Rutledge, Susan L.Annamalai, NagavalliLester, RodneySymonds, Richard L.2013-03-212013-03-212010-08https://hdl.handle.net/10986/12828This paper discusses how the importance of adequate consumer protection and financial literacy for the long-term stability of the financial sector, has been highlighted by the recent turmoil in financial markets worldwide. It presents a set of Good Practices for Consumer Protection and Financial Literacy, developed by the World Bank's Europe and Central Asia Region, using international experience as a guide. The Good Practices provide a practical tool for systematic analysis of laws, regulations and institutions involved in consumer protection and financial literacy, and allow detailed cross-country comparisons. The paper provides the four key concepts on which they are based: consumer disclosure should be simple, easy to understand and comparable; abusive business practices by financial service providers should be prohibited; consumers should have an easy, inexpensive and speedy method of resolving disputes with financial institutions; and financial education should be available to consumers so that they can understand financial services and products and make informed decisions.en-USCC BY 3.0 IGOACCESS TO CREDITACCESS TO FINANCIAL SERVICESADULT FINANCIAL LITERACYADVERTISEMENTADVERTISEMENTSANTI-MONEY LAUNDERINGASYMMETRIC INFORMATIONBANK ACCOUNTBANK CREDITBANKING INDUSTRYBANKING PRODUCTBANKING PRODUCTSBANKING SUPERVISIONBEHAVIORAL ECONOMICSBEST PRACTICESBIASESBORROWERBORROWINGBUYERSCAPITAL MARKETSCERTIFICATE OF DEPOSITCHECKING ACCOUNTCHECKSCOLLATERALCOMMERCIAL BANKSCOMMUNITY AFFAIRSCOMPOUND INTERESTCONSUMERCONSUMER COMPLAINTSCONSUMER CREDITCONSUMER EDUCATIONCONSUMER GROUPCONSUMER INFORMATIONCONSUMER LOANSCONSUMER MARKETSCONSUMER NEEDSCONSUMER ORGANIZATIONSCONSUMER PROTECTIONCONSUMER PROTECTION MEASURESCONSUMER RIGHTSCONSUMERSCONTRIBUTIONSCREDIT BUREAUSCREDIT CARDCREDIT CARDSCREDIT HISTORIESCREDIT INSTITUTIONSCREDIT MARKETSCREDIT OPTIONSCREDIT PRODUCTCREDIT PRODUCTSCREDIT REPORTINGCREDIT REPORTSCREDIT SCORESCREDIT TRANSACTIONSCREDITORSCURRENT ACCOUNTCURRENT ACCOUNTSDEBTDEBT COLLECTIONDEBTSDECEPTIVE PRACTICESDEPOSITDEPOSIT INSURANCEDEPOSITORSDEPOSITSDISCLOSURE REQUIREMENTSDISCOUNT RATEDISCRIMINATIONECONOMIC COOPERATIONEDUCATIONAL CAMPAIGNSEMPLOYEEEMPOWERMENTEXCHANGE COMMISSIONEXCHANGE RATESEXPLOITATIVE CREDITFAMILIESFEDERAL DEPOSIT INSURANCE CORPORATIONFEDERAL RESERVEFINANCESFINANCIAL ACCESSFINANCIAL ACTIONFINANCIAL CONSUMERFINANCIAL CONSUMERSFINANCIAL CRISISFINANCIAL EDUCATIONFINANCIAL FRAUDSFINANCIAL FUTURESFINANCIAL INDUSTRYFINANCIAL INNOVATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIARIESFINANCIAL ISSUESFINANCIAL LITERACYFINANCIAL LITERACY INITIATIVESFINANCIAL LOSSFINANCIAL MARKETSFINANCIAL NEEDSFINANCIAL PRODUCTFINANCIAL PRODUCTSFINANCIAL REGULATIONFINANCIAL REGULATORFINANCIAL REGULATORSFINANCIAL RISKSFINANCIAL SECTORFINANCIAL SECTOR ASSESSMENTFINANCIAL SECTOR DEVELOPMENTFINANCIAL SECTORSFINANCIAL SECURITYFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERSFINANCIAL SERVICESFINANCIAL SERVICES AUTHORITYFINANCIAL STATUSFINANCIAL SYSTEMFINANCIAL TRANSACTIONSFOREIGN CURRENCYFUTURE INCOMEGENERAL PUBLICGOVERNMENT INTERVENTIONGUARANTEE SCHEMESHOME MORTGAGEHOUSEHOLD LENDINGHOUSEHOLDSHOUSING FINANCEINDEBTEDNESSINFORMATION TECHNOLOGYINFORMED CONSUMERSINFORMED DECISIONINFORMED DECISIONSINFORMED FINANCIAL DECISIONSINSTITUTIONAL CAPACITIESINSURANCEINSURANCE COMMISSIONERSINSURANCE POLICYINTEREST CHARGEINTEREST CHARGESINTEREST COSTINTEREST RATEINTEREST RATESINTERNATIONAL FINANCEINVESTMENT PRODUCTSKNOWLEDGE GAPLENDERLENDERSLIABILITYLIFE EVENTSLIFE INSURANCELIFETIMELIQUIDITY RISKLOANLOAN AGREEMENTLONG-TERM SAVINGSLOW-INCOMEMARKET CONDITIONSMARKET ECONOMIESMARKETINGMASS MEDIAMEDIUM ENTERPRISESMICROFINANCEMINIMUM PAYMENTMORAL HAZARDMORTGAGE LOANMORTGAGE MARKETSMORTGAGESPARENT ORGANIZATIONPAYMENT SERVICESPENALTY FEESPENSIONPENSION FUNDPENSIONSPERSONAL FINANCEPERSONAL FINANCIAL INFORMATIONPERSONAL FINANCIAL LITERACYPERSONAL PREFERENCESPRESENT VALUEPRIVATE PENSIONSPROPRIETORSHIPSPROTECTION OF CONSUMERSPROVISION OF CREDITPUBLIC POLICYPURCHASESRAPID DEVELOPMENTRAPID GROWTHRATE OF INTERESTREGULATORY AUTHORITYREMITTANCEREPAYMENTRESIDENTIAL MORTGAGERESPONSIBILITIESRETAIL BANKINGRETAIL FINANCIAL MARKETSRETAIL FINANCIAL SERVICESRETIREMENTRETIREMENT INCOMERISK MANAGEMENTSAFETY NETSSALESALESSAVINGSSAVINGS ACCOUNTSCAMSSECURITIESSECURITIES DEALERSSENIORSENIORSSOLVENCYSTAKEHOLDERSSURVEYS OF CONSUMERTRANSACTIONTYPES OF LOANSUNIONUNIONSVALUABLEVALUE OF MONEYVALUE OF SAVINGSWITHDRAWALWorld Bank10.1596/12828