Publication: Latvia : Action Plan on Financial Consumer Protection

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World Bank
This paper forms the action plan for financial consumer protection, and focuses on the main findings and recommendations. These include proposing specific actions to be undertaken by Latvian authorities, financial institutions and consumer organizations, so that consumer protection is strengthened and made more effective and efficient. Existing industry ombudsmen should publish cases they have dealt with, as well as their yearly activity report, which should be provided to the Financial and Capital Market Commission (FCMC), and to the Consumer Rights Protection Center (CRPC). The action plan draws on best international practices and experiences of regulators and supervisors, who have tried to introduce improved consumer protection regimes in their countries. A well balanced consumer protection regime serves the interest of financial institutions as it provides them with better-informed clients and makes sure that clients understand their obligations under the contracts they signed. The paper takes into account the current macroeconomic situation in Latvia, and focuses primarily on measures that demand little to no financing requirements. When actions with a funding need are recommended, the action plan provides an estimate of necessary costs. The plan recommends that the guidance should focus on ensuring independence of decisions made by the ombudsman, low costs for the public, and the binding nature of ombudsman's decisions for financial institutions.
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World Bank. 2010. Latvia : Action Plan on Financial Consumer Protection. © Washington, DC. License: CC BY 3.0 IGO.
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