Armenia - Action plan on financial consumer protection (English)

The action plan on financial consumer protection for Armenia is based on the diagnostic review of consumer protection and financial literacy, prepared by the World Bank in 2012. A well-balanced financial consumer protection regime serves the interests... See More + The action plan on financial consumer protection for Armenia is based on the diagnostic review of consumer protection and financial literacy, prepared by the World Bank in 2012. A well-balanced financial consumer protection regime serves the interests of both financial institutions and financial consumers. An adequate financial consumer protection regime should provide financial institutions with better-informed and more knowledgeable clients and make sure that clients understand their obligations under the contracts they signed. The action plan focuses on the key recommendations listed in the diagnostic review, and proposes specific actions to be undertaken by Armenian stakeholders. The action plan identifies the activities needed to implement key high-priority recommendations that could be implemented in the short term. These recommendations cover four areas: 1) institutional framework, 2) consumer disclosure, 3) business practices, and 4) dispute resolution. This action plan aims to provide Armenian authorities with a first key input for the development of their own final consumer protection strategy. The action plan also identifies the actors that would play a key role in implementing the activities.  See Less -