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Consumer Protection and Financial Literacy

Publications
 Good Practices for Consumer Protection and Financial Literacy
 Lessons from Nine Country Studies 
 Knowledge Briefs
 New 

Country Diagnostic Reviews, Financial Literacy Surveys and Action Plans
 Diagnostic Reviews on Consumer Protection and Financial Literacy 
 Financial Literacy Surveys 
New 
 Action Plans 
  New

Dissemination Workshops
 Azerbaijan: Workshop on Action Plans (Dec. 2009) 
 Romania: Workshop on Diagnostic Review (Oct. 2009) 
 Russian Federation: Workshop on Diagnostic Review (Sept. 2009) 
 Azerbaijan: Workshop on Diagnostic Review (June 2009)
 Bulgaria: Workshop on Diagnostic Review (April 2009)
 Slovakia: International Workshop on Consumer Protection in Financial Services (June 2007)

Workshops, Seminars and Conferences
 Brussels Workshop on Good Practices of Consumer Protection in Financial Services (Oct. 2008)
 World Bank Global Seminar on Financial Literacy and Consumer Protection (Sept. 2008) 
 Other Workshops and Conferences 

Project Team
 Members of the Project Team
 Advisory Group
 Contacts
 Comments



 
Good Practices

  
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool - ECSPF Working Paper, August 2010 (pdf, 1151 kb)
 

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Lessons from Nine Country Studies

Consumer Protection and Financial Literacy: Lessons from Nine Country Studies
Sue Rutledge, February 2010 (pdf, 761 kb)
 

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Knowledge Briefs

Improving Protection in Financial Services for Russian Consumers (English)
Improving Protection in Financial Services for Russian Consumers (Russian)
Sue Rutledge
Europe & Central Asia Knowledge Brief Volume 13, December 2009 (pdf, 92 kb)

Country Studies Provide Powerful Lessons in Financial Consumer Protection
Sue Rutledge
Europe & Central Asia Knowledge Brief Volume 26, July 2010 (pdf, 155 kb)

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Diagnostic Reviews on Consumer Protection and Financial Literacy


Croatia:
Volume I
English: Key Findings and Recommendations (pdf, 331 kb)
Croatian: Glavni nalazi i preporuke (pdf, 527 kb)
Volume II
English: Comparison against Good Practices (pdf, 921 kb)
Croatian: Usporedba s dobrim praksama (pdf, 1239 kb)

Latvia:
Volume I
English: Key Findings and Recommendations (pdf, 666 kb)
Latvian: Executive Summary - Kopsavilkums (pdf, 201 kb) 
Volume II
English: Comparison against Good Practices (pdf, 1879 kb)

Russian Federation:
Volume I
English: Key Findings and Recommendations (pdf, 903 kb)
Russian: Ключевые выводы и рекомендации (pdf, 1270 kb)
Volume II
English: Review against Good Practices (pdf, 1815 kb)
Russian: Передовая Практика (pdf, 2303 kb)

Lithuania:
Volume I
English: Key Findings and Recommendations (pdf, 818 kb)
Lithuanian: Pagrindinės išvados ir rekomendacijos (pdf, 1168 kb)
Volume II
English: Comparison against Good Practices (pdf, 1165 kb)
Lithuanian: Gerosios praktikos palyginimas (pdf, 1424 kb)

Romania:
Volume I: Key Findings and Recommendations (pdf, 532 kb)
Volume II: Comparison against Good Practices (pdf, 830 kb)

Azerbaijan:
Volume I
English: Key Findings and Recommendations (pdf, 670 kb) - updated as of November 2009
Azeri: Əsas Nəticələr və Tövsiyələr (pdf, 1130 kb)
Volume II
English: Review against Good Practices (pdf, 920 kb) - updated as of November 2009
Azeri: Yaxşı Təcrübə Normaları ilə Müqayisə (pdf. 1041 kb)

Bulgaria:
Volume I
English: Key Findings and Recommendations (pdf, 447 kb)
Bulgarian: Основни констатации и препоръки (pdf, 833 kb)
Volume II
English: Comparison against Good Practices (pdf, 926 kb)

Slovakia:
Volume I: Key Findings and Recommendations (pdf, 280 kb)
Volume II: Assessment against Good Practices (pdf, 535 kb)

Czech Republic:
Technical Note on Consumer Protection in Financial Services (pdf, 274 kb)

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Financial Literacy Surveys


Russian Federation:
Financial Literacy Survey Questionnaire (pdf, 207kb)

Azerbaijan:
December 2009
Final Report: Results of the Financial Literacy Survey (pdf, 2596 kb)
Yekun Hesabat: Maliyyə savadlılığı üzrə keçirilmiĢ sorğunun Nəticələri (pdf, 5354 kb)

Romania:
June 2010
Analysis of the Financial Literacy Survey in Romania and Recommendations (pdf, 1243 kb)

Bulgaria:
July 2010
Financial Literacy Survey: Report on the Key Findings of the Survey (pdf, 2063 kb)
Изследване На Финансовата Грамотност: Доклад върху основните резултати от изследването (pdf, 3285 kb)
  

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Action Plans
 

Azerbaijan
December 2009
Action Plan for Strengthening Financial Services Consuner Protection in Azerbaijan - Revised Draft (pdf, 959 kb)
Tədbirlər Planı: Azərbaycanda Maliyyə Xidmətləri İstehlakçılarının Müdafiəsinin Gücləndirilməsi üzrə (pdf, 1264 kb)

Latvia
April 2010
Action Plan on Financial Consumer Protection - Consultative Draft (pdf, 584 kb)
Rīcības plāns: Finanšu patērētāju aizsardzības - Pārskatītais plāna projekts (pdf, 904 kb)

 

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Azerbaijan Workshop on Action Plans for Consumer Protection and Financial Literacy
( BAKU, AZERBAIJAN - DECEMBER 17, 2009 )

The Central Bank of Azerbaijan organized and hosted the Workshop on Action Plans for Consumer Protection and Financial Literacy on December 17th, 2009. The main obejctive of the workshop was to present the action plan on legal and regulatory financial consumer protection issues, and the action plan for strengthening improving financial capability in Azerbaijan.

Also, the Azerbaijan Microfinance Association presented initial findings of the baseline financial literacy survey conducted in December 2009. In addition, the updated Technical Note on Consumer Protection and Financial Literacy was distributed at the workshop. All these activities were funded by the grant provided by the Swiss State Secretariat for Economic Affairs (SECO).

The workshop was attended by more than 50 participants from government, private and non-government sectors of Azerbaijan, as well as international organizations. Remarks were offered by Mr. Alim Guliyev, First Deputy Chairman of the Central Bank of Azerbaijan, Mr. Namig Khalilov, Head of the Insurance Supervision Department of the Ministry of Finance, Mr. Phillip Keller, Deputy General Director for the South Caucasus of SECO, and Mr. Gregory Jedrzejczak, Country Manager for Azerbaijan of the World Bank.

Click here to see the Agenda & Presentations.

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Romania Workshop on Consumer Protection and Financial Literacy
( BUCHAREST, ROMANIA - OCTOBER 20, 2009 )

The latest World Bank’s study entitled “ROMANIA: Diagnostic Review of Consumer Protection and Financial Literacy” provides an in-depth review of the existing rules and practices in Romania compared to international good practices on consumer protection in financial services.

The key findings of the Romania report were presented on October 20, 2009 at a workshop inaugurated by Mrs. Arntraud Hartmann, Acting Country Manager of the World Bank office in Romania, Mr. Petru Rares, Executive President and General Director of the Romanian Banking Institute, and Mr. Nicolae Idu, Head of the European Commission Representation in Romania. The event was attended by government officials from Ministry of Finance, Ministry of Economy and Energy, the National Bank of Romania, the financial supervision agencies, National Authority for Consumer Protection, Competition Council, banks and financial institutions.

Click here to see more information of the Workshop, including presentations and op-eds.

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Russian Federation Workshop on Consumer Protection in Financial Services
( MOSCOW, RUSSIAN FEDERATION - SEPTEMBER 22, 2009 )

On September 22, 2009 the World Bank publicly released for discussion its draft report "Diagnostic Review of Consumer Protection in Financial Services in the Russian Federation". The report was prepared at the request of the Russian financial authorities and reviewed by Russian authorities and private organizations.

The draft report was released during the Kick-Off Workshop on Consumer Protection in Financial Services, held on Tuesday September 22, 2009. The Kick-Off Workshop also served to initiate public discussions on the Review's key findings and recommendations.

In addition, four Implementation Workshops were organized by the professional associations during the week to look at the details of the recommendations for each part of the financial sector: banking, securities, insurance and pensions.

Click here to see more information of the Workshops 

Click here to watch a video of a brief TV interview conducted after the Workshop

For more information, visit the website of the World Bank Russian Country Office 

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Azerbaijan Workshop on Consumer Protection and Financial Literacy
( BAKU, AZERBAIJAN - JUNE 24, 2009 )

The World Bank's report "Azerbaijan: Technical Note on Consumer Protection and Financial Literacy" provides an assessment of laws, regulations and practices in Azerbaijan, compared with international good practices of consumer protection in financial services and financial literacy.

The key findings and recommendations of the Azerbaijan report were presented at a workshop organized by the Central Bank of Azerbaijan in cooperation with the World Bank. The workshop also included a presentation on lessons learned from international experience in improving financial literacy.

Click here to see the Agenda & Presentations

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Bulgaria Workshop on Consumer Protection and Financial Capability
( SOFIA, BULGARIA - APRIL 13, 2009 )
 

Financial services consumer protection improves efficiency of financial intermediation and indirectly reduces risks to financial stability, which has been seriously challenged by the recent financial turmoil.

The latest World Bank’s study entitled “BULGARIA: Diagnostic Review of Consumer Protection and Financial Capability ” provides an in-depth review on the existing rules and practices in Bulgaria compared to international good practices on consumer protection in financial services.

The key findings of the Bulgaria report were presented at a workshop inaugurated by EU Commissioner for Consumer Affairs Meglena Kuneva and attended by government officials from Ministry of Finance, Ministry of Economy and Energy, Bulgarian National Bank, the Financial Supervision Commission, Consumer Protection Commission and the Competition Protection Commission.

Click here to see the Agenda & Presentations

Click here to read the Press Release

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Slovakia International Workshop on Consumer Protection in Financial Services
( BRATISLAVA, SLOVAKIA - JUNE 13, 2007 )
 

Workshop organized by the Financial and Private Sector Development Department of the Europe and Central Asia (ECA) Region of the World Bank and the Ministry of Finance of the Slovak Republic. It aims to bring together experts and practitioners from the ECA region to discuss and promote international good practices in consumer protection in financial services.

The issue of consumer protection in financial services has been gaining importance in the EU and in particular among new members as financial markets grow and more sophisticated products became available to consumers. The World Bank, together with the Governments of the Slovak Republic and the Czech Republic have undertaken two comprehensive reviews of consumer protection in financial services. The workshop shares the findings from these two pilot assessments and aims to create a peer-to-peer learning opportunity among new and aspiring EU members as well as other countries in the region. In addition, the event shares the good practices and the assessment instrument which have been prepared by the World Bank and used as the basis for the reviews in the Czech and Slovak Republics.

The agenda includes presentations on the Financial Consumer Protection reports prepared by the World Bank and cover the areas of banking, consumer finance, insurance, securities and private pensions. In addition, international guest speakers are to discuss current work being carried out and best practice case studies in the EU as well as other countries with relevant experience for the Europe and Central Asia Region.

The target audience is government authorities, policymakers, consumer associations and other stakeholders from the region.

Click here to see the Agenda & Presentations

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Brussels Workshop on Good Practices of Consumer Protection in Financial Services
( BRUSSELS, BELGIUM - OCTOBER 16, 2008 )
 

Workshop organized by the European Credit Research Institute at the Centre for European Policy Studies, in cooperation with the World Bank. The World Bank has prepared an initial set of good practices in financial consumer protection as a diagnostic tool for identifying priorities for future reform in financial consumer protection. At this seminar, the World Bank presents these good practices to the European audience and seeks comments from stakeholders.

Click here to see the Agenda & Presentations

Click here to read the Minutes of the Workshop

For more information, visit the website of the European Credit Research Institute http://ecri.eu/new/node/71

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World Bank Global Seminar on Financial Literacy and Consumer Protection
( WASHINGTON, DC, USA - SEPTEMBER 3, 2008)


Conference Brochure
Agenda & Presentations

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Other Workshops and Conferences


International Financial Consumer Protection Network (FinCoNet), Annual Meeting
Rio de Janeiro, Brazil, 17 December 2009
Consumer Protection and Financial Literacy (pdf, 252 kb)

Azerbaijan Micro-finance Association (AMFA), "Investors Fair"
Baku, Azerbaijan, 7 October 2009
AMFA – Investors Fair: Good Practices for Consumer Protection in Financial Services (ppt, 351 kb)
AMFA – Investorlar Yarmarkası Maliyy xidmətləri sahəsində istehlakçıların müdafiəsi ilə baglı qabaqcıl təcrübələr (Presentation in Azerbaijani) (pdf, 410kb)
For more information of the Conference, please click here 

Ministerio de Economía y Finanzas, República de Panamá, "Mejorar el Acceso a Servicios Financieros en Panamá"
(Ministry of Economy and Finance, Republic of Panama, "Improving Access to Finance in Panama")
Panama City, Panama, 29-30 January 2009
Buenas Prácticas de Protección al Consumidor en Servicios Financieros (pdf, 453 kb)
(Good Practices of Consumer Protection in Financial Services, Presentation in Spanish)

OECD/US Treasury, "International Conference on Financial Education" 
Washington DC, USA, 7-8 May 2008
OECD-US Treasury International Conference on Financial Education (pdf, 351kb)
For more information of the Conference, please click here

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Members of the Project Team

Sue Rutledge (World Bank, Regional Consumer Protection Coordinator)
Nagavalli Annamalai (World Bank, Lead Counsel)
Arabela Sena Aprahamian (World Bank, Senior Operations Officer)
Gregory Brunner (World Bank, former Senior Consultant)
Brett Coleman (World Bank, Senior Financial Sector Specialist)
Eric Haythorne (World Bank, former Lead Counsel)
Juan Carlos Izaguirre (World Bank, Consultant)
Rodney Lester (World Bank, former Senior Advisor)
Martin Melecky (World Bank, Financial Economist)
Antony Randle (World Bank, Senior Consultant)
Richard Symonds (World Bank, former Senior Counsel)
Rodolfo Wehrhahn (World Bank, Senior Insurance Specialist)
Nicola Jentzsch (Technical University of Berlin, Senior Research Fellow)

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Advisory Group


Tomáš Prouza (Former Deputy Minister of Finance of the Czech Republic)
William Knight (Former Head of the Financial Consumers Agency of Canada)
Professor Lewis Mandell (University of Washington)
Shaun Mundy (Former Head of Financial Capability, Financial Services Authority, UK)

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Contacts

Sue Rutledge
Email: srutledge@worldbank.org
Phone: 1 (202) 473-2775

Juan Carlos Izaguirre
Email: jizaguirre@worldbank.org
Phone: 1 (202) 458-2881

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Comments


Please, send your comments to consumerprotection@worldbank.org

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