Other Financial Accountability Study

150 items available

Permanent URI for this collection

Items in this collection

Now showing 1 - 2 of 2
  • Publication
    Product Design and Distribution: Emerging Regulatory Approaches for Retail Banking Products
    (World Bank, Washington, DC, 2019-08) World Bank Group
    This note discusses emerging international approaches for regulating design and distribution of retail banking products. Such products include deposit, credit, and payment products, being the products that new financial consumers typically acquire first. Policy makers are finding that financial consumer protection measures implemented to date, such as disclosure requirements, while still important, are insufficient to protect consumers against all key risks. Anticipating new or changing risks to consumers has also become more difficult for regulators given rapid financial sector innovation. Regulation of providers’ product design and distribution processes aims to ensure that products distributed in a market are designed to meet the needs of consumers in that market. This discussion note analyses relevant frameworks in a number of jurisdictions and highlights emerging common approaches, including in relation to requirements for governance arrangements, target market assessments, distribution arrangements and product reviews.
  • 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.