Publication: Action Plan for Strengthening Financial Services Consumer Protection in Azerbaijan
Date
2009-12
ISSN
Published
2009-12
Author(s)
Prouza, Tomáš
Mundy, Shaun
Izaguirre, Juan C.
Abstract
This Action Plan is based on the World
Bank’s Technical Note on Consumer Protection and Financial
Literacy in Azerbaijan published in June 2009. The Action
Plan focuses on the Legal and Regulatory Issues of the
Technical Note’s Key Findings and Recommendations, proposing
specific actions for Azerbaijani authorities, financial
institutions and consumer organizations so that consumer
protection is strengthened and made more effective and
efficient. The Action Plan should be the base upon which
specific legal changes should be drafted and against which
their implementation should be evaluated. Beside the
Technical Note itself, the Action Plan draws on best
international practices and experiences of regulators and
supervisors that have tried to introduce improved consumer
protection in their countries. It should also be noted that
a well-balanced consumer protection regime serves also the
interest of financial institutions as it provides them with
better informed clients and also makes sure that clients
understand their obligations under the contracts they
signed. The Action Plan is divided into five parts that
cover the key areas based on the recommendations of the
Technical Note: (a) Legal Mandate, (b) Effective Supervision
and Regulation, (c) Disclosure of Information, (d) Business
Practices, and (e) Dispute Resolution.
Citation
“Prouza, Tomáš; Mundy, Shaun; Izaguirre, Juan C.. 2009. Action Plan for Strengthening Financial Services Consumer Protection in Azerbaijan. © World Bank, Washington, DC. http://openknowledge.worldbank.org/handle/10986/27715 License: CC BY 3.0 IGO.”