Other Financial Accountability Study

150 items available

Permanent URI for this collection

Items in this collection

Now showing 1 - 2 of 2
  • 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
    Mongolia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (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.