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BULGARIA Diagnostic Review of Consumer Protection and Financial Capability Sofia, 13 April 2009

BULGARIA Diagnostic Review of Consumer Protection and Financial Capability Sofia, 13 April 2009. Sue Rutledge Regional Coordinator, Consumer Protection World Bank srutledge@worldbank.org. Household Bank Accounts Worldwide. Source: World Bank. Source: Unicredit. Expansion of Consumer Credit.

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BULGARIA Diagnostic Review of Consumer Protection and Financial Capability Sofia, 13 April 2009

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  1. BULGARIADiagnostic Review of Consumer Protection and Financial CapabilitySofia, 13 April 2009 Sue Rutledge Regional Coordinator, Consumer Protection World Bank srutledge@worldbank.org

  2. Household Bank Accounts Worldwide Source: World Bank

  3. Source: Unicredit Expansion of Consumer Credit Source: European Bank for Reconstruction and Development

  4. Diagnostic Reviews

  5. Institutional Gaps to be Filled • Address financial consumers’ inquiries & complaints • Efficiently resolve consumer disputes on small amounts of money • Gather, publish and analyze data on consumer inquiries, complaints & disputes • Submit reports to financial supervisors • Recommend measures to improve consumer protection

  6. Recommendations • Short-term: Consumer Protection Commission to interface with financial supervisory agencies • Medium-term: Consumer Protection Commission to cover consumer protection for all financial services • Long-term: Financial ombudsman to be created to handle disputes, complaints and inquiries for consumer financial services

  7. Complaints, Inquiries & Disputes about Financial Services • UK Financial Ombudsman Service - 116,600 • Italian Banking Ombudsman - 4,000 • French Insurance Mediator – 4,000 • Belgian Insurance Ombudsman - 3,400 • Hellenic Ombudsman for Banking – Investment Services – 1,500 • Bulgaria – Various Agencies Combined – 1,200 • Consumer Complaints Scheme of the German Association of Private Building Societies – 650 • Finnish Securities Complaint Board - 250

  8. More Recommendations • Publish statistics on financial consumer complaints • Make conciliation committees permanent standing committees, using written submissions • Make decisions of conciliation committees binding on financial institutions for small amounts of money • Monitor effectiveness—and public confidence—in conciliation committees for financial services

  9. More Information www.worldbank.org/eca/consumerprotection

  10. BULGARIADiagnostic Review of Consumer Protection and Financial CapabilitySofia, 13 April 2009 Sue Rutledge Regional Coordinator, Consumer Protection World Bank srutledge@worldbank.org

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