Publication:
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services: Volume 2. Review against Good Practices

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-05-23T18:52:34Z
dc.date.available2017-05-23T18:52:34Z
dc.date.issued2011-12
dc.description.abstractThe consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education.en
dc.identifierhttp://documents.worldbank.org/curated/en/106971493993541308/review-against-good-practices
dc.identifier.doi10.1596/26726
dc.identifier.urihttps://hdl.handle.net/10986/26726
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCONSUMER PROTECTION
dc.subjectFINANCIAL SERVICES
dc.subjectBANKING
dc.subjectINVESTMENT FUND
dc.subjectINSURANCE
dc.subjectPENSIONS
dc.titleSouth Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Servicesen
dc.title.subtitleVolume 2. Review against Good Practicesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleSouth Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services
okr.date.disclosure2017-05-05
okr.date.doiregistration2025-05-07T08:47:14.293664Z
okr.doctypeEconomic & Sector Work::Other Financial Accountability Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/106971493993541308/review-against-good-practices
okr.guid230611493294949699
okr.guid106971493993541308
okr.identifier.externaldocumentum090224b084b42f78_1_0
okr.identifier.internaldocumentum27426320
okr.identifier.report114649
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/106971493993541308/pdf/114649-v2-SouthAfrica-CPFL-DiagReview-2011-Volume-II-FINAL.pdfen
okr.region.administrativeAfrica
okr.region.countrySouth Africa
okr.sectorFinance
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicFinance and Financial Sector Development::Securities Markets Policy & Regulation
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.unitFinance and Private Sector Department
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