Russian Federation : Diagnostic Review of Consumer Protection in Financial Services, Volume 1. Key Findings and Recommendations
This paper is a pilot diagnostic review of consumer protection in financial services in the Russian Federation. The review examines financial services in Russia, but also emphasizes the need for a set of good practices, or benchmarks, for use in re...
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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/2009/07/16453146/russian-federation-diagnostic-review-consumer-protection-financial-services-key-findings-recommendations http://hdl.handle.net/10986/12835 |
| Summary: | This paper is a pilot diagnostic review
of consumer protection in financial services in the Russian
Federation. The review examines financial services in
Russia, but also emphasizes the need for a set of good
practices, or benchmarks, for use in reviewing consumer
protection in financial services in any jurisdiction. This
work will prove helpful to the international community, and
those in emerging markets. The review finds that most
people in Russia do not consider themselves financially
literate, and have little understanding of their rights as
consumers. The review's objectives are to conduct a
review of the existing rules and practices in Russia,
compared to international good practices on consumer
protection in financial services; provide recommendations
on ways to improve consumer protection in financial services
in Russia; and refine a set of good practices prepared by
the World Bank for assessing consumer protection in
financial services. As part of the conclusion, methods for
better financial education for consumers, are provided |
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