Publication: Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool
Date
2010-08
ISSN
Published
2010-08
Author(s)
Rutledge, Susan L.
Annamalai, Nagavalli
Lester, Rodney
Symonds, Richard L.
Abstract
This paper discusses how the importance
of adequate consumer protection and financial literacy for
the long-term stability of the financial sector, has been
highlighted by the recent turmoil in financial markets
worldwide. It presents a set of Good Practices for Consumer
Protection and Financial Literacy, developed by the World
Bank's Europe and Central Asia Region, using
international experience as a guide. The Good Practices
provide a practical tool for systematic analysis of laws,
regulations and institutions involved in consumer protection
and financial literacy, and allow detailed cross-country
comparisons. The paper provides the four key concepts on
which they are based: consumer disclosure should be simple,
easy to understand and comparable; abusive business
practices by financial service providers should be
prohibited; consumers should have an easy, inexpensive and
speedy method of resolving disputes with financial
institutions; and financial education should be available to
consumers so that they can understand financial services and
products and make informed decisions.
Citation
“Rutledge, Susan L.; Annamalai, Nagavalli; Lester, Rodney; Symonds, Richard L.. 2010. Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool. ECSPF Working Paper;001. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/f1ef816c-c552-579d-acfd-0c20749b50d5 License: CC BY 3.0 IGO.”