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Developing a key facts statement for consumer credit : technical note (English)

This technical note provides practical guidance to policy makers seeking to develop key facts statements (KFSs) for consumer credit products. Disclosure and transparency are the cornerstone of financial consumer protection. Misleading advertising and incomplete or confusing information on a credit product’s fees and risks can lead consumers to choose products not well-suited to their needs, leading to potential harm to consumer welfare. KFSs are a vehicle to provide key information on total costs, fees and charges, and key terms and conditions in a clear, easy to understand manner and in a standardized format across the industry. The technical note shares key principles, international good practices, and lessons learned in developing KFSs and pre-contractual disclosure requirements, including design elements and behavioral insights that can increase the effectiveness of KFSs in achieving better consumer comprehension.

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Citation

Chien,Jennifer

Developing a key facts statement for consumer credit : technical note (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/284281527836970187/Developing-a-key-facts-statement-for-consumer-credit-technical-note