Publication:
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-03-15T19:40:05Z
dc.date.available2013-03-15T19:40:05Z
dc.date.issued2007-07
dc.description.abstractAs financial markets develop and deepen, one of the key issues for the fair, open and efficient operation of the markets is the protection of consumers rights in financial services. Be they bank depositors or borrowers or investors in insurance policies, securities or investment or pension funds, financial consumers need the ability to accurately understand the terms and conditions of their contracts and take action if the terms of contracts have been violated. The Note is the second report in a pilot program to analyze consumer protection in financialservices.The objectives of the Note are three-fold, to: (1) present a set of draft good practices for assessing consumer protection in financial services; (2) conduct a review of the existing rules and practices in Slovakia compared to the draft practices; and (3) provide recommendations on ways to improve consumer protection in financial services in Slovakia. The Technical Note wasprepared at the request of the Slovak Ministry of Finance, with the valuable support of the National Bank of Slovakia and other government agencies, ministries, and non-government organizations. In the past the World Bank has also prepared governance reviews of the Slovak financial sector for banking and private pension funds. Few guidelines are available for consumer protection in financial services. Consumer protection in financial services remains a new and developing area for which no consensus has developed on the broad parameters against which a specific country might be analyzed. This Note relied on the EU Directives related to consumer protection and the reports of European financialregulatory and supervisory agencies. Other sources were also used. In the United States, the Federal Trade Commission, the Securities and Exchange Commission and other state, federal and self-regulatory agencies have developed laws, rules and guidelines to protect financial consumers. In addition, the 2003 OECD Guidelines for Protecting Consumers from Fraudulent and DeceptiveCommercial Practices across Borders and the 1999 United Nations Guidelines for Consumer Protection served as useful reference points for general consumer protection not related to the financial sector. The recommendations in the Note go beyond the provisions of the EU Directives currently in force. As described in the EU Consumer Protection strategy announced in March 2007 and the April 2007 Green Paper on Retail Financial Services, European financial consumers wouldbenefit from stronger legal and institutional protections than are currently in place. Both in Europe and elsewhere, contemporary thinking on consumer protection is rapidly evolving. The Technical Note takes into account the international discussion on financial consumer protection and evolving good practices in financial consumer protection. Thus, the Note presents recommendations that are applicable to the Slovak financial sector, but in some cases go beyondthe minimum requirements set by EU legislation.en
dc.identifierhttp://documents.worldbank.org/curated/en/2007/07/16428248/slovakia-technical-note-consumer-protection-financial-services-vol-1-2
dc.identifier.doi10.1596/12788
dc.identifier.urihttps://hdl.handle.net/10986/12788
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABUSIVE FINANCIAL PRACTICES
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO INFORMATION
dc.subjectACCURATE INFORMATION
dc.subjectADULT EDUCATION
dc.subjectANNUAL PERCENTAGE RATE
dc.subjectAPR
dc.subjectBANK ACCOUNTS
dc.subjectBANK LOANS
dc.subjectBANKING EDUCATION
dc.subjectBANKING SERVICES
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBEST PRACTICE
dc.subjectBORROWER
dc.subjectBORROWING
dc.subjectBORROWING MONEY
dc.subjectBROCHURES
dc.subjectCALCULATION
dc.subjectCHECK-CASHING CENTERS
dc.subjectCHECKING ACCOUNT
dc.subjectCLASSROOM TRAINING
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL CREDIT
dc.subjectCONSUMER
dc.subjectCONSUMER ADVOCACY
dc.subjectCONSUMER ADVOCACY ORGANIZATIONS
dc.subjectCONSUMER COMPLAINTS
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER CREDITS
dc.subjectCONSUMER EDUCATION
dc.subjectCONSUMER FINANCE
dc.subjectCONSUMER GOODS
dc.subjectCONSUMER GROUP
dc.subjectCONSUMER GROUPS
dc.subjectCONSUMER INFORMATION
dc.subjectCONSUMER LENDING
dc.subjectCONSUMER LOAN
dc.subjectCONSUMER LOANS
dc.subjectCONSUMER ORGANIZATIONS
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMER PROTECTION LAW
dc.subjectCONSUMER PROTECTION LAWS
dc.subjectCONSUMER PROTECTIONS
dc.subjectCONSUMER RIGHTS
dc.subjectCONSUMERS
dc.subjectCONTRIBUTIONS
dc.subjectCOURT SETTLEMENT
dc.subjectCREDIT BUREAU
dc.subjectCREDIT CARD
dc.subjectCREDIT CARDS
dc.subjectCREDIT RECORDS
dc.subjectCREDIT RISK
dc.subjectCREDIT SCORES
dc.subjectCREDIT SCORING
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectCREDITS
dc.subjectCURRENT ACCOUNT
dc.subjectCUSTOMER SERVICE
dc.subjectDEBT
dc.subjectDEBT COLLECTION
dc.subjectDEBT COLLECTORS
dc.subjectDEBT CONSOLIDATION
dc.subjectDEBTS
dc.subjectDECEPTIVE PRACTICES
dc.subjectDELINQUENCIES
dc.subjectDELINQUENCY
dc.subjectDELINQUENCY RATE
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectECONOMIC SECURITY
dc.subjectEXCHANGE COMMISSION
dc.subjectEXCHANGE RATES
dc.subjectFEDERAL RESERVE
dc.subjectFINANCE COMPANIES
dc.subjectFINANCES
dc.subjectFINANCIAL ABUSES
dc.subjectFINANCIAL ACTIVITIES
dc.subjectFINANCIAL ADVISOR
dc.subjectFINANCIAL ADVISORS
dc.subjectFINANCIAL CIRCUMSTANCES
dc.subjectFINANCIAL CONCEPTS
dc.subjectFINANCIAL CONSUMER
dc.subjectFINANCIAL CONSUMERS
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL EDUCATION INITIATIVES
dc.subjectFINANCIAL EXPERIENCE
dc.subjectFINANCIAL GROUP
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL INVESTMENTS
dc.subjectFINANCIAL ISSUES
dc.subjectFINANCIAL LITERACY
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL MATTERS
dc.subjectFINANCIAL NEED
dc.subjectFINANCIAL PRACTICES
dc.subjectFINANCIAL PRODUCT
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL REGULATOR
dc.subjectFINANCIAL REGULATORS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SERVICES AUTHORITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL TRAINING
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFORMAL EDUCATION
dc.subjectFUND MANAGEMENT
dc.subjectGROSS INCOME
dc.subjectHOME LOANS
dc.subjectHOME MORTGAGE
dc.subjectHOUSEHOLD APPLIANCES
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLD SAVINGS
dc.subjectINAPPROPRIATE FINANCIAL PRODUCTS
dc.subjectINDEBTEDNESS
dc.subjectINDIVIDUAL COUNSELING
dc.subjectINFORMATION TO CONSUMERS
dc.subjectINFORMED CONSUMERS
dc.subjectINFORMED DECISIONS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE POLICIES
dc.subjectINTEREST CHARGES
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINVESTMENT ACCOUNT
dc.subjectINVESTMENT PRODUCTS
dc.subjectKNOWLEDGEABLE CONSUMERS
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLEVEL OF EDUCATION
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE POLICIES
dc.subjectLIFE INSURANCE POLICY
dc.subjectLIFE SKILLS
dc.subjectLOAN
dc.subjectLOAN AMOUNTS
dc.subjectLOAN TERMS
dc.subjectLOW COST
dc.subjectLOW FINANCIAL LITERACY
dc.subjectLOW-INCOME
dc.subjectLOW-INCOME FAMILIES
dc.subjectMAJOR LIFE EVENTS
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKETING
dc.subjectMONTHLY PAYMENTS
dc.subjectMORTGAGE
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE PRODUCTS
dc.subjectMORTGAGES
dc.subjectMUTUAL FUNDS
dc.subjectNATIONAL BANK
dc.subjectNET ASSET
dc.subjectPENALTY FEES
dc.subjectPENSION
dc.subjectPENSION ASSET
dc.subjectPENSION COMPANIES
dc.subjectPENSION FUND
dc.subjectPENSION FUNDS
dc.subjectPENSION SAVING
dc.subjectPENSION SECTORS
dc.subjectPERSONAL FINANCES
dc.subjectPERSONAL FINANCIAL INFORMATION
dc.subjectPREDATORY LENDING
dc.subjectPREPAYMENT PENALTIES
dc.subjectPRESS RELEASES
dc.subjectPRIVATE PENSION
dc.subjectPRIVATE PENSION FUNDS
dc.subjectPRIVATE PENSIONS
dc.subjectPUBLIC CONFIDENCE
dc.subjectPURCHASES
dc.subjectREAL ESTATE
dc.subjectREPAYMENTS
dc.subjectRESPONSIBILITIES
dc.subjectRETAIL BANKING
dc.subjectRETAIL FINANCIAL SERVICES
dc.subjectRETIREMENT
dc.subjectRETIREMENT PENSION
dc.subjectRISK MANAGEMENT
dc.subjectSALE
dc.subjectSALES
dc.subjectSALES TACTICS
dc.subjectSAVINGS
dc.subjectSAVINGS ACCOUNT
dc.subjectSAVINGS ACCOUNTS
dc.subjectSAVINGS GOALS
dc.subjectSCAMS
dc.subjectSECURITIES
dc.subjectSECURITIES DEALERS
dc.subjectSENIOR
dc.subjectSMALL BUSINESS
dc.subjectSOCIAL EXCLUSION
dc.subjectSOUND FINANCIAL DECISIONS
dc.subjectSTOCK EXCHANGE
dc.subjectTIMELY PAYMENTS
dc.subjectTRAINING PROGRAM
dc.subjectTRANSACTION
dc.subjectTRANSACTION FEE
dc.subjectUNSCRUPULOUS LENDERS
dc.subjectUNSECURED PERSONAL LOANS
dc.subjectVALUABLE
dc.subjectWAGES
dc.titleSlovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Reporten
dspace.entity.typePublication
okr.date.disclosure2012-06-26
okr.date.doiregistration2025-05-07T08:53:40.884522Z
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2007/07/16428248/slovakia-technical-note-consumer-protection-financial-services-vol-1-2
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid792281468303057241
okr.guid888501468335956111
okr.identifier.externaldocumentum000425970_20120626104154
okr.identifier.internaldocumentum16428248
okr.identifier.report69884
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/26/000425970_20120626104154/Rendered/PDF/698840v10ESW0P0SkCPFSVolIMainReport.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countrySlovak Republic
okr.sectorFinance :: General finance sector
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume1 of 2
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