Publication: Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector: Volume 1. Key Findings and Recommendations
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2014-11
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2017-01-23
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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.
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“World Bank Group. 2014. Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector: Volume 1. Key Findings and Recommendations. © World Bank. http://hdl.handle.net/10986/25882 License: CC BY 3.0 IGO.”
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Publication Republic of the Philippines Diagnostic Review of Consumer Protection in the Banking Sector(World Bank, Washington, DC, 2014-11)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 Islamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. 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The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one.Publication Kyrgyz Republic : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices(Washington, DC, 2014-05)The Diagnostic Review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal and regulatory framework for consumer protection in two segments of the financial sector: banking and microfinance. The review was undertaken in response to a request for technical assistance in the field of financial consumer protection made by the National Bank of the Kyrgyz Republic (NBKR) in November 2012.Publication Islamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 1. Key Findings and Recommendations(Washington, DC, 2014-03)The diagnostic review for Consumer Protection and Financial Literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework in four segments of the financial sector: banking, microfinance, securities, and insurance. The review took place in response to a request for World Bank technical assistance in the field of financial consumer protection made by Pakistan's Ministry of Finance (MoF), the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP). The review consists of two volumes. Volume one summarize the key findings and recommendations of the review and Volume two presents a detailed assessment of each financial segment compared against the good practices for financial consumer protection. The key findings and recommendations in volume one cover five areas: (i) the institutional, legal, and regulatory framework for consumer protection; (ii) disclosure; (iii) business practices; (iv) dispute resolution mechanisms; and (v) financial education. Priority recommendations are outlined in table one; a more detailed list of recommendations is included in annex one.Publication Paraguay Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations(World Bank Group, Washington, DC, 2015-01)This review of the Consumer Protection and Financial Literacy Framework (CPFL) in Paraguay was undertaken in response to a request for technical assistance in this area made by the Central Bank of Paraguay (BCP). The objectives were: (i) to assess the existing consumer protection and financial literacy framework by reviewing laws, regulations, and actual practices in Paraguay, and comparing it with international good practice; and (ii) to provide recommendations on ways to improve the level of financial consumer protection and financial literacy in the country. The Diagnostic Review provides a detailed assessment of the institutional, legal and regulatory framework for consumer protection in four segments of the financial sector: (i) banks and finance companies, (ii) financial cooperatives, (iii) insurance companies, and, - in reflection of the important role they play in Paraguay - (iv) non-bank agents and mobile payment providers. 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