Publication: Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia : A Diagnostic Tool

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Date
2010-08
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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/handle/10986/12828 License: CC BY 3.0 IGO.
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