Publication: Brazil - Scoping Note on Reassessing and Updating Brazil’s Financial Consumer Protection Regime
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2025-01-09
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2025-01-09
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This document highlights major advancements in financial inclusion, especially with the PIX payment system. However, financial consumers are increasingly at risk from fraud, scams, over-indebtedness, and mis-sold bundled insurance products. It calls for a structured approach to reforming the legal and institutional framework to better protect consumers. The document outlines the current financial sector landscape, existing FCP framework, and roles of regulatory bodies. It stresses the importance of cooperation, integration, and information sharing among authorities and recommends immediate steps, including developing a problem statement, terms of reference, and a roadmap for reassessment.
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“World Bank. 2025. Brazil - Scoping Note on Reassessing and Updating Brazil’s Financial Consumer Protection Regime. © World Bank. http://hdl.handle.net/10986/42648 License: CC BY-NC 3.0 IGO.”
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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. 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As in the case of Peru, the exercise gave an opportunity for regulators of each jurisdiction to look at their regulatory and institutional framework for protecting branchless banking users, evaluate their regulatory and supervisory actions, and identify areas for improvements. A forthcoming CGAP focus note complements the effort, by making an overall evaluation of the lessons learned in these countries and drawing on the knowledge from other pioneer countries such as South Africa, Mexico, Colombia and the Philippines. The focus note will point out and address priority areas of concern and possible regulatory and policy options to address them. The first part of the report outlines the financial inclusion efforts currently being undertaken by the Superintendence. The following section summarizes the most important points of the legal and regulatory framework for financial consumer protection, pointing out any specificity of branchless banking. 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Against this backdrop, emerging market and developing economies are set to enter the second quarter of the twenty-first century with per capita incomes on a trajectory that implies substantially slower catch-up toward advanced-economy living standards than they previously experienced. Without course corrections, most low-income countries are unlikely to graduate to middle-income status by the middle of the century. Policy action at both global and national levels is needed to foster a more favorable external environment, enhance macroeconomic stability, reduce structural constraints, address the effects of climate change, and thus accelerate long-term growth and development.