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Global Program on Consumer Protection & Financial Literacy

Empowering Tomorrow’s Consumers Consumer Protection & Financial Literacy Sue Rutledge Global Coordinator, World Bank PARTICIPANTS : PLEASE SIT WITH CONSUMER ORGANIZATIONS FROM YOUR GEOGRAPHIC REGION.

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Global Program on Consumer Protection & Financial Literacy

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  1. Empowering Tomorrow’s ConsumersConsumer Protection & Financial LiteracySue RutledgeGlobal Coordinator, World BankPARTICIPANTS: PLEASE SIT WITH CONSUMER ORGANIZATIONS FROM YOUR GEOGRAPHIC REGION

  2. Empowering Tomorrow’s ConsumersConsumers International World Congress 20115 May Hong KongConsumer Protection & Financial LiteracySue RutledgeGlobal Coordinator, World Bank

  3. Global Program on Consumer Protection & Financial Literacy • Program for Europe & Central Asia Region started 2005 • Global Program launched November 2010 • World Bank loans of $28 million • Ongoing projects of $144 million • Donor funding from Dutch BNPP, Japanese PHRD, Russian Financial Literacy/Financial Education Fund, Swiss SECO, UK DFID, USAID

  4. Strategy for Country Programs Input Baseline Household Survey of Financial Literacy & Consumer Behavior Action Plan to Implement Recommendations Implementation Program Follow-up Household Survey • Diagnostic Review of Legal & Regulatory Framework Feedback Loop

  5. Projects Underway Implementation Programs Action Plans -In pipeline Household Surveys -In pipeline Diagnostic Reviews -In pipeline

  6. Status of Country Programs • 33 countries have requested assistance • Detailed diagnostic reviews completed in 12 countries • Household surveys in 4 countries • Action plans in 3 countries • Implementation underway in 3 countries • Planned activities in 14 countries • Armenia, Azerbaijan, Bosnia & Herzegovina, India, Kazakhstan, Malawi, Nicaragua, Pakistan, Philippines, Russia, South Africa, Tajikistan, West Bank/Gaza, Zambia

  7. Initial Results of Country Programs

  8. Main Stakeholders • GOVERNMENT • Ministries (e.g. Finance, Economy, Education) • Public agencies (e.g. consumer protection, data protection, competition) • Councils (e.g. consumer protection, education) • FINANCIAL SUPERVISORS • Financial supervisory agencies • Central Bank • Financial consumer protection agency • Compensation schemes • FINANCIAL INDUSTRY • Industry associations • Training centers • Financial institutions (incl. distributors) • Financial infrastructure (e.g. credit bureaus) • CIVIL SOCIETY • Consumer associations • Debt counseling • Foundations • Academia • Media • REDRESS • MECHANISMS • Ombudsman • Arbitration • Mediation, conciliation • Courts • INTERNATIONAL COMMUNITY • Donors • Regional organizations • Standard setters • International associations

  9. All Formal Financial Services covered by Good Practices Banking Ins Insurance Securities • Good Practices for each sector focus on • Consumer disclosure • Business practices • Complaints & dispute resolution • Financial literacy Private Pensions Non-Bank Credit, incl. MFI Credit Reporting

  10. Some Ideas on how Consumer Organizations can Help • Collect and publish case studies and other data on consumer complaints about financial services • Publish stories showing how consumers can exercise their legal rights • Publish comparable financial offers • Provide glossary of common financial terms and concepts • Maintain a hotline of advice for financial consumers • Go to court on behalf of financial consumers • Advocate for improved consumer protection in financial legislation

  11. How can Consumer Organizations become Eligible for World Bank Funding? • Develop organization charts with defined roles • Draft five-year strategies • Prepare annual budgets • Have annual financial statements audited by independent auditor • Establish track record of impact in helping financial consumers • Provide advice to government consumer protection agencies

  12. Empowering Tomorrow’s ConsumersConsumers International World Congress 20115 May Hong KongWorld BankGlobal Program on Consumer Protection & Financial LiteracySue Rutledge - Global Coordinatorsrutledge@worldbank.org

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