Papua New Guinea Financial Consumer Protection Diagnostic 2018
The objective of the diagnostic review of financial consumer protection in PNG was to assess the FCP legal and regulatory framework and industry practices relevant to key parts of the regulated PNG financial sector. The diagnostic specifically cons...
| Main Authors: | , |
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| Format: | Report |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2018
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/541911540390928999/Papua-New-Guinea-Financial-Consumer-Protection-Diagnostic-2018 http://hdl.handle.net/10986/30939 |
| Summary: | The objective of the diagnostic review
of financial consumer protection in PNG was to assess the
FCP legal and regulatory framework and industry practices
relevant to key parts of the regulated PNG financial sector.
The diagnostic specifically considers the banking, non-bank
financial institutions (NBFI), insurance, and payments
sectors. Preliminary consideration has also been given to
the superannuation sector and the securities, investments
and informal sectors are not within the scope of this
review. The review was conducted based on the revised and
enhanced 2017 World Bank Good Practices for Financial
Consumer Protection and the G20 High – Level Principles on
Financial Consumer Protection and Digital Financial
Inclusion. Regard has also been had to the Better Than Cash
Alliance Responsible Digital Payments Guidelines. The
following topics have been covered: (i) legal and regulatory
framework; (ii) FCP supervision and capacity; (iii)
transparency and fair treatment; and (iv) consumer
complaints. A broad variety of stakeholders were consulted
for the purposes of this diagnostic review, including
government entities and regulators, representatives of the
banking, NBFI, insurance and payments sectors and industry
associations. The report was prepared as part of the PNG
Financial Consumer Protection Project, funded by the
Department of Foreign Affairs in Australia and the Ministry
of Foreign Affairs in New Zealand under the PNG Partnership. |
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