Other Financial Accountability Study
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Publication
South Africa Financial Ombud System Diagnostic
(World Bank, Washington, DC, 2021-06-10)The Finance, Competitiveness and Innovation Global Practice of the World Bank Group (WBG) aims to help countries build financial systems that are deep, diversified, inclusive, efficient, and stable essential to promoting economic growth, reducing poverty, and increasing shared prosperity. One core activity is supporting national authorities to achieve their objectives for financial inclusion, by supporting policy, legal, regulatory, and supervisory reforms in areas such as financial consumer protection, including financial-sector alternative dispute resolution (ADR). Through the South Africa Financial Sector Development and Reform Program, the WBG is supporting the national reform process, which includes achieving an efficient and effective ADR system, so that financial customers can hold financial institutions to account if there is a dispute. This diagnostic review valuates the current financial-sector Ombud system in South Africa, Compares it against international good practice, and recommends reforms to provide good-quality outcomes and good value for money for the future. -
Publication
Mozambique PFM for Results Program : Technical Assessment
(Washington, DC, 2014-01)The discovery of large natural resource reserves in Mozambique has raised expectations of increased economic growth, improved public services and poverty reduction. However, the majority of the population has benefited little from growth in recent years, and may be skeptical that the potential for increased government revenues will translate into improved services. The development potential of future natural resource revenues will partially depend on stronger PFM systems, as well as political commitment to broad based social and economic development. A gap between political rhetoric and improvements in the everyday lives of the population may fuel potential for social unrest. Similarly, changing development partner circumstances (both funding constraints and changing modalities) and perceptions of Mozambique s development trajectory may lead to a drop in the levels of assistance, in advance of actual increases in revenue (it is still some years before natural resources will reach market). The Government needs to respond to both popular expectations and a changing partner environment. This creates a window of opportunity to increase government focus on the effective management of public resources and improved service delivery. -
Publication
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services: Volume 2. Review against Good Practices
(World Bank, Washington, DC, 2011-12)The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education. -
Publication
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services: Key Findings and Recommendations
(World Bank, Washington, DC, 2011-12)The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education.