World Bank2013-04-222013-04-222012-06https://hdl.handle.net/10986/13226The 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 IGOACCESS TO CREDITADDITIONAL MONEYANNUAL PERCENTAGE RATEAPRATMBANK ACCOUNTBANK ACCOUNTSBANK CREDITBANKING SERVICESBANKING SYSTEMBANKSBENEFICIARYBEST PRACTICEBEST PRACTICESBORROWERBORROWINGBORROWING MONEYCALCULATIONCALCULATIONSCALL CENTERCAPITAL MARKETCAPITAL MARKETSCOLLEGE STUDENTSCOMMUNITY AFFAIRSCONSUMERCONSUMER COMPLAINTSCONSUMER CONFIDENCECONSUMER CREDITCONSUMER CREDITSCONSUMER EDUCATIONCONSUMER FINANCECONSUMER INDEBTEDNESSCONSUMER INFORMATIONCONSUMER LENDINGCONSUMER LOANCONSUMER LOANSCONSUMER ORGANIZATIONSCONSUMER PROTECTIONCONSUMER PROTECTION LAWSCONSUMER RIGHTSCONSUMER UNDERSTANDINGCONSUMERSCONTRIBUTIONCOST OF CREDITCREDIT BUREAUCREDIT CARDCREDIT CARDSCREDIT INSTITUTIONSCREDIT PRODUCTSCREDIT PROVIDERSCREDIT REPORTCREDIT UNIONSCURRENCYCURRICULACURRICULUMDEBTDEBT COLLECTIONDECEPTIVE PRACTICESDEPOSITDEPOSIT ACCOUNTSDEPOSIT PRODUCTDEPOSIT PRODUCTSDEPOSITSDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTDISCLOSURE REQUIREMENTSEDUCATION CAMPAIGNEDUCATIONAL ACTIVITIESEDUCATIONAL PROGRAMSENTREPRENEURSEQUITY MARKETFAMILY MEMBERFEDERAL RESERVEFINANCIAL ADVICEFINANCIAL ADVISORFINANCIAL BEHAVIORFINANCIAL COMPANIESFINANCIAL CONSUMERFINANCIAL CONSUMERSFINANCIAL CRIMESFINANCIAL CRISISFINANCIAL DATAFINANCIAL DECISIONFINANCIAL EDUCATIONFINANCIAL EDUCATION ACTIVITIESFINANCIAL EDUCATION IN SCHOOLSFINANCIAL EDUCATION INITIATIVESFINANCIAL EDUCATION MATERIALSFINANCIAL EDUCATION PROGRAMFINANCIAL EDUCATION PROGRAMSFINANCIAL GOALSFINANCIAL INDUSTRYFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL ISSUESFINANCIAL LITERACYFINANCIAL LITERACY ACTIVITIESFINANCIAL LITERACY EDUCATIONFINANCIAL LITERACY STRATEGYFINANCIAL LITERACY SURVEYFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL REGULATIONFINANCIAL REGULATORFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTOR REGULATIONFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERSFINANCIAL SERVICESFINANCIAL SERVICES AUTHORITYFINANCIAL SERVICES REGULATIONSFINANCIAL STABILITYFINANCIAL SYSTEMFOREIGN CURRENCIESFOREIGN CURRENCYFORMAL CREDITFORMAL FINANCIAL INSTITUTIONFORMAL LOANSGENERAL PUBLICGOVERNMENT PENSIONHOME MORTGAGEHOUSEHOLD DEBTHOUSEHOLD FINANCESHOUSEHOLD FINANCIAL MANAGEMENTHOUSEHOLD SAVINGSHOUSEHOLDSINCOMEINFORMATION ON BUSINESSINFORMATION TO CONSUMERSINFORMED DECISIONSINSURANCEINSURANCE PENETRATIONINSURANCE POLICIESINSURANCE POLICYINTEREST CHARGESINTEREST RATEINTEREST RATESINTERNATIONAL BANKINVESTMENT ADVICEINVESTMENT COMPANIESINVESTMENT PRODUCTSLATE PAYMENTLIABILITYLIFE INSURANCELIFE INSURANCE COMPANIESLIFETIMELOANLOAN MARKETSLOAN PRODUCTSLOCAL CURRENCYLOW INCOMEMANDATORY CONTRIBUTIONSMARKET CAPITALIZATIONMARKET PARTICIPANTSMARKET SHAREMARKETINGMATHEMATICSMONTHLY PAYMENTMORTGAGEMORTGAGE LOANSMORTGAGESMUTUAL FUNDSNEGATIVE CREDIT HISTORYNOMINAL INTEREST RATEPAWNPAWN SHOPSPAWNSHOPSPENSIONPENSION AWARENESSPENSION FUNDPENSION FUNDSPENSIONSPERSONAL FINANCIAL INFORMATIONPERSONAL FINANCIAL LITERACYPERSONAL INVESTMENTPOINT-OF-SALEPRESS RELEASEPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSIONSPROFESSIONAL ASSOCIATIONSPURCHASESREGULAR EXPENSERESPONSIBILITIESRETAIL FINANCIAL SERVICERETIREMENTRISK PROFILESSALESALESSALES AGENTSSAVERSSAVING MONEYSAVINGSSAVINGS PRODUCTSSECONDARY SCHOOLSSECURITIESSECURITIES DEALERSENIORSSTAKEHOLDERSTAKEHOLDERSSTOCK EXCHANGESTOCK MARKETSUPPORT PROGRAMTEACHER TRAININGSTRANSACTIONVALUABLEWITHDRAWALYEARLY STATEMENTSYOUNG CHILDRENWorld Bank10.1596/13226