Other Financial Accountability Study

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  • Publication
    Papua New Guinea Financial Consumer Protection Diagnostic 2018
    (International Finance Corporation, Washington, DC, 2018-10-01) International Finance Corporation; World Bank
    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.
  • Publication
    Toward Universal Financial Inclusion in China: Models, Challenges, and Global Lessons
    (World Bank and People's Bank of China, 2018-02) World Bank Group; People's Bank of China
    China has achieved remarkable success in financial inclusion. China’s rate of account ownership – a basic metric of financial inclusion – has increased significantly in the past two decades and is now on par with that of other G-20 countries. Traditional financial service providers have dramatically increased the reach of the formal financial sector, including through the world’s largest agent banking network. China has also been an established leader in the fintech revolution, with new technology-driven providers transforming how millions of Chinese consumers make payments, borrow, save, invest, and insure themselves against risk. This report examines in detail China’s approach to financial inclusion over the past 15 years. The report benchmarks China’s progress against peer economies and analyzes key developments and factors in China’s financial inclusion experience. The report also outlines remaining challenges to achieving further advances in financial inclusion in China, and distills key lessons policymakers from other countries can learn from China’s experience. The report was written jointly by the People’s Bank of China (PBOC) and the World Bank Group.
  • Publication
    Public Private Partnerships on Public Financial Management Reforms in Asia: Opportunities and Lessons
    (World Bank, Washington, DC, 2017-05) World Bank Group
    The growing investment needs in the South Asia Region (SAR) and East Asia and Pacific Region(EAP) necessitate high quality public financial management in order to sustain the growth momentumand achieve the desired development objectives. As these regions operate within limited fiscalspace for development, efficient public financial management is essential to achieve the best results for every dollar spent. However, challenges persist in implementing timely reforms in Public Financial Management (PFM), building ownership to drive reforms and strengthening capacity to implement, embed and sustain such reforms.This PFM retrospective study uses a two-pronged approach. It illustrates examples of good practices of partnerships in financial management reforms between the public and the private sector and draws lessons learned from effective financial management reforms in the private sector in SAR and EAP. The study cites country specific examples through case studies from the following countries (listed in alphabeticalorder) India, Indonesia, Malaysia, Pakistan and Sri Lanka, where collaboration between the public sector and private sector have contributed to successful public financial management reforms. While exploring these various forms of public-private collaboration, it also looks at additional types of partnerships such as with peer institutions in other countries, development partners and regional groups. The study identifies the enabling environment conducive to collaboration. Three significant factors pertinent to the cases are covered in detail, namely: (1) windows of opportunity; (2) leadership and change agents; and (3) the institutional environment. The development strategies of the governments covered in the cases, such as the New Economic Model of Malaysia, are considered as windows of opportunity for private sector involvement as they led to scaling up of PFM reforms and created the need to collaborate with the private sector to implement reforms. In particular, the following organizations and individuals stand out in the case studies as leaders and change agents that connect the public and private sectors to move the PFM reform agenda forward: Director, Department of Municipal Administration—state of Karnataka; a combination of high and working level champions of reforms from the Indonesian Ministry of Finance (MoF);the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and its public sector wing staff and council members; the Secretary General of the Treasury and the Accountant General in Malaysia; and the past and current Auditors General in Pakistan and Sri Lanka.
  • Publication
    Strengthening Public Financial Management Reform in Pacific Island Countries
    (World Bank, Washington, DC, 2016-08-04) World Bank Group; New Zealand Ministry of Foreign Affairs and Trade; Australian Department of Foreign Affairs and Trade; Overseas Development Institute
    The Pacific Financial Technical Assistance Center (PFTAC) produced ‘A Public Financial Management Roadmap for Forum Island Countries’ (“The Roadmap”) in 2009 (PFTAC 2010). This document was adopted at the Forum Economic Ministers’ Meeting (FEMM) of the Pacific Island Forum as an agreed approach to Public Financial Management (PFM) reform in Forum Island Countries. The document established the need for regular Public Expenditure and Financial Accountability (PEFA) assessments and the development of PFM reform plans for Pacific countries based on PEFA assessments and other inputs. Based on international experience, the document concluded that PFM reforms in Pacific countries should, among other things: i) reflect country priorities; ii) take account of country constraints, including capacity constraints; and iii) have strong country ownership and take political dimensions into account.Five years on from the adoption of the Roadmap, this report examines experiences of PFM reform in two Pacific island countries in order to inform future improvements.This report does not assess current PFM systems in case study countries. Rather, it provides an analysis of previous experiences with PFM reforms, focusing on the research period 2010-2014. PFM problems identified in this report may have since been resolved. The recommendations of the Roadmap reflect that capacity constraints are a defining feature of government in Pacific island countries.There is a growing consensus regarding the importance of prioritization in Pacific PFM reform.Building on the recommendations of the Roadmap, this report draws on recent literature regarding ‘problem-driven approaches’ to further inform analysis of and recommendations for prioritization of PFM reforms. This report represents the conclusions of joint work between the World Bank, the New Zealand Ministry of Foreign Affairs and Trade, and the Australian Department of Foreign Affairs and Trade, and the Overseas Development Institute.
  • Publication
    Strengthening Oversight: Improving the Quality of Statutory Audits in the Philippines
    (World Bank, Washington, DC, 2016-05) World Bank Group
    Since 2003, the Philippines have been striving to implement reforms aimed at improving audit quality. Oversight of the audit profession is a key control over the financial reporting architecture of a country’s private sector. A Quality Assurance Review system over audit practitioners is a subset of oversight which serves as a key monitoring control over the integrity of financial reporting. In keeping with the country’s strategic priority of boosting private sector development by improving the investment climate for firms of all sizes, including greater access to finance, legislation was enacted to support the objective of increasing the integrity of private sector financial reporting through improved audit quality. Accordingly, the Board of Accountancy was mandated with the power to conduct oversight into the quality of audits of financial statements through a review of the quality control measures instituted by auditors in order to ensure compliance with the accounting and auditing standards and practices. . However, the injunction remains in place and, accordingly, implementation of the mandated Quality Assurance Review Program may not move forward. Several concrete steps should be taken in order to effectively move forward with the rollout of a comprehensive system of public oversight including audit quality assurance in the Philippines. These include (1) reforming the legal framework to establish an effective audit oversight system with sufficient legal power and authority (2) rationalizing the statutory audit threshold to minimize the conditions contributing to low quality audits, (3) building support among key stakeholder groups by properly addressing their concerns to the extent possible, (4) ensuring coordination of efforts among regulators to eliminate gaps and overlaps and foster collaboration among the group, and (5) establishing a dedicated Project Management Office to oversee the rollout of a Quality Assurance Review Program over audit practitioners.
  • Publication
    Diagnostic Review of Consumer Protection and Financial Literacy: Vietnam, Volume 2
    (Washington, DC: World Bank, 2015-05) World Bank Group
    In 2011, only 21.4 percent of Vietnamese adults had an account at a formal financial institution, and only 36.9 percent of all borrowers used a formal lender - both indicators are well below the regional averages in the East Asia and Pacific. The formal financial sector in Vietnam is dominated by banks; however, retail lending is still rather underdeveloped due to often flawed lending practices and low levels of financial literacy among the population. Vietnamese authorities and the civil society have demonstrated a deep commitment to financial consumer protection by continuous dialogue and persistent legislative activities, and yet, much still needs to be achieved. The legal and regulatory framework for consumer protection in the financial sector, and related supervisory arrangements, are at a nascent stage of development. This World Bank’s diagnostic review was conducted in response to a request from the State Bank of the Socialist Republic of Vietnam. The banking, non-bank credit institutions, securities, insurance, and credit reporting sectors were considered as well as financial literacy strategies and programs. The review was conducted by reference to the World Bank`s good practices for financial consumer protection and provides a detailed assessment of the institutional, legal, and regulatory framework for financial consumer protection. Volume I of the review summarizes the key findings and recommendations and volume II provides a detailed comparison with the good practices.
  • Publication
    Diagnostic Review of Consumer Protection and Financial Literacy: Vietnam, Volume 1
    (World Bank, Washington, DC, 2015-05) World Bank Group
    In 2011, only 21.4 percent of Vietnamese adults had an account at a formal financial institution, and only 36.9 percent of all borrowers used a formal lender - both indicators are well below the regional averages in the East Asia and Pacific. The formal financial sector in Vietnam is dominated by banks; however, retail lending is still rather underdeveloped due to often flawed lending practices and low levels of financial literacy among the population. Vietnamese authorities and the civil society have demonstrated a deep commitment to financial consumer protection by continuous dialogue and persistent legislative activities, and yet, much still needs to be achieved. The legal and regulatory framework for consumer protection in the financial sector, and related supervisory arrangements, are at a nascent stage of development. This World Bank’s diagnostic review was conducted in response to a request from the State Bank of the Socialist Republic of Vietnam. The banking, non-bank credit institutions, securities, insurance, and credit reporting sectors were considered as well as financial literacy strategies and programs. The review was conducted by reference to the World Bank`s good practices for financial consumer protection and provides a detailed assessment of the institutional, legal, and regulatory framework for financial consumer protection. Volume I of the review summarizes the key findings and recommendations and volume II provides a detailed comparison with the good practices.
  • 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
    Cash Management Reform in Indonesia : Making the State Money Work Harder
    (Jakarta, 2014-10) Indonesian Ministry of Finance; World Bank Group
    During the last decade, a body of common practices has emerged among developing countries on the legal, institutional and procedural foundations to support efficient cash management. These common practices have been reviewed and documented in guidance notes and publications on international practices issued by multilateral institutions like the International Monetary Fund (IMF), the World Bank (WB), and the Organization for Economic Co-operation and Development (OECD). Additionally, frequent peer-to-peer exchanges of experiences between countries have resulted in the continued evolution of cashmanagement practices to leverage improvements in data management, ICT and banking systems. The first part of this chapter examines international practices with regard to setting the objectives, as well as the legislative and institutional arrangements for cash management. It details the objectives and principles of cash management, its links with policy issues, information technology needs, incentives and sanctions to promote implementation, and the sequencing of the reform. The second part of the chapter describes Indonesia s experience with setting the objectives and institutional arrangements related to cash management, and with sequencing of the cash management reform. The concluding part describes the remaining challenges and suggests the way forward.