Publication:
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-04-22T16:27:55Z
dc.date.available2013-04-22T16:27:55Z
dc.date.issued2012-06
dc.description.abstractThe objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/06/17510467/armenia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2-comparison-good-practices
dc.identifier.doi10.1596/13225
dc.identifier.urihttps://hdl.handle.net/10986/13225
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.subjectADVERTISEMENT
dc.subjectADVERTISEMENTS
dc.subjectAFFORDABILITY
dc.subjectAGRICULTURAL SECTOR
dc.subjectANNUAL PERCENTAGE RATE
dc.subjectAPR
dc.subjectATM
dc.subjectAUTO INSURANCE
dc.subjectAUTOMATIC TELLER
dc.subjectAWARENESS CAMPAIGN
dc.subjectBAD CREDIT
dc.subjectBANK ACCOUNTS
dc.subjectBANK BRANCH
dc.subjectBANK BRANCHES
dc.subjectBANK CREDIT
dc.subjectBANK DEPOSITS
dc.subjectBANKING INDUSTRY
dc.subjectBANKING PRODUCT
dc.subjectBANKING PRODUCTS
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBORROWER
dc.subjectBORROWINGS
dc.subjectBUSINESS PLAN
dc.subjectCALCULATION
dc.subjectCALCULATIONS
dc.subjectCAPACITY BUILDING
dc.subjectCAPITAL MARKETS
dc.subjectCAREER DEVELOPMENT
dc.subjectCHECKING ACCOUNT
dc.subjectCHECKS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCONFLICT OF INTERESTS
dc.subjectCONSUMER
dc.subjectCONSUMER COMPLAINTS
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER CREDITS
dc.subjectCONSUMER FINANCE
dc.subjectCONSUMER LOAN
dc.subjectCONSUMER LOANS
dc.subjectCONSUMER ORGANIZATIONS
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMER RIGHTS
dc.subjectCONSUMER UNDERSTANDING
dc.subjectCONSUMERS
dc.subjectCREDIT BUREAU
dc.subjectCREDIT BUREAUS
dc.subjectCREDIT CARD
dc.subjectCREDIT CARD PURCHASES
dc.subjectCREDIT CARDS
dc.subjectCREDIT COOPERATIVE
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT INSTITUTIONS
dc.subjectCREDIT LIMIT
dc.subjectCREDIT LIMITS
dc.subjectCREDIT PORTFOLIO
dc.subjectCREDIT PRODUCT
dc.subjectCREDIT PROVIDER
dc.subjectCREDIT REGISTRY
dc.subjectCREDIT UNION
dc.subjectCREDIT UNIONS
dc.subjectCREDIT WORTHINESS
dc.subjectCREDITOR
dc.subjectCREDITWORTHINESS
dc.subjectCURRENCY
dc.subjectCURRENT ACCOUNTS
dc.subjectDEBT
dc.subjectDEBT COLLECTION
dc.subjectDEPOSIT
dc.subjectDEPOSIT PRODUCTS
dc.subjectDEPOSITOR
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT OF ENTREPRENEURSHIP
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDOMESTIC CURRENCY
dc.subjectECONOMIC ACTIVITIES
dc.subjectECONOMIC ACTIVITY
dc.subjectEDUCATIONAL ACTIVITIES
dc.subjectEDUCATIONAL PROGRAM
dc.subjectENFORCEMENT MECHANISM
dc.subjectENTREPRENEURS
dc.subjectEQUITY MARKET
dc.subjectEXCHANGE RATES
dc.subjectFAMILIES
dc.subjectFARMER
dc.subjectFINANCIAL CAPITAL
dc.subjectFINANCIAL CONSUMER
dc.subjectFINANCIAL EDUCATION
dc.subjectFINANCIAL EDUCATION ACTIVITIES
dc.subjectFINANCIAL EDUCATION INITIATIVES
dc.subjectFINANCIAL EDUCATION MATERIALS
dc.subjectFINANCIAL GOALS
dc.subjectFINANCIAL INDUSTRY
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL LITERACY
dc.subjectFINANCIAL LITERACY ACTIVITIES
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PRODUCT
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL PROVIDERS
dc.subjectFINANCIAL REGULATION
dc.subjectFINANCIAL SAFETY
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR REGULATIONS
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN INVESTMENT
dc.subjectFULL-TIME EMPLOYEES
dc.subjectFUND MANAGER
dc.subjectFUND MANAGERS
dc.subjectGENERAL PUBLIC
dc.subjectHEALTH INSURANCE
dc.subjectHOUSEHOLD LENDING
dc.subjectHOUSEHOLD SAVINGS
dc.subjectHOUSEHOLDS
dc.subjectHOUSING LOANS
dc.subjectINCOME
dc.subjectINDEBTEDNESS
dc.subjectINFORMATION ON CUSTOMERS
dc.subjectINFORMATION ON MARKET
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINFORMATION TO CONSUMERS
dc.subjectINFORMED CHOICE
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE PREMIUMS
dc.subjectINTEREST CHARGE
dc.subjectINTEREST CHARGES
dc.subjectINTEREST COST
dc.subjectINTEREST COSTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT COMPANIES
dc.subjectLATE PAYMENT
dc.subjectLATE PAYMENTS
dc.subjectLEGAL ADVICE
dc.subjectLIABILITY
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE COMPANY
dc.subjectLOAN
dc.subjectLOAN AGREEMENT
dc.subjectLOAN AGREEMENTS
dc.subjectLOAN AMOUNT
dc.subjectLOAN PORTFOLIO
dc.subjectLOCAL CURRENCY
dc.subjectLOWER INTEREST RATE
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET SHARE
dc.subjectMARKETING
dc.subjectMICROFINANCE
dc.subjectMINIMUM PAYMENT
dc.subjectMONTHLY PAYMENT
dc.subjectMONTHLY PAYMENTS
dc.subjectMORTGAGE
dc.subjectMORTGAGE COMPANY
dc.subjectMORTGAGE CREDIT
dc.subjectMORTGAGE LOAN
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGES
dc.subjectMULTI-PILLAR PENSION SYSTEM
dc.subjectMUTUAL FUNDS
dc.subjectOUTREACH
dc.subjectOVERDRAFT
dc.subjectPAWN
dc.subjectPAWN SHOPS
dc.subjectPAWNSHOPS
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPENSION INITIATIVE
dc.subjectPENSION REFORM
dc.subjectPENSION SYSTEM
dc.subjectPERSONAL FINANCE
dc.subjectPOINT-OF-SALE
dc.subjectPROFESSIONAL QUALIFICATION
dc.subjectPROFESSIONAL QUALIFICATIONS
dc.subjectPROTECTION OF CONSUMER
dc.subjectPROTECTION OF CONSUMERS
dc.subjectPUBLIC AWARENESS
dc.subjectREMITTANCES
dc.subjectREPAYMENT
dc.subjectRESPONSIBILITIES
dc.subjectRETAIL CREDIT
dc.subjectRISK ASSESSMENT
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILES
dc.subjectSALE
dc.subjectSALES
dc.subjectSAVERS
dc.subjectSAVINGS
dc.subjectSAVINGS INSTITUTION
dc.subjectSECURITIES
dc.subjectSENIOR
dc.subjectSTAKEHOLDERS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectTEACHER TRAININGS
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERMINATION
dc.subjectTRAINING PROGRAMS
dc.subjectTRANSACTION
dc.subjectTRANSACTION FEES
dc.subjectTYPES OF LOANS
dc.subjectVILLAGE
dc.subjectWITHDRAWAL
dc.subjectYOUNG ADULTS
dc.subjectYOUNG PEOPLE
dc.titleArmenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practicesen
dspace.entity.typePublication
okr.date.disclosure2013-04-01
okr.date.doiregistration2025-05-07T10:13:07.736463Z
okr.doctypeEconomic & Sector Work::Public Expenditure Review
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2012/06/17510467/armenia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2-comparison-good-practices
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid942731468217776948
okr.guid380961468003049557
okr.identifier.externaldocumentum000356161_20130401123731
okr.identifier.internaldocumentum17510467
okr.identifier.report76322
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/04/01/000356161_20130401123731/Rendered/PDF/763220white0co01207300Box0374379Bl.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryArmenia
okr.sectorFinance :: General finance sector
okr.themeFinancial Consumer Protection and Financial Literacy
okr.themeFinancial and private sector development
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Financial Literacy
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume2 of 2
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