1. Good Practices for Financial Consumer Protection
- Author
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World Bank
- Subjects
FINANCIAL LITERACY PROGRAM ,FINANCIAL MARKETPLACE ,FEDERAL DEPOSIT INSURANCE CORPORATION ,CURRENT ACCOUNTS ,DEPOSIT ,ATMS ,FINANCIAL ARRANGEMENTS ,BANKING PRODUCT ,CREDIT CARD ,DEPOSIT INSURANCE ,FINANCIAL INFRASTRUCTURE ,FEDERAL RESERVE ,CREDIT PRODUCT ,FINANCIAL INTERMEDIARIES ,COLLATERAL ,PENSION ,RATE OF INTEREST ,FINANCIAL MARKET ,CONSUMER INFORMATION ,MEDIUM ENTERPRISES ,SMALL ENTERPRISE ,WITHDRAWAL ,EXCHANGE COMMISSION ,MORTGAGE ,DEBT COLLECTOR ,FINANCIAL MARKETS ,INTEREST CHARGE ,RESPONSIBILITIES ,INFORMED CHOICES ,PENSIONS ,CONSUMER UNDERSTANDING ,DEPOSITS ,INVESTMENT PRODUCTS ,CREDITORS ,VALUABLE ,INTERNATIONAL FINANCE ,CERTIFICATE OF DEPOSIT ,RETIREMENT ,BANKING INDUSTRY ,CONSUMER NEEDS ,FINANCIAL INDUSTRY ,INDEBTEDNESS ,OCCUPATIONAL PENSIONS ,ECONOMIC COOPERATION ,RETAIL FINANCIAL SERVICES ,CREDIT LIMITS ,INTEREST RATES ,MORTGAGES ,TRADITIONAL BANKING ,GUARANTEE SCHEMES ,FINANCIAL REGULATORS ,HARMFUL PRACTICES ,CONSUMER COMPLAINTS ,INVESTMENT MANAGERS ,FINANCIAL SERVICES ,ACCOUNT HOLDERS ,DEFAULTED LOANS ,FINANCIAL LITERACY ,LEGAL REMEDIES ,FINANCIAL ACTION ,FINANCIAL SERVICE PROVIDERS ,CONSUMERS ,EMPOWERMENT ,LOW-INCOME ,EMPLOYEE ,FINANCIAL LOSS ,HOME LOANS ,FINANCIAL PRODUCT ,TRANSACTION FEES ,INFORMATION TO CONSUMERS ,INTEREST COST ,BANKRUPTCY ,WORTH ,RETAIL FINANCIAL MARKETS ,CONSUMER GROUP ,LENDERS ,LENDER ,FINANCIAL CONSEQUENCES ,INTEREST CHARGES ,BANK FUNDING ,LOAN SHARKING ,FINANCIAL SYSTEM ,RETIRED ,LIABILITY ,FINANCIAL INSTITUTIONS ,CREDIT BUREAUS ,MONTHLY PAYMENTS ,CREDIT TRANSACTIONS ,CURRENCY ,FINANCIAL EDUCATION FOR CONSUMERS ,BANKING SERVICES ,INFORMED DECISIONS ,BANKS ,FINANCIAL SECURITY ,UNION ,BORROWING ,LOAN ,BANK CREDIT ,INSURANCE COMMISSIONERS ,SECURITIES ,SENIOR ,CONSUMER COMPLAINT ,MICROFINANCE ,CREDIT REGISTRIES ,MINIMUM PAYMENT ,SALES ,DEVELOPMENT BANK ,SECURITIES DEALERS ,ADVERTISEMENTS ,PRIVATE PENSIONS ,FINANCIAL CONSUMER ,FINANCIAL CONSUMERS ,FINANCIAL NEEDS ,FINANCIAL LITERACY PROGRAMS ,MASS MEDIA ,DEBTORS ,HOUSING FINANCE ,FINANCIAL INSTRUMENTS ,TRANSACTION ,FINANCIAL SERVICES AUTHORITY ,GENERAL PUBLIC ,PENSION FUND ,CREDIT REPORTS ,EXCHANGE RATES ,SAVINGS BANKS ,LOAN AGREEMENT ,CREDIT CARDS ,CONSUMER ORGANIZATIONS ,EDUCATION TRUST ,TECHNICAL ASSISTANCE ,BEST PRACTICE ,YOUNG ADULTS ,FINANCIAL SECTOR ,FINANCIAL EDUCATION ,SALE ,FINANCIAL CRISIS ,FINANCIAL TRANSACTIONS ,CONSUMER EDUCATION ,ANTI-MONEY LAUNDERING ,FINANCIAL LITERACY INITIATIVES ,INFORMED DECISION ,DEBTOR ,CONSUMER PROTECTION ,OUTSTANDING DEBTS ,CHECKING ACCOUNT ,DISCLOSURE REQUIREMENTS ,TYPES OF LOANS ,CREDIT INSTITUTIONS ,CREDIT LIMIT ,BAD CREDIT ,BENEFICIARY ,BORROWER ,FINANCIAL REGULATION ,FINANCIAL DISTRESS ,FDIC ,CONSUMER BEHAVIOR ,FINANCIAL EDUCATION PROGRAMS ,RETAIL BANKING ,INTEREST COSTS ,FINANCIAL REGULATOR ,CREDIT BUREAU ,CREDIT CARD PURCHASES ,DEBT ,PENALTY FEES ,REGULATORY AUTHORITY ,PROVISION OF CREDIT ,CONTRIBUTIONS ,FINANCIAL SECTOR REFORM ,CREDITS ,MARKETING ,FINANCIAL PRODUCTS ,INVESTMENT ADVICE ,FINANCIAL ISSUES ,FINANCIAL SERVICE ,FREE ACCESS ,PURCHASES ,INSURANCE POLICY ,SAVINGS ACCOUNT ,HOMEOWNERS ,RETIREMENT INCOME ,PERSONAL BANKRUPTCY ,OFFICE OF FAIR TRADING ,INVESTMENT POLICY ,LOAN AGREEMENTS ,DECEPTIVE PRACTICES ,CONSUMER RIGHTS ,FINANCIAL ADVISERS ,REMITTANCES ,PROMOTION NETWORK ,CREDIT INFORMATION ,LOW COST ,BANKING PRODUCTS ,BEST PRACTICES ,FINANCIAL STABILITY ,INSURANCE ,CREDIT REPORTING ,CONSUMER FINANCE ,CURRENT ACCOUNT ,LIFE INSURANCE ,FINANCIAL INSTITUTION ,MONTHLY PAYMENT ,LONG-TERM SAVINGS ,ACCESS TO CREDIT ,FINANCIAL ACCESS ,CONSUMER CREDIT ,COMMERCIAL BANKS ,INTERNATIONAL BANK ,CREDIT PRODUCTS ,INFORMATION ON CUSTOMERS ,UNIONS ,DEBT COLLECTION ,ADVERTISEMENT ,FINANCIAL SUPPORT ,SAVINGS ,LOWER INTEREST RATE ,CHECKS ,LEVELS OF RISKS ,FINANCIAL DISCLOSURE ,INTEREST RATE ,STATE UNIVERSITY - Abstract
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.
- Published
- 2012