Publication: Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Vol. 2. Comparison with Good Practices
Date
2015-11
ISSN
Published
2015-11
Author(s)
World Bank Group
Abstract
The existence of a sound financial
consumer protection framework is fundamental to increasing
access to and usage of financial services, and the quality
of those financial services, along with supporting further
financial sector deepening. Financial consumer protection is
a necessary precursor to building trust in the formal
financial sector and thus in encouraging financial
inclusion. Further, consumer protection helps ensure that
expanded access benefits consumers and the economy as a
whole. While increased access can result in significant
economic and societal benefits, it can be neutral or even
harmful if consumers: (i) cannot exercise their rights as
consumers, (ii) cannot select the financial products that
suit them best; and (iii) are not protected from
mis-selling, fraud, and other market abuses. The main
objective of a CPFL Review is to assess the legal,
regulatory, and institutional frameworks for financial
consumer protection in a country, with reference to the good
practices. The following areas are addressed: (i)
institutional arrangements, (ii) the legal and regulatory
framework, (iii) transparency and disclosure, (iv) business
practices, (v) complaints handling and dispute resolution
mechanisms and (vi) financial literacy/capability. All parts
of a financial sector can be considered, including banking,
non-bank credit institutions, insurance, securities, private
pensions, and credit reporting.
Link to Data Set
Citation
“World Bank Group. 2015. Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Vol. 2. Comparison with Good Practices. © World Bank, Washington, DC. http://hdl.handle.net/10986/23810 License: CC BY 3.0 IGO.”