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Global survey on consumer protection and financial literacy : Oversight frameworks and practices in 114 economies - full report (English)

This report summarizes the results of the Global Survey on Consumer Protection and Financial Literacy conducted by the World Bank in 2013. The survey assessed the global status of financial consumer protection regulation and oversight frameworks in line with the G20 Principles and World Bank Good Practices. Using the data from an earlier survey completed in 2010, the report evaluates progress in a number of areas. Regulators involved in Financial Consumer Protection in 114 jurisdictions from all regions responded to the survey. The survey covered the following six consumer protection dimensions: Legal Framework, Institutional Arrangements, Fair Treatment, Disclosure Requirements, Responsible Lending, Dispute Resolution and Recourse. The new section on Financial Education outlines the responses from 81 jurisdictions where financial supervisors are involved in financial education activities. Overall the survey results show that the need for reforms is driven by the rapid expansion of retail financial markets in emerging markets in recent years and by the fallout from the recent financial crisis in the developed markets. While most countries have a financial consumer protection framework in place, only a few have developed adequate systems. This survey report draws on the recent reports prepared by the G20/OECD task force, the World Bank and other agencies to stimulate a discussion and help promote consensus on effective approaches in financial consumer protection supervision. The Results Brief (see Volume 2) provides a condensed version of the key results of the survey, omitting some analysis and the survey data tables provided in the Annexes of the full report.

Details

  • Author

    Mylenko,Nataliya

  • Document Date

    2013/01/01

  • Document Type

    Working Paper

  • Report Number

    88773

  • Volume No

    1

  • Total Volume(s)

    2

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2014/06/18

  • Disclosure Status

    Disclosed

  • Doc Name

    Oversight frameworks and practices in 114 economies - full report

  • Keywords

    financial consumer protection;prudential supervision;Insurance & Private Pension;financial service;Consumer Protection and Financial;business conduct;Securities and Exchange Commission;interests of consumer;lender of last resort;financial service provider;consumer protection law;legal framework;financial product;law and regulation;regulation and supervision;consumer protection rule;Financial Sector;consumer protection regulation;global financial crisis;

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Citation

Mylenko,Nataliya

Global survey on consumer protection and financial literacy : Oversight frameworks and practices in 114 economies - full report (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/775401468171251449/Oversight-frameworks-and-practices-in-114-economies-full-report