Other Financial Accountability Study
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Publication
Bosnia and Herzegovina: Diagnostic Review of Consumer Protection in the Microfinance Sector
(World Bank, Washington, DC, 2012-06)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. -
Publication
Financial Literacy in Bosnia and Herzegovina: Analytical Report
(World Bank, Washington, DC, 2011-06)The survey on financial literacy among the citizens of Bosnia and Herzegovina was conducted within a larger project that aims at creating the Action Plan for Consumer Protection in Financial Services. The conclusion about the need for an Action Plan was reached by the representatives of the World Bank, the Federal Ministry of Finance, the Central Bank of Bosnia and Herzegovina, private sector supervisory authorities and non-governmental organizations, based on the World Bank’s 2009-2010 Diagnostic Review in Bosnia and Herzegovina. The financial literacy survey, whose results are presented in this report, aims at establishing the basic situation with respect to financial literacy, serving on the one hand as a preparation for the educational activities plan, and on the other as a basis for measuring the efficiency of activities undertaken. The first section of the study deals with financial literacy and its various aspects. Based on these data, the Financial Literacy Index was derived (a single-dimension composite scale of financial knowledge and capability). Next sections deal with managing everyday financial choices (saving, covering shortages etc.) in the context of general household financial situation. Data collection was based on a random, nation-wide sample of citizens of Bosnia and Herzegovina aged 18 or older (N = 1036). -
Publication
Bosnia and Herzegovina Diagnostic Review of Consumer Protection and Financial Literacy in Banking Services: Volume 2. Comparison with Good Practices
(World Bank, Washington, DC, 2011-04)This diagnostic study exclusively covers consumer protection and financial literacy issues in the banking sector of Bosnia and Herzegovina (BiH). Household credit in BiH more than tripled in volume in 2003-2008, and in terms of GDP it expanded from 13 to 26 percent. Foreign currency loans represented 10 percent of GDP. Official statistics showed growth in the percentage of non-performing loans since 2007. To strengthen consumer protection in the banking sector in BiH, this review recommends measures in five key areas: legislative and institutional reform, consumer disclosure, business practices of banks, dispute resolution mechanisms, and financial education. The main tasks of this study have been: (1) to review the existing rules and practices in BiH compared to international good practices; (2) to provide recommendations on ways to improve consumer protection and financial capability; and (3) to refine a set of good practices prepared by the World Bank for assessing consumer protection in banking services, including financial capability. The Review is presented in two volumes: Volume I describes BiH Government policy for banking consumer protection, provides the banking sector statistics, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of the BiH consumer protection institutional and legal framework and practices against the benchmark of Good Practices for the banking sector. -
Publication
Bosnia and Herzegovina Diagnostic Review of Consumer Protection and Financial Literacy in Banking Services: Volume 1. Key Findings and Recommendations
(World Bank, Washington, DC, 2011-04)This diagnostic study exclusively covers consumer protection and financial literacy issues in the banking sector of Bosnia and Herzegovina (BiH). Household credit in BiH more than tripled in volume in 2003-2008, and in terms of GDP it expanded from 13 to 26 percent. Foreign currency loans represented 10 percent of GDP. Official statistics showed growth in the percentage of non-performing loans since 2007. To strengthen consumer protection in the banking sector in BiH, this review recommends measures in five key areas: legislative and institutional reform, consumer disclosure, business practices of banks, dispute resolution mechanisms, and financial education. The main tasks of this study have been: (1) to review the existing rules and practices in BiH compared to international good practices; (2) to provide recommendations on ways to improve consumer protection and financial capability; and (3) to refine a set of good practices prepared by the World Bank for assessing consumer protection in banking services, including financial capability. The Review is presented in two volumes: Volume I describes BiH Government policy for banking consumer protection, provides the banking sector statistics, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of the BiH consumer protection institutional and legal framework and practices against the benchmark of Good Practices for the banking sector.