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Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool


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. This Working Paper 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 Good Practices are based on four key concepts:

  1. consumer disclosure should be simple, easy to understand and comparable
  2. abusive business practices by financial service providers should be prohibited
  3. consumers should have an easy, inexpensive and speedy method of resolving disputes with financial institutions
  4. financial education should be available to consumers so that they can understand financial services and products and make informed decisions.

The Good Practices were developed as part of a pilot program in consumer protection and financial literacy, which has prepared Diagnostic Reviews in ten countries of Europe and Central Asia since 2005.

Read the report: Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool