Prouza, Tomáš2017-08-102017-08-102010-07-24https://hdl.handle.net/10986/27731This study analyzes the impact of work of the World Bank in the areas of consumer protection in financial services and in improving financial literacy in the Czech Republic and Slovakia, the first two countries where the World Bank provided technical assistance in the areas of consumer protection in financial services and financial literacy. The impulse of the Czech authorities was their understanding that consumer protection was lacking in the area of financial services while the offer and complexity of financial products was growing rapidly in the quickly developing post-communist market. The authorities were dealing with a growing number of complaints from the public as well as increasing media coverage of consumer complaints, while lacking adequate internal expertise to deal with these issues. The World Bank prepared the technical note on consumer protection in financial services for the Czech Republic. After the note was presented publicly at a dissemination seminar in the Czech Republic, authorities of the Slovak Republic requested similar assistance as they were dealing with similar issues. This study describes the impact the pioneering work of the World Bank team had on the Czech Republic and Slovakia, and how it assisted national authorities in improving consumer protection in financial services and developing programs to increase financial literacy of the Czech and Slovak populations.en-USCC BY 3.0 IGOACCOUNTABILITYADVISORY SERVICESAPRARBITRATIONASSET VALUEBAD ADVICEBANK CREDITBANK DEPOSITSBANK LOANSBANK OFFICIALSBANKING PRODUCTSBANKING SECTORBANKSBEST PRACTICESBONDBOND PRICESBROKERBROKERSBUSINESS CREDITSCAPITAL MARKETCAPITAL MARKETSCENTRAL BANKCENTRAL BANK SUPERVISIONCOLLECTIVE INVESTMENTCOMPREHENSIVE FINANCIAL LITERACYCONSULTATION PROCESSCONSUMERCONSUMER COMPLAINTSCONSUMER CONFIDENCECONSUMER CREDITCONSUMER CREDITSCONSUMER EDUCATIONCONSUMER FINANCECONSUMER ORGANIZATIONSCONSUMER PROTECTIONCONSUMER PROTECTION LAWCONSUMER PROTECTION LAWSCONSUMER PROTECTION MEASURESCONSUMER RIGHTSCONSUMERSCONSUMERS ASSOCIATIONSCONTRIBUTIONCORPORATE DEPOSITSCORPORATE GOVERNANCECOURT SETTLEMENTCOURT SETTLEMENTSCREDIT CARDCREDIT CARD INTEREST RATESCREDIT MARKETCREDIT MARKETSCREDIT PROVIDERSCREDIT UNIONCREDIT UNIONSCURRENCYCURRENT ACCOUNTSCURRICULACURRICULUMDEBTDEBTSDECEPTIVE PRACTICESDEFAULTSDEPOSITDEPOSITORSDEPOSITSDISCLOSURE REQUIREMENTSDISCRIMINATIONDISPUTE RESOLUTIONEDUCATION PROGRAMEDUCATION STANDARDSEDUCATION SYSTEMEDUCATIONAL MATERIALEDUCATIONAL PROGRAMEDUCATIONAL PROGRAMSEQUAL TREATMENTFINANCE COMPANIESFINANCIAL ADVICEFINANCIAL ADVISERFINANCIAL ADVISORFINANCIAL ADVISORSFINANCIAL COMPANIESFINANCIAL CONSUMERFINANCIAL CONSUMERSFINANCIAL CRISISFINANCIAL DECISIONSFINANCIAL EDUCATIONFINANCIAL EDUCATION PROGRAMSFINANCIAL INDUSTRYFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIATIONFINANCIAL ISSUESFINANCIAL LITERACYFINANCIAL LITERACY SURVEYFINANCIAL MARKETFINANCIAL MARKET DEVELOPMENTSFINANCIAL MARKETSFINANCIAL MATTERSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL RESPONSIBILITYFINANCIAL SECTORFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERSFINANCIAL SERVICESFINANCIAL SERVICES PROVIDERSFINANCIAL SUPPORTFOREIGN FUNDSFULL DISCLOSUREGENERAL PUBLICGOVERNMENT POLICYGOVERNMENT REGULATIONGOVERNMENT SUPPORTGUARANTEE SCHEMEGUARANTEE SCHEMESHIGH SCHOOL FINANCIAL EDUCATIONHIGH SCHOOL STUDENTSHOUSEHOLDSINCOMEINDEBTEDNESSINFLATIONINFORMATION ASYMMETRYINFORMATION DISCLOSUREINFORMATION REQUIREMENTSINFORMATION TO CONSUMERSINFORMED CONSUMERSINFORMED DECISIONSINSURANCEINSURANCE COMPANIESINSURANCE MARKETINTEREST RATEINTEREST RATESINVESTMENT ADVISORSINVESTMENT COMPANIESINVESTMENT FUNDSINVESTMENT PRODUCTSLACK OF EXPERIENCELARGE BANKSLEGAL ASSISTANCELEGAL FRAMEWORKLEGISLATIONLENDERLEVEL OF CONTRIBUTIONLEVEL OF KNOWLEDGELEVEL PLAYING FIELDLEVYLIFE INSURANCELIFE INSURANCE PRODUCTSLOANLOAN PRODUCTSLOW FINANCIAL LITERACYMANDATESMARKET DEVELOPMENTMARKET INFORMATIONMARKET PARTICIPANTSMARKET PLAYERMARKET SHAREMARKETINGMATURITYMONEY MARKETMORTGAGESMUTUAL FUNDSNATIONAL BANKNATIONAL BANK OF SLOVAKIANET ASSETNEW MARKETSOUTSTANDING DEBTPAYMENT SERVICESPAYMENTS SERVICESPENSIONPENSION CONTRACTSPENSION FUNDSPENSION REFORMPENSIONSPERSONAL FINANCEPERSONAL FINANCIAL EDUCATIONPOINT OF SALEPROFESSIONAL ASSOCIATIONSPROFESSIONAL INVESTORSPROFESSIONAL QUALIFICATIONPRUDENTIAL SUPERVISIONPUBLIC AGENCIESPUBLIC BUDGETPUBLIC EDUCATIONPUBLIC FINANCEPUBLIC REGISTERREGULATORY CAPACITYREGULATORY FRAMEWORKRESERVESRESIDENTIAL MORTGAGESRETAIL BANKINGRETAIL CREDITSRETAIL FINANCIAL MARKETRETAIL SAVINGSSALESALESSAVINGSSAVINGS ACCOUNTSAVINGS SCHEMESSECURITIESSECURITIES REGULATIONSENIORSOCIAL RESPONSIBILITYSOURCE OF INFORMATIONSTAKEHOLDERSTAKEHOLDERSSUPERVISORY AGENCIESSUPERVISORY AGENCYSUPERVISORY AUTHORITIESTECHNICAL ASSISTANCETYPES OF CONSUMERReportWorld Bank10.1596/27731