Improving Protection in Financial Services for Russian Consumers
Over the last decade, consumer credit in the Russian Federation has expanded from almost nothing to 9.2 percent of Gross Domestic Product (GDP) in 2008. This is an average increase of 84 percent a year for five years. Recent developments in financi...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2009/12/11677144/improving-protection-financial-services-russian-consumers http://hdl.handle.net/10986/10221 |
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okr-10986-102212021-04-23T14:02:49Z Improving Protection in Financial Services for Russian Consumers Rutledge, Sue ACCESS TO FINANCIAL EDUCATION ARBITRATION ASSETS BAD INVESTMENT BANK ACCOUNTS BANK FINANCING BANKING SECTOR BANKRUPT BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURE BANKRUPTCY PROCEDURES BANKS BEST PRACTICES BORROWINGS BUDGET PLANNING BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CAR REPAIRS CENTRAL BANK CHECKS COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPOUND INTEREST CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER DEBTORS CONSUMER DISCLOSURE CONSUMER LENDING CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER SPENDING CONSUMERS CONTACT POINT CONTRACT PROVISIONS CONTRIBUTION CREDIT COOPERATIVES CREDIT HISTORIES CREDIT PROVIDERS CREDIT REPORTING CREDIT RISK CREDITS DEBT DEBT COLLECTION DEBT COLLECTORS DEBTORS DEPOSIT DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EXPOSURE FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL DECISIONS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION PROGRAMS FINANCIAL FUTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STRATEGIES FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FRAUDS GROSS DOMESTIC PRODUCT INDIVIDUAL CONSUMER INDIVIDUAL CONSUMER DEBTORS INDIVIDUAL CONSUMERS INDIVIDUAL DEBTORS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INVESTING INVESTMENT ADVICE INVESTMENT DECISIONS INVESTMENT FUNDS LEGAL FRAMEWORK LENDERS LIQUIDATION LIQUIDITY LIQUIDITY RISK LONG-TERM SAVINGS LOW-INCOME LOW-INCOME PEOPLE MANDATE MARKET DISCIPLINE MARKET FAILURE MARKET RISKS MORTGAGE MORTGAGE MARKETS MORTGAGES NEW INVESTORS PAYMENT SERVICE PAYOFF PENSION PENSION FUNDS PENSION PLANNING PENSION SCHEMES PERSONAL BANKRUPTCY PERSONAL INFORMATION PRIVACY PRIVATE FINANCIAL SECTOR PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATION PROFESSIONAL ASSOCIATIONS RAPID GROWTH REAL ESTATE REORGANIZATION RESIDENTIAL MORTGAGES RESIDENTIAL REAL ESTATE RESULT RESULTS SAVINGS SECURITIES SENIOR SERVICE PROVIDERS STANDARD CONTRACT STATE PENSION SUPERVISION SUPERVISORY AGENCY TARGETS TRANSPARENCY TRUST FUND UNFAIR PRACTICES VALUABLE Over the last decade, consumer credit in the Russian Federation has expanded from almost nothing to 9.2 percent of Gross Domestic Product (GDP) in 2008. This is an average increase of 84 percent a year for five years. Recent developments in financial markets have highlighted the need for consumer protection and financial literacy for the long-term health of the financial sector. The rapid growth of household lending has been accompanied by an increase in the number of households that have difficulty in understanding the risks and obligations that they assume, or the full range of choices available. In the United States mortgage markets for instance, complex financial contracts were sold to borrowers, some of whom had weak credit histories. The consequences were disastrous, and highlight the importance of consumer protection and financial education to prevent other similar events. 2012-08-13T10:46:15Z 2012-08-13T10:46:15Z 2009-12 http://documents.worldbank.org/curated/en/2009/12/11677144/improving-protection-financial-services-russian-consumers http://hdl.handle.net/10986/10221 English Europe and Central Asia Knowledge Brief; Volume No. 13 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Europe and Central Asia Russian Federation |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO FINANCIAL EDUCATION ARBITRATION ASSETS BAD INVESTMENT BANK ACCOUNTS BANK FINANCING BANKING SECTOR BANKRUPT BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURE BANKRUPTCY PROCEDURES BANKS BEST PRACTICES BORROWINGS BUDGET PLANNING BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CAR REPAIRS CENTRAL BANK CHECKS COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPOUND INTEREST CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER DEBTORS CONSUMER DISCLOSURE CONSUMER LENDING CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER SPENDING CONSUMERS CONTACT POINT CONTRACT PROVISIONS CONTRIBUTION CREDIT COOPERATIVES CREDIT HISTORIES CREDIT PROVIDERS CREDIT REPORTING CREDIT RISK CREDITS DEBT DEBT COLLECTION DEBT COLLECTORS DEBTORS DEPOSIT DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EXPOSURE FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL DECISIONS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION PROGRAMS FINANCIAL FUTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STRATEGIES FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FRAUDS GROSS DOMESTIC PRODUCT INDIVIDUAL CONSUMER INDIVIDUAL CONSUMER DEBTORS INDIVIDUAL CONSUMERS INDIVIDUAL DEBTORS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INVESTING INVESTMENT ADVICE INVESTMENT DECISIONS INVESTMENT FUNDS LEGAL FRAMEWORK LENDERS LIQUIDATION LIQUIDITY LIQUIDITY RISK LONG-TERM SAVINGS LOW-INCOME LOW-INCOME PEOPLE MANDATE MARKET DISCIPLINE MARKET FAILURE MARKET RISKS MORTGAGE MORTGAGE MARKETS MORTGAGES NEW INVESTORS PAYMENT SERVICE PAYOFF PENSION PENSION FUNDS PENSION PLANNING PENSION SCHEMES PERSONAL BANKRUPTCY PERSONAL INFORMATION PRIVACY PRIVATE FINANCIAL SECTOR PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATION PROFESSIONAL ASSOCIATIONS RAPID GROWTH REAL ESTATE REORGANIZATION RESIDENTIAL MORTGAGES RESIDENTIAL REAL ESTATE RESULT RESULTS SAVINGS SECURITIES SENIOR SERVICE PROVIDERS STANDARD CONTRACT STATE PENSION SUPERVISION SUPERVISORY AGENCY TARGETS TRANSPARENCY TRUST FUND UNFAIR PRACTICES VALUABLE |
| spellingShingle |
ACCESS TO FINANCIAL EDUCATION ARBITRATION ASSETS BAD INVESTMENT BANK ACCOUNTS BANK FINANCING BANKING SECTOR BANKRUPT BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURE BANKRUPTCY PROCEDURES BANKS BEST PRACTICES BORROWINGS BUDGET PLANNING BUSINESS MODEL BUSINESS PRACTICES CAPABILITY CAR REPAIRS CENTRAL BANK CHECKS COLLECTION AGENCIES COLLECTION OF PAYMENTS COMMERCIAL BANKS COMPOUND INTEREST CONSUMER CONSUMER COMPLAINTS CONSUMER CONFIDENCE CONSUMER CREDIT CONSUMER DEBTORS CONSUMER DISCLOSURE CONSUMER LENDING CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER SPENDING CONSUMERS CONTACT POINT CONTRACT PROVISIONS CONTRIBUTION CREDIT COOPERATIVES CREDIT HISTORIES CREDIT PROVIDERS CREDIT REPORTING CREDIT RISK CREDITS DEBT DEBT COLLECTION DEBT COLLECTORS DEBTORS DEPOSIT DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION DISPUTE RESOLUTION MECHANISMS EXPOSURE FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CONTRACTS FINANCIAL DECISIONS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION PROGRAMS FINANCIAL FUTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL QUESTIONS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICES FINANCIAL SERVICES PROVIDERS FINANCIAL STABILITY FINANCIAL STRATEGIES FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FRAUDS GROSS DOMESTIC PRODUCT INDIVIDUAL CONSUMER INDIVIDUAL CONSUMER DEBTORS INDIVIDUAL CONSUMERS INDIVIDUAL DEBTORS INFORMATION DISCLOSURE INFORMED CONSUMERS INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INVESTING INVESTMENT ADVICE INVESTMENT DECISIONS INVESTMENT FUNDS LEGAL FRAMEWORK LENDERS LIQUIDATION LIQUIDITY LIQUIDITY RISK LONG-TERM SAVINGS LOW-INCOME LOW-INCOME PEOPLE MANDATE MARKET DISCIPLINE MARKET FAILURE MARKET RISKS MORTGAGE MORTGAGE MARKETS MORTGAGES NEW INVESTORS PAYMENT SERVICE PAYOFF PENSION PENSION FUNDS PENSION PLANNING PENSION SCHEMES PERSONAL BANKRUPTCY PERSONAL INFORMATION PRIVACY PRIVATE FINANCIAL SECTOR PRIVATE SECTOR PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATION PROFESSIONAL ASSOCIATIONS RAPID GROWTH REAL ESTATE REORGANIZATION RESIDENTIAL MORTGAGES RESIDENTIAL REAL ESTATE RESULT RESULTS SAVINGS SECURITIES SENIOR SERVICE PROVIDERS STANDARD CONTRACT STATE PENSION SUPERVISION SUPERVISORY AGENCY TARGETS TRANSPARENCY TRUST FUND UNFAIR PRACTICES VALUABLE Rutledge, Sue Improving Protection in Financial Services for Russian Consumers |
| geographic_facet |
Europe and Central Asia Russian Federation |
| relation |
Europe and Central Asia Knowledge Brief; Volume No. 13 |
| description |
Over the last decade, consumer credit in
the Russian Federation has expanded from almost nothing to
9.2 percent of Gross Domestic Product (GDP) in 2008. This is
an average increase of 84 percent a year for five years.
Recent developments in financial markets have highlighted
the need for consumer protection and financial literacy for
the long-term health of the financial sector. The rapid
growth of household lending has been accompanied by an
increase in the number of households that have difficulty in
understanding the risks and obligations that they assume, or
the full range of choices available. In the United States
mortgage markets for instance, complex financial contracts
were sold to borrowers, some of whom had weak credit
histories. The consequences were disastrous, and highlight
the importance of consumer protection and financial
education to prevent other similar events. |
| format |
Publications & Research :: Brief |
| author |
Rutledge, Sue |
| author_facet |
Rutledge, Sue |
| author_sort |
Rutledge, Sue |
| title |
Improving Protection in Financial Services for Russian Consumers |
| title_short |
Improving Protection in Financial Services for Russian Consumers |
| title_full |
Improving Protection in Financial Services for Russian Consumers |
| title_fullStr |
Improving Protection in Financial Services for Russian Consumers |
| title_full_unstemmed |
Improving Protection in Financial Services for Russian Consumers |
| title_sort |
improving protection in financial services for russian consumers |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2009/12/11677144/improving-protection-financial-services-russian-consumers http://hdl.handle.net/10986/10221 |
| _version_ |
1764412297626779648 |