World Bank2013-04-222013-04-222012-06https://hdl.handle.net/10986/13225The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia.en-USCC BY 3.0 IGOADVERTISEMENTADVERTISEMENTSAFFORDABILITYAGRICULTURAL SECTORANNUAL PERCENTAGE RATEAPRATMAUTO INSURANCEAUTOMATIC TELLERAWARENESS CAMPAIGNBAD CREDITBANK ACCOUNTSBANK BRANCHBANK BRANCHESBANK CREDITBANK DEPOSITSBANKING INDUSTRYBANKING PRODUCTBANKING PRODUCTSBANKING SYSTEMBANKRUPTCYBANKSBORROWERBORROWINGSBUSINESS PLANCALCULATIONCALCULATIONSCAPACITY BUILDINGCAPITAL MARKETSCAREER DEVELOPMENTCHECKING ACCOUNTCHECKSCOLLATERALCOMMERCIAL BANKSCONFLICT OF INTERESTSCONSUMERCONSUMER COMPLAINTSCONSUMER CREDITCONSUMER CREDITSCONSUMER FINANCECONSUMER LOANCONSUMER LOANSCONSUMER ORGANIZATIONSCONSUMER PROTECTIONCONSUMER RIGHTSCONSUMER UNDERSTANDINGCONSUMERSCREDIT BUREAUCREDIT BUREAUSCREDIT CARDCREDIT CARD PURCHASESCREDIT CARDSCREDIT COOPERATIVECREDIT INFORMATIONCREDIT INSTITUTIONSCREDIT LIMITCREDIT LIMITSCREDIT PORTFOLIOCREDIT PRODUCTCREDIT PROVIDERCREDIT REGISTRYCREDIT UNIONCREDIT UNIONSCREDIT WORTHINESSCREDITORCREDITWORTHINESSCURRENCYCURRENT ACCOUNTSDEBTDEBT COLLECTIONDEPOSITDEPOSIT PRODUCTSDEPOSITORDEPOSITORSDEPOSITSDEVELOPMENT OF ENTREPRENEURSHIPDISCLOSURE REQUIREMENTSDOMESTIC CURRENCYECONOMIC ACTIVITIESECONOMIC ACTIVITYEDUCATIONAL ACTIVITIESEDUCATIONAL PROGRAMENFORCEMENT MECHANISMENTREPRENEURSEQUITY MARKETEXCHANGE RATESFAMILIESFARMERFINANCIAL CAPITALFINANCIAL CONSUMERFINANCIAL EDUCATIONFINANCIAL EDUCATION ACTIVITIESFINANCIAL EDUCATION INITIATIVESFINANCIAL EDUCATION MATERIALSFINANCIAL GOALSFINANCIAL INDUSTRYFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL LITERACYFINANCIAL LITERACY ACTIVITIESFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL PROVIDERSFINANCIAL REGULATIONFINANCIAL SAFETYFINANCIAL SECTORFINANCIAL SECTOR REGULATIONSFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERSFINANCIAL SERVICESFINANCIAL SYSTEMFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN INVESTMENTFULL-TIME EMPLOYEESFUND MANAGERFUND MANAGERSGENERAL PUBLICHEALTH INSURANCEHOUSEHOLD LENDINGHOUSEHOLD SAVINGSHOUSEHOLDSHOUSING LOANSINCOMEINDEBTEDNESSINFORMATION ON CUSTOMERSINFORMATION ON MARKETINFORMATION TECHNOLOGYINFORMATION TO CONSUMERSINFORMED CHOICEINSTITUTIONAL CAPACITYINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE PENETRATIONINSURANCE POLICYINSURANCE PREMIUMSINTEREST CHARGEINTEREST CHARGESINTEREST COSTINTEREST COSTSINTEREST RATEINTEREST RATESINTERNATIONAL BANKINVESTMENT COMPANIESLATE PAYMENTLATE PAYMENTSLEGAL ADVICELIABILITYLIFE INSURANCELIFE INSURANCE COMPANYLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN AMOUNTLOAN PORTFOLIOLOCAL CURRENCYLOWER INTEREST RATEMARKET CAPITALIZATIONMARKET DEVELOPMENTMARKET PARTICIPANTSMARKET SHAREMARKETINGMICROFINANCEMINIMUM PAYMENTMONTHLY PAYMENTMONTHLY PAYMENTSMORTGAGEMORTGAGE COMPANYMORTGAGE CREDITMORTGAGE LOANMORTGAGE LOANSMORTGAGE MARKETMORTGAGESMULTI-PILLAR PENSION SYSTEMMUTUAL FUNDSOUTREACHOVERDRAFTPAWNPAWN SHOPSPAWNSHOPSPENSIONPENSION FUNDSPENSION INITIATIVEPENSION REFORMPENSION SYSTEMPERSONAL FINANCEPOINT-OF-SALEPROFESSIONAL QUALIFICATIONPROFESSIONAL QUALIFICATIONSPROTECTION OF CONSUMERPROTECTION OF CONSUMERSPUBLIC AWARENESSREMITTANCESREPAYMENTRESPONSIBILITIESRETAIL CREDITRISK ASSESSMENTRISK MANAGEMENTRISK PROFILESSALESALESSAVERSSAVINGSSAVINGS INSTITUTIONSECURITIESSENIORSTAKEHOLDERSSTOCK EXCHANGESTOCK MARKETTEACHER TRAININGSTECHNICAL ASSISTANCETERMINATIONTRAINING PROGRAMSTRANSACTIONTRANSACTION FEESTYPES OF LOANSVILLAGEWITHDRAWALYOUNG ADULTSYOUNG PEOPLEWorld Bank10.1596/13225