumer protection sets clear rules of conduct for financial firms regarding their retail customers. It aims to ensure that consumers: 1) receive information to allow them to make informed decisions, 2) are not subject to unfair or deceptive practices, and 3) have access to recourse mechanisms to resolve disputes. Complementary financial literacy initiatives are aimed at giving consumers the knowledge and skills to understand the risks and rewards of using financial products and services-and their legal rights and obligations in using them. Clear rules of conduct for financial institutions, combined with programs of financial education for consumers, will increase consumer trust in financial markets and will support the development of these markets. International and regional non-government organizations are also playing an increasingly important role in financial consumer protection. The responsible finance forum lists financial consumer protection regulation and financial capability as two of the three pillars of the framework for responsible finance. This summary is not exhaustive but helps illustrate the many ongoing international initiatives that support financial consumer protection. All the initiatives are helpful in strengthening the global response to weaknesses in financial consumer protection. Nevertheless, still more could be done by civil society organizations, particularly those operating at a global level. The World Bank is also supporting the international dialogue on financial consumer protection through development of good practices based on country-level experience and ongoing technical assistance. The good practices provide a comprehensive diagnostic tool to help identify the consumer protection issues in all parts of the financial sector. 2017-06-02T19:21:03Z 2017-06-02T19:21:03Z 2012-06 Report http://documents.worldbank.org/curated/en/583191468246041829/Good-practices-for-financial-consumer-protection http://hdl.handle.net/10986/26861 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Europe and Central Asia |