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Martin Barto Deputy Governor National Bank of Slovakia

Martin Barto Deputy Governor National Bank of Slovakia. Workshop on Consumer Protection in Financial Services. Bratislava, June 13, 2007. Reasons for consumer protection. Products are becoming more sophisticated – good knowledge of financial products is necessary

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Martin Barto Deputy Governor National Bank of Slovakia

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  1. Martin BartoDeputy GovernorNational Bank of Slovakia Workshop on Consumer Protection in Financial Services Bratislava, June 13, 2007

  2. Reasons for consumer protection • Products are becoming more sophisticated – good knowledge of financial products is necessary • Ageing of population – rising interest of publics in long-term savings products • Falling or low interest rates – shift of investment risks to consumers • Increased competition (banks, collective investments, insurance companies) • More free funds available as country’s economy grows

  3. Financial education Consumer protection Regulation of financial intermediaries

  4. Financial assets of households • Changing structure of assets • Growing share of insurance reserves and shares

  5. Changing position of households • From passive investors to active investors • Investments with higher risk profile • Exposure to various types of risk • Need for knowledge of financial markets, instruments and practices

  6. Current situation in Slovak Republic • Act No. 747/2004 Coll. on Supervision of the Financial Market, Art. 1 (1) purpose of supervision – protection of customers • Act. No. 266/2005 Coll. on the Consumer Protection in Connection with the Distance Financial Services • The Manifesto of the Government of the Slovak Republic, August 2006 • Conception of consumer protection in area of financial services (Ministry of Finance of the Slovak Republic) • Unified regulation of financial intermediaries and advisory (NBS) • Organisational structure of NBS – Clients´ Protection Section

  7. Global principles for consumer protection in financial sector • International Association of Insurance Supervisors (IAIS) • International Organization of Securities Commissions (IOSCO) • Bank for International Settlements (BIS)

  8. Thank you for your attention

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