Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report
As financial markets develop and deepen, one of the key issues for the fair, open and efficient operation of the markets is the protection of consumers rights in financial services. Be they bank depositors or borrowers or investors in insurance po...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2007/07/16428248/slovakia-technical-note-consumer-protection-financial-services-vol-1-2 http://hdl.handle.net/10986/12788 |
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okr-10986-12788 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ABUSIVE FINANCIAL PRACTICES ACCESS TO CREDIT ACCESS TO INFORMATION ACCURATE INFORMATION ADULT EDUCATION ANNUAL PERCENTAGE RATE APR BANK ACCOUNTS BANK LOANS BANKING EDUCATION BANKING SERVICES BANKRUPTCY BANKS BEST PRACTICE BORROWER BORROWING BORROWING MONEY BROCHURES CALCULATION CHECK-CASHING CENTERS CHECKING ACCOUNT CLASSROOM TRAINING COLLATERAL COMMERCIAL CREDIT CONSUMER CONSUMER ADVOCACY CONSUMER ADVOCACY ORGANIZATIONS CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GOODS CONSUMER GROUP CONSUMER GROUPS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER PROTECTION LAWS CONSUMER PROTECTIONS CONSUMER RIGHTS CONSUMERS CONTRIBUTIONS COURT SETTLEMENT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT RECORDS CREDIT RISK CREDIT SCORES CREDIT SCORING CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CUSTOMER SERVICE DEBT DEBT COLLECTION DEBT COLLECTORS DEBT CONSOLIDATION DEBTS DECEPTIVE PRACTICES DELINQUENCIES DELINQUENCY DELINQUENCY RATE DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS ECONOMIC SECURITY EXCHANGE COMMISSION EXCHANGE RATES FEDERAL RESERVE FINANCE COMPANIES FINANCES FINANCIAL ABUSES FINANCIAL ACTIVITIES FINANCIAL ADVISOR FINANCIAL ADVISORS FINANCIAL CIRCUMSTANCES FINANCIAL CONCEPTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EXPERIENCE FINANCIAL GROUP FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL INVESTMENTS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL MATTERS FINANCIAL NEED FINANCIAL PRACTICES FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SYSTEM FINANCIAL TRAINING FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL EDUCATION FUND MANAGEMENT GROSS INCOME HOME LOANS HOME MORTGAGE HOUSEHOLD APPLIANCES HOUSEHOLD INCOME HOUSEHOLD SAVINGS INAPPROPRIATE FINANCIAL PRODUCTS INDEBTEDNESS INDIVIDUAL COUNSELING INFORMATION TO CONSUMERS INFORMED CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE POLICIES INTEREST CHARGES INTEREST RATE INTEREST RATES INVESTMENT ACCOUNT INVESTMENT PRODUCTS KNOWLEDGEABLE CONSUMERS LENDER LENDERS LEVEL OF EDUCATION LIABILITY LIFE INSURANCE LIFE INSURANCE POLICIES LIFE INSURANCE POLICY LIFE SKILLS LOAN LOAN AMOUNTS LOAN TERMS LOW COST LOW FINANCIAL LITERACY LOW-INCOME LOW-INCOME FAMILIES MAJOR LIFE EVENTS MARKET PARTICIPANTS MARKETING MONTHLY PAYMENTS MORTGAGE MORTGAGE LOANS MORTGAGE PRODUCTS MORTGAGES MUTUAL FUNDS NATIONAL BANK NET ASSET PENALTY FEES PENSION PENSION ASSET PENSION COMPANIES PENSION FUND PENSION FUNDS PENSION SAVING PENSION SECTORS PERSONAL FINANCES PERSONAL FINANCIAL INFORMATION PREDATORY LENDING PREPAYMENT PENALTIES PRESS RELEASES PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PUBLIC CONFIDENCE PURCHASES REAL ESTATE REPAYMENTS RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL SERVICES RETIREMENT RETIREMENT PENSION RISK MANAGEMENT SALE SALES SALES TACTICS SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SAVINGS GOALS SCAMS SECURITIES SECURITIES DEALERS SENIOR SMALL BUSINESS SOCIAL EXCLUSION SOUND FINANCIAL DECISIONS STOCK EXCHANGE TIMELY PAYMENTS TRAINING PROGRAM TRANSACTION TRANSACTION FEE UNSCRUPULOUS LENDERS UNSECURED PERSONAL LOANS VALUABLE WAGES |
| spellingShingle |
ABUSIVE FINANCIAL PRACTICES ACCESS TO CREDIT ACCESS TO INFORMATION ACCURATE INFORMATION ADULT EDUCATION ANNUAL PERCENTAGE RATE APR BANK ACCOUNTS BANK LOANS BANKING EDUCATION BANKING SERVICES BANKRUPTCY BANKS BEST PRACTICE BORROWER BORROWING BORROWING MONEY BROCHURES CALCULATION CHECK-CASHING CENTERS CHECKING ACCOUNT CLASSROOM TRAINING COLLATERAL COMMERCIAL CREDIT CONSUMER CONSUMER ADVOCACY CONSUMER ADVOCACY ORGANIZATIONS CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GOODS CONSUMER GROUP CONSUMER GROUPS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER PROTECTION LAWS CONSUMER PROTECTIONS CONSUMER RIGHTS CONSUMERS CONTRIBUTIONS COURT SETTLEMENT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT RECORDS CREDIT RISK CREDIT SCORES CREDIT SCORING CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CUSTOMER SERVICE DEBT DEBT COLLECTION DEBT COLLECTORS DEBT CONSOLIDATION DEBTS DECEPTIVE PRACTICES DELINQUENCIES DELINQUENCY DELINQUENCY RATE DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS ECONOMIC SECURITY EXCHANGE COMMISSION EXCHANGE RATES FEDERAL RESERVE FINANCE COMPANIES FINANCES FINANCIAL ABUSES FINANCIAL ACTIVITIES FINANCIAL ADVISOR FINANCIAL ADVISORS FINANCIAL CIRCUMSTANCES FINANCIAL CONCEPTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EXPERIENCE FINANCIAL GROUP FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL INVESTMENTS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL MATTERS FINANCIAL NEED FINANCIAL PRACTICES FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SYSTEM FINANCIAL TRAINING FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL EDUCATION FUND MANAGEMENT GROSS INCOME HOME LOANS HOME MORTGAGE HOUSEHOLD APPLIANCES HOUSEHOLD INCOME HOUSEHOLD SAVINGS INAPPROPRIATE FINANCIAL PRODUCTS INDEBTEDNESS INDIVIDUAL COUNSELING INFORMATION TO CONSUMERS INFORMED CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE POLICIES INTEREST CHARGES INTEREST RATE INTEREST RATES INVESTMENT ACCOUNT INVESTMENT PRODUCTS KNOWLEDGEABLE CONSUMERS LENDER LENDERS LEVEL OF EDUCATION LIABILITY LIFE INSURANCE LIFE INSURANCE POLICIES LIFE INSURANCE POLICY LIFE SKILLS LOAN LOAN AMOUNTS LOAN TERMS LOW COST LOW FINANCIAL LITERACY LOW-INCOME LOW-INCOME FAMILIES MAJOR LIFE EVENTS MARKET PARTICIPANTS MARKETING MONTHLY PAYMENTS MORTGAGE MORTGAGE LOANS MORTGAGE PRODUCTS MORTGAGES MUTUAL FUNDS NATIONAL BANK NET ASSET PENALTY FEES PENSION PENSION ASSET PENSION COMPANIES PENSION FUND PENSION FUNDS PENSION SAVING PENSION SECTORS PERSONAL FINANCES PERSONAL FINANCIAL INFORMATION PREDATORY LENDING PREPAYMENT PENALTIES PRESS RELEASES PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PUBLIC CONFIDENCE PURCHASES REAL ESTATE REPAYMENTS RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL SERVICES RETIREMENT RETIREMENT PENSION RISK MANAGEMENT SALE SALES SALES TACTICS SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SAVINGS GOALS SCAMS SECURITIES SECURITIES DEALERS SENIOR SMALL BUSINESS SOCIAL EXCLUSION SOUND FINANCIAL DECISIONS STOCK EXCHANGE TIMELY PAYMENTS TRAINING PROGRAM TRANSACTION TRANSACTION FEE UNSCRUPULOUS LENDERS UNSECURED PERSONAL LOANS VALUABLE WAGES World Bank Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| geographic_facet |
Europe and Central Asia Slovak Republic |
| description |
As financial markets develop and deepen,
one of the key issues for the fair, open and efficient
operation of the markets is the protection of consumers
rights in financial services. Be they bank depositors or
borrowers or investors in insurance policies, securities or
investment or pension funds, financial consumers need the
ability to accurately understand the terms and conditions of
their contracts and take action if the terms of contracts
have been violated. The Note is the second report in a pilot
program to analyze consumer protection in
financialservices.The objectives of the Note are
three-fold, to: (1) present a set of draft good practices
for assessing consumer protection in financial services; (2)
conduct a review of the existing rules and practices in
Slovakia compared to the draft practices; and (3) provide
recommendations on ways to improve consumer protection in
financial services in Slovakia. The Technical Note
wasprepared at the request of the Slovak Ministry
of Finance, with the valuable support of the National Bank
of Slovakia and other government agencies, ministries, and
non-government organizations. In the past the World Bank has
also prepared governance reviews of the Slovak financial
sector for banking and private pension funds. Few guidelines
are available for consumer protection in financial services.
Consumer protection in financial services remains a new and
developing area for which no consensus has developed on the
broad parameters against which a specific country might be
analyzed. This Note relied on the EU Directives related to
consumer protection and the reports of European
financialregulatory and supervisory agencies.
Other sources were also used. In the United States, the
Federal Trade Commission, the Securities and Exchange
Commission and other state, federal and self-regulatory
agencies have developed laws, rules and guidelines to
protect financial consumers. In addition, the 2003 OECD
Guidelines for Protecting Consumers from Fraudulent and
DeceptiveCommercial Practices across Borders and
the 1999 United Nations Guidelines for Consumer Protection
served as useful reference points for general consumer
protection not related to the financial sector. The
recommendations in the Note go beyond the provisions of the
EU Directives currently in force. As described in the EU
Consumer Protection strategy announced in March 2007 and the
April 2007 Green Paper on Retail Financial Services,
European financial consumers wouldbenefit from
stronger legal and institutional protections than are
currently in place. Both in Europe and elsewhere,
contemporary thinking on consumer protection is rapidly
evolving. The Technical Note takes into account the
international discussion on financial consumer protection
and evolving good practices in financial consumer
protection. Thus, the Note presents recommendations that are
applicable to the Slovak financial sector, but in some cases
go beyondthe minimum requirements set by EU legislation. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| title_short |
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| title_full |
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| title_fullStr |
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| title_full_unstemmed |
Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report |
| title_sort |
slovakia : technical note on consumer protection in financial services, volume 1. main report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2007/07/16428248/slovakia-technical-note-consumer-protection-financial-services-vol-1-2 http://hdl.handle.net/10986/12788 |
| _version_ |
1764421366433447936 |
| spelling |
okr-10986-127882021-04-23T14:03:04Z Slovakia : Technical Note on Consumer Protection in Financial Services, Volume 1. Main Report World Bank ABUSIVE FINANCIAL PRACTICES ACCESS TO CREDIT ACCESS TO INFORMATION ACCURATE INFORMATION ADULT EDUCATION ANNUAL PERCENTAGE RATE APR BANK ACCOUNTS BANK LOANS BANKING EDUCATION BANKING SERVICES BANKRUPTCY BANKS BEST PRACTICE BORROWER BORROWING BORROWING MONEY BROCHURES CALCULATION CHECK-CASHING CENTERS CHECKING ACCOUNT CLASSROOM TRAINING COLLATERAL COMMERCIAL CREDIT CONSUMER CONSUMER ADVOCACY CONSUMER ADVOCACY ORGANIZATIONS CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER EDUCATION CONSUMER FINANCE CONSUMER GOODS CONSUMER GROUP CONSUMER GROUPS CONSUMER INFORMATION CONSUMER LENDING CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER PROTECTION LAW CONSUMER PROTECTION LAWS CONSUMER PROTECTIONS CONSUMER RIGHTS CONSUMERS CONTRIBUTIONS COURT SETTLEMENT CREDIT BUREAU CREDIT CARD CREDIT CARDS CREDIT RECORDS CREDIT RISK CREDIT SCORES CREDIT SCORING CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CUSTOMER SERVICE DEBT DEBT COLLECTION DEBT COLLECTORS DEBT CONSOLIDATION DEBTS DECEPTIVE PRACTICES DELINQUENCIES DELINQUENCY DELINQUENCY RATE DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS ECONOMIC SECURITY EXCHANGE COMMISSION EXCHANGE RATES FEDERAL RESERVE FINANCE COMPANIES FINANCES FINANCIAL ABUSES FINANCIAL ACTIVITIES FINANCIAL ADVISOR FINANCIAL ADVISORS FINANCIAL CIRCUMSTANCES FINANCIAL CONCEPTS FINANCIAL CONSUMER FINANCIAL CONSUMERS FINANCIAL CRISIS FINANCIAL EDUCATION FINANCIAL EDUCATION INITIATIVES FINANCIAL EXPERIENCE FINANCIAL GROUP FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL INVESTMENTS FINANCIAL ISSUES FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL MATTERS FINANCIAL NEED FINANCIAL PRACTICES FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL REGULATOR FINANCIAL REGULATORS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SERVICES AUTHORITY FINANCIAL SYSTEM FINANCIAL TRAINING FOREIGN CURRENCIES FOREIGN CURRENCY FORMAL EDUCATION FUND MANAGEMENT GROSS INCOME HOME LOANS HOME MORTGAGE HOUSEHOLD APPLIANCES HOUSEHOLD INCOME HOUSEHOLD SAVINGS INAPPROPRIATE FINANCIAL PRODUCTS INDEBTEDNESS INDIVIDUAL COUNSELING INFORMATION TO CONSUMERS INFORMED CONSUMERS INFORMED DECISIONS INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE POLICIES INTEREST CHARGES INTEREST RATE INTEREST RATES INVESTMENT ACCOUNT INVESTMENT PRODUCTS KNOWLEDGEABLE CONSUMERS LENDER LENDERS LEVEL OF EDUCATION LIABILITY LIFE INSURANCE LIFE INSURANCE POLICIES LIFE INSURANCE POLICY LIFE SKILLS LOAN LOAN AMOUNTS LOAN TERMS LOW COST LOW FINANCIAL LITERACY LOW-INCOME LOW-INCOME FAMILIES MAJOR LIFE EVENTS MARKET PARTICIPANTS MARKETING MONTHLY PAYMENTS MORTGAGE MORTGAGE LOANS MORTGAGE PRODUCTS MORTGAGES MUTUAL FUNDS NATIONAL BANK NET ASSET PENALTY FEES PENSION PENSION ASSET PENSION COMPANIES PENSION FUND PENSION FUNDS PENSION SAVING PENSION SECTORS PERSONAL FINANCES PERSONAL FINANCIAL INFORMATION PREDATORY LENDING PREPAYMENT PENALTIES PRESS RELEASES PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE PENSIONS PUBLIC CONFIDENCE PURCHASES REAL ESTATE REPAYMENTS RESPONSIBILITIES RETAIL BANKING RETAIL FINANCIAL SERVICES RETIREMENT RETIREMENT PENSION RISK MANAGEMENT SALE SALES SALES TACTICS SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SAVINGS GOALS SCAMS SECURITIES SECURITIES DEALERS SENIOR SMALL BUSINESS SOCIAL EXCLUSION SOUND FINANCIAL DECISIONS STOCK EXCHANGE TIMELY PAYMENTS TRAINING PROGRAM TRANSACTION TRANSACTION FEE UNSCRUPULOUS LENDERS UNSECURED PERSONAL LOANS VALUABLE WAGES As financial markets develop and deepen, one of the key issues for the fair, open and efficient operation of the markets is the protection of consumers rights in financial services. Be they bank depositors or borrowers or investors in insurance policies, securities or investment or pension funds, financial consumers need the ability to accurately understand the terms and conditions of their contracts and take action if the terms of contracts have been violated. The Note is the second report in a pilot program to analyze consumer protection in financialservices.The objectives of the Note are three-fold, to: (1) present a set of draft good practices for assessing consumer protection in financial services; (2) conduct a review of the existing rules and practices in Slovakia compared to the draft practices; and (3) provide recommendations on ways to improve consumer protection in financial services in Slovakia. The Technical Note wasprepared at the request of the Slovak Ministry of Finance, with the valuable support of the National Bank of Slovakia and other government agencies, ministries, and non-government organizations. In the past the World Bank has also prepared governance reviews of the Slovak financial sector for banking and private pension funds. Few guidelines are available for consumer protection in financial services. Consumer protection in financial services remains a new and developing area for which no consensus has developed on the broad parameters against which a specific country might be analyzed. This Note relied on the EU Directives related to consumer protection and the reports of European financialregulatory and supervisory agencies. Other sources were also used. In the United States, the Federal Trade Commission, the Securities and Exchange Commission and other state, federal and self-regulatory agencies have developed laws, rules and guidelines to protect financial consumers. In addition, the 2003 OECD Guidelines for Protecting Consumers from Fraudulent and DeceptiveCommercial Practices across Borders and the 1999 United Nations Guidelines for Consumer Protection served as useful reference points for general consumer protection not related to the financial sector. The recommendations in the Note go beyond the provisions of the EU Directives currently in force. As described in the EU Consumer Protection strategy announced in March 2007 and the April 2007 Green Paper on Retail Financial Services, European financial consumers wouldbenefit from stronger legal and institutional protections than are currently in place. Both in Europe and elsewhere, contemporary thinking on consumer protection is rapidly evolving. The Technical Note takes into account the international discussion on financial consumer protection and evolving good practices in financial consumer protection. Thus, the Note presents recommendations that are applicable to the Slovak financial sector, but in some cases go beyondthe minimum requirements set by EU legislation. 2013-03-15T19:40:05Z 2013-03-15T19:40:05Z 2007-07 http://documents.worldbank.org/curated/en/2007/07/16428248/slovakia-technical-note-consumer-protection-financial-services-vol-1-2 http://hdl.handle.net/10986/12788 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Slovak Republic |