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Slovakia - Technical Note on Consumer Protection in Financial Services : Volume 2 Sectoral Analyses and Good Practice Reviews

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dc.contributor.authorWorld Bank
dc.date.accessioned2012-12-05T00:09:19Z
dc.date.available2012-12-05T00:09:19Z
dc.date.issued2012-07
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/2012/07/16428249/slovakia-technical-note-consumer-protection-financial-services-vol-2-2-slovakia-volume-ii-sectoral-analyses-good-practise-reviews
dc.identifier.doi10.1596/11895
dc.identifier.urihttps://hdl.handle.net/10986/11895
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.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCOUNT MAINTENANCE
dc.subjectACCOUNT MANAGEMENT
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTABILITY REQUIREMENT
dc.subjectACCOUNTING
dc.subjectACCREDITATION
dc.subjectACCRUALS
dc.subjectADJUSTABLE RATE MORTGAGES
dc.subjectADVERTISEMENT
dc.subjectANNUAL PERCENTAGE RATE
dc.subjectAPR
dc.subjectASSET VALUE
dc.subjectATM
dc.subjectATM WITHDRAWALS
dc.subjectAUDITING
dc.subjectAUDITORS
dc.subjectBANK ACCOUNT
dc.subjectBANK BRANCHES
dc.subjectBANK CHARGES
dc.subjectBANK CREDIT
dc.subjectBANK DEPOSIT
dc.subjectBANK DEPOSITS
dc.subjectBANK EXAMINERS
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBANK PRODUCT
dc.subjectBANK PRODUCTS
dc.subjectBANKERS ASSOCIATION
dc.subjectBANKING INDUSTRY
dc.subjectBANKING PRODUCTS
dc.subjectBANKING RELATIONSHIP
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTOR ASSETS
dc.subjectBANKING SERVICE
dc.subjectBANKING SERVICES
dc.subjectBANKING SYSTEMS
dc.subjectBANKRUPTCIES
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBASLE CORE PRINCIPLES
dc.subjectBEST PRACTICES
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWING
dc.subjectBROCHURE
dc.subjectBROCHURES
dc.subjectCERTIFICATES OF DEPOSIT
dc.subjectCHECKING ACCOUNT
dc.subjectCHECKS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL CODE
dc.subjectCOMMERCIAL CREDIT
dc.subjectCOMPENSATION FUNDS
dc.subjectCONSOLIDATED SUPERVISION
dc.subjectCONSOLIDATION
dc.subjectCONSUMER
dc.subjectCONSUMER COMPLAINT
dc.subjectCONSUMER COMPLAINTS
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER EDUCATION
dc.subjectCONSUMER FINANCE
dc.subjectCONSUMER INFORMATION
dc.subjectCONSUMER ISSUES
dc.subjectCONSUMER LOAN
dc.subjectCONSUMER NEED
dc.subjectCONSUMER ORGANISATIONS
dc.subjectCONSUMER ORGANIZATIONS
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMER PROTECTION LAW
dc.subjectCONSUMER PROTECTION LAWS
dc.subjectCONSUMER RIGHT
dc.subjectCONSUMER RIGHTS
dc.subjectCONSUMER UNDERSTANDING
dc.subjectCONSUMERS
dc.subjectCONTRIBUTION
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOST OF CREDIT
dc.subjectCREDIT BUREAU
dc.subjectCREDIT BUREAUS
dc.subjectCREDIT CARD
dc.subjectCREDIT CARDS
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT LAW
dc.subjectCREDIT RATINGS
dc.subjectCREDIT RECORD
dc.subjectCREDIT REGISTRY
dc.subjectCREDIT REPORT
dc.subjectCREDIT TRANSFERS
dc.subjectCREDIT-WORTHINESS
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectCREDITS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNTS
dc.subjectCURRICULUM
dc.subjectDEBIT CARD
dc.subjectDEBIT CARDS
dc.subjectDEBT
dc.subjectDEBT COLLECTION
dc.subjectDEBT COLLECTOR
dc.subjectDEBT COLLECTORS
dc.subjectDEBTORS
dc.subjectDEBTS
dc.subjectDECEPTIVE PRACTICES
dc.subjectDEPOSIT
dc.subjectDEPOSIT ACCOUNT
dc.subjectDEPOSIT BALANCES
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSIT PRODUCT
dc.subjectDEPOSIT RELATIONSHIPS
dc.subjectDEPOSITORS
dc.subjectDEPOSITORS PROTECTION
dc.subjectDEPOSITS
dc.subjectDISCLOSURE OF INFORMATION
dc.subjectDISCLOSURE REQUIREMENT
dc.subjectDISPUTE RESOLUTION
dc.subjectEDUCATION SYSTEM
dc.subjectELECTRONIC BANKING
dc.subjectEMPLOYMENT
dc.subjectENFORCEMENT MECHANISM
dc.subjectFINANCIAL ACTIVITIES
dc.subjectFINANCIAL ADVICE
dc.subjectFINANCIAL CONGLOMERATES
dc.subjectFINANCIAL DECISION
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL LITERACY
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL VIABILITY
dc.subjectFOREIGN BANK
dc.subjectFOREIGN BANKS
dc.subjectFOREIGN CURRENCY
dc.subjectFULL DISCLOSURE
dc.subjectFUND MANAGEMENT
dc.subjectGENERAL PUBLIC
dc.subjectHOME EQUITY
dc.subjectHOME LOAN
dc.subjectHOME LOANS
dc.subjectHOUSEHOLDS
dc.subjectHOUSING
dc.subjectHOUSING LOANS
dc.subjectINDEBTEDNESS
dc.subjectINFORMATION DISSEMINATION
dc.subjectINFORMATION SHARING
dc.subjectINFORMATION TO CONSUMERS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE PRODUCT
dc.subjectINTEREST COSTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANKING
dc.subjectJOINT STOCK COMPANIES
dc.subjectKNOWLEDGE LEVEL
dc.subjectLEGAL ASSISTANCE
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL PROVISION
dc.subjectLEGAL PROVISIONS
dc.subjectLEGAL REQUIREMENT
dc.subjectLEGAL REQUIREMENTS
dc.subjectLEGISLATION
dc.subjectLENDERS
dc.subjectLIABILITY
dc.subjectLINES OF CREDIT
dc.subjectLIQUIDATION
dc.subjectLIQUIDATION OF BANKS
dc.subjectLOAN APPLICANT
dc.subjectMAJOR BANKS
dc.subjectMARKET DISCIPLINE
dc.subjectMARKET ENTRY
dc.subjectMARKET SUPERVISION
dc.subjectMARKETING
dc.subjectMATURITY
dc.subjectMINIMUM PAYMENT
dc.subjectMORTGAGE
dc.subjectMORTGAGE INSURANCE
dc.subjectMORTGAGE LOAN
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGES
dc.subjectNATIONAL BANK
dc.subjectNATIONAL BANK OF SLOVAKIA
dc.subjectNET ASSET
dc.subjectOPERATING COSTS
dc.subjectPAYMENT SERVICES
dc.subjectPAYMENT SYSTEM
dc.subjectPAYMENT SYSTEMS
dc.subjectPENALTIES
dc.subjectPENSION FUND
dc.subjectPOINT OF SALE
dc.subjectPRIVATE PENSIONS
dc.subjectPROTECTION OF CONSUMERS
dc.subjectPROVISION OF CREDIT
dc.subjectPROVISION OF INFORMATION
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC EDUCATION
dc.subjectPUBLIC SERVICES
dc.subjectRATING AGENCIES
dc.subjectRECORD KEEPING
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENT
dc.subjectREPAYMENT PERIOD
dc.subjectREPAYMENT SCHEDULE
dc.subjectREPAYMENTS
dc.subjectRESIDENTIAL MORTGAGES
dc.subjectRETAIL BANKING
dc.subjectSALE
dc.subjectSALES
dc.subjectSECURITIES
dc.subjectSUBSIDIARIES
dc.subjectSUPERVISORY AGENCY
dc.subjectTRANSACTION
dc.subjectTYPES OF CONSUMER
dc.subjectUNION
dc.subjectVALUE OF PENSION
dc.titleSlovakia - Technical Note on Consumer Protection in Financial Services : Volume 2 Sectoral Analyses and Good Practice Reviewsen
dspace.entity.typePublication
okr.date.disclosure2012-06-26
okr.date.doiregistration2025-05-07T08:42:28.479355Z
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.docurlhttp://documents.worldbank.org/curated/en/2012/07/16428249/slovakia-technical-note-consumer-protection-financial-services-vol-2-2-slovakia-volume-ii-sectoral-analyses-good-practise-reviews
okr.globalpracticeFinance and Markets
okr.guid792281468303057241
okr.guid888501468335956111
okr.identifier.externaldocumentum000425970_20120626104435
okr.identifier.internaldocumentum16428249
okr.identifier.report69884
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/26/000425970_20120626104435/Rendered/PDF/698840v20ESW0P0II0Sectoral0Analyses.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countrySlovak Republic
okr.sectorFinance :: General finance sector
okr.topicBanks & Banking Reform
okr.topicFinance and Financial Sector Development::Debt 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.volume2 of 2
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