Other Financial Accountability Study

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  • Publication
    Zimbabwe Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2015-07) World Bank Group
    In the last decade, Zimbabwe’s financial sector survived the periods of hyperinflation and the collapse of the national currency that led to the adoption of a multi-currency system in early 2009. Consequently, financial sector activity in Zimbabwe has shrunk by more than 50 percent in many segments. In 2015, the financial sector is dominated by the banking segment that is generally stable but faces major systemic challenges: low liquidity, low capitalization, high cost of funds with low domestic savings and expensive external borrowing. High credit risks increase the reluctance to lend. At the same time, the technology-driven segments are growing rapidly but regulatory gaps pose significant systemic and entity-level risks. In such circumstances, the Zimbabwe authorities recognize the urgency of establishing a sound financial consumer protection regime and promoting financial literacy. This World Bank’s diagnostic review was requested by the Reserve Bank of Zimbabwe with support of the national government and regulatory bodies. It provides analysis of the legal and regulatory framework in the banking, digital financial services, non-bank credit institutions, insurance, securities, private pensions, and credit reporting segments. Four consumer focus groups were also conducted on financial capability issues. Volume I of the Review summarizes the key findings and recommendations, and Volume II provides comparison with the Good Practices for Financial Consumer Protection.
  • Publication
    Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector: Volume 1. Key Findings and Recommendations
    (Washington, DC: World Bank, 2014-11) World Bank Group
    The Philippines has made an impressive progress in consumer protection in the banking sector, as shown by the wide range of laws and of regulatory instruments, their active use and enforcement, and by provision of complaint resolution services. The 2013 Global Survey on Financial Consumer Protection indicated that the Philippines compares well with the other economies and yet there is space for further strengthening of the financial consumer protection framework. In order to improve access to financial services, their usage and quality, and further deepen the financial sector, the Philippines has to design and implement a sound financial consumer protection regime with prudential regulation and supervision. This World Bank’s Diagnostic Review was undertaken in response to a request from the Bangko Sentral ng Philipinas (BSP). It provides a detailed assessment of the consumer protection framework in the banking sector, with a particular focus on debit and credit products provided by BSP regulated banks. The review addresses the following areas: 1. Institutional Arrangements, 2. Legal and Regulatory Framework, 3. Transparency and Disclosure, 4. Business Practices, 5. Complaints Handling and Dispute Resolution Mechanisms, and 6. Consumer Awareness and Financial Literacy. Volume I summarizes the key findings and recommendations and Volume II provides comparison with the World Bank`s Good Practices for Financial Consumer Protection.
  • Publication
    Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2014-11) World Bank Group
    The Philippines has made an impressive progress in consumer protection in the banking sector, as shown by the wide range of laws and of regulatory instruments, their active use and enforcement, and by provision of complaint resolution services. The 2013 Global Survey on Financial Consumer Protection indicated that the Philippines compares well with the other economies and yet there is space for further strengthening of the financial consumer protection framework. In order to improve access to financial services, their usage and quality, and further deepen the financial sector, the Philippines has to design and implement a sound financial consumer protection regime with prudential regulation and supervision. This World Bank’s Diagnostic Review was undertaken in response to a request from the Bangko Sentral ng Philipinas (BSP). It provides a detailed assessment of the consumer protection framework in the banking sector, with a particular focus on debit and credit products provided by BSP regulated banks. The review addresses the following areas: 1. Institutional Arrangements, 2. Legal and Regulatory Framework, 3. Transparency and Disclosure, 4. Business Practices, 5. Complaints Handling and Dispute Resolution Mechanisms, and 6. Consumer Awareness and Financial Literacy. Volume I summarizes the key findings and recommendations and Volume II provides comparison with the World Bank`s Good Practices for Financial Consumer Protection.
  • Publication
    Rwanda Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2013-11) World Bank
    Although the Parliament of Rwanda has passed an impressive array of financial sector laws since 2008, the laws relevant to financial consumer protection are very limited and in some cases overlapping. Consumer protection in Rwandan banking, microfinance, and insurance sectors is fragmented because of insufficiently defined roles and responsibilities among institutions and unclear enforcement capacity. While there are some strong provisions in some areas such as electronic money transfer, electronic transmission, credit information, and market conduct regulation in the insurance industry, many other areas are lagging. Rwandan authorities recognize that a sound financial consumer protection framework is fundamental to improving usage and quality of financial services, access to them, and overall deepening of the financial sector. This World Bank diagnostic review was requested by the National Bank of Rwanda (BNR) in November 2012. Modules on banking and microfinance sectors were developed based on publicly available information and data during the World Bank mission in Rwanda, and the review of the insurance sector was conducted through a desk review using the data obtained from BNR data requests and questionnaires, and the analysis is therefore constrained by it. Volume I of the review summarizes its key findings and recommendations, and volume II provides a detailed assessment against the World Bank’s good practices on financial consumer protection.
  • Publication
    Tanzania Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2013-11) World Bank Group
    In 2011, only 17.3 percemt of adults in Tanzania had an account at a formal financial institution and 56 percemt did not have any access to financial services. Most of the population lives in rural areas with very low incomes and poor infrastructure, and women are especially disadvantaged. Such limited access to formal financial services also inhibits financial literacy – awareness of benefits and risks, and how to take advantage of opportunities. Despite significant challenges, all institutional elements of the formal financial sector in Tanzania are in place, helping its gradual expansion, and in some segments technology is driving rapid growth – particularly in mobile and electronic payments. Still, gaps and weaknesses in financial consumer protection and financial education remain some of the main obstacles to sustainability and greater trust in the financial sector. This Diagnostic Review was requested by the Ministry of Finance of Tanzania in November 2012. It provides a detailed assessment of Tanzania’s institutional, legal and regulatory framework against the World Bank’s Good Practices for Financial Consumer Protection. Three segments of the financial sector have been analyzed: banking, microfinance, and pensions. Insurance and securities segments will be considered at a later stage. Volume I of the Review summarizes the key findings and recommendations and Volume II presents a detailed assessment of each financial segment compared to the Good Practices.
  • Publication
    Mongolia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-12) World Bank
    The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expansion. Loans to households increased at the staggering pace of 80 percent from 2010 to 2011, despite Mongolia’s history of banking crises. Loans to Small and medium sized enterprises (SMEs) have increased by some 65 percent in the same year. Although over 78 percent of adult Mongolians have accounts at formal financial institutions and over 61 percent have debit cards - far exceeding the average in the East Asia and Pacific region - in many respects the legal and regulatory framework and enforcement have not kept pace with the expansion of lending. Some important segments of the financial sector, such as securities and insurance, are still lagging due to low consumer awareness and low levels of savings. A number of reforms have been introduced to expand the financial services market but it is clear that consumer protection and financial literacy need to be addressed in a more systematic way. This World Bank’s diagnostic review provides a detailed assessment of the institutional, legal, and regulatory framework in three segments of the financial sector: banking, securities, and insurance. Volume I summarizes the key findings and recommendations of the review and volume II presents a detailed assessment of each financial segment compared to the good practices for financial consumer protection.
  • Publication
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Republic of Zambia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-10) World Bank
    The Diagnostic Review of Consumer Protection and Financial Literacy in Zambia was conducted at the request of the Bank of Zambia (BoZ) and covered: i) banking; ii) non-bank financial institutions; iii) insurance; iv) pensions; and v) securities. The objectives of the Review were to compare the existing legal and regulatory framework, institutional arrangements, and market practices to good practices and provide recommendations to enhance financial consumer protection and financial literacy in Zambia. The Review consists of two Volumes. Volume I summarizes the key findings and recommendations and Volume II presents a detailed assessment of each of the covered sectors compared to the Good Practices. The key findings and recommendations presented in Volume I cover six areas: i) legal and regulatory framework; ii) institutional arrangements; iii) consumer disclosure; iv) business practices; v) dispute resolution mechanisms; and vi) financial education.
  • Publication
    Bosnia and Herzegovina: Diagnostic Review of Consumer Protection in the Microfinance Sector
    (World Bank, Washington, DC, 2012-06) World Bank
    This 2012 microcredit sector diagnostic review complements the 2011 review of the Banking sector and analyses the following five areas of consumer protection in microcredit: i) existing institutional arrangements, ii) consumer disclosure; iii) business practices; iv) dispute resolution mechanisms; v) and financial education programs. Bosnia and Herzegovina was the largest microfinance market in Europe and Central Asia until the 2008 global crisis prompted a rapid reversal. Authorities identified consumer protection in microfinance as high priority and introduced new regulatory provisions to stabilize the sector. This review analyzes the existing consumer protection framework and offers recommendations for further improvements. The Institutional Arrangements section covers the agencies responsible for implementing consumer protection, as well as industry and consumer associations. The section on Consumer Disclosure focuses on standard formats for price and product comparison, disclosure provisions, and basic rights of consumers. The Business Practices section covers unfair or abusive practices, standard consumer contract provisions, and industry Code of Conduct. The section on Dispute Resolution focuses on internal complaints mechanisms in financial institutions and out-of-court mechanisms. The section on Financial Education focuses on measures aimed at increasing consumer financial literacy and awareness.