Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices
The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to internati...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2012/06/17510467/armenia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2-comparison-good-practices http://hdl.handle.net/10986/13225 |
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okr-10986-13225 |
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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 |
ADVERTISEMENT ADVERTISEMENTS AFFORDABILITY AGRICULTURAL SECTOR ANNUAL PERCENTAGE RATE APR ATM AUTO INSURANCE AUTOMATIC TELLER AWARENESS CAMPAIGN BAD CREDIT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK CREDIT BANK DEPOSITS BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SYSTEM BANKRUPTCY BANKS BORROWER BORROWINGS BUSINESS PLAN CALCULATION CALCULATIONS CAPACITY BUILDING CAPITAL MARKETS CAREER DEVELOPMENT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTERESTS CONSUMER CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER FINANCE CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT COOPERATIVE CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PORTFOLIO CREDIT PRODUCT CREDIT PROVIDER CREDIT REGISTRY CREDIT UNION CREDIT UNIONS CREDIT WORTHINESS CREDITOR CREDITWORTHINESS CURRENCY CURRENT ACCOUNTS DEBT DEBT COLLECTION DEPOSIT DEPOSIT PRODUCTS DEPOSITOR DEPOSITORS DEPOSITS DEVELOPMENT OF ENTREPRENEURSHIP DISCLOSURE REQUIREMENTS DOMESTIC CURRENCY ECONOMIC ACTIVITIES ECONOMIC ACTIVITY EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM ENFORCEMENT MECHANISM ENTREPRENEURS EQUITY MARKET EXCHANGE RATES FAMILIES FARMER FINANCIAL CAPITAL FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REGULATION FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SECTOR REGULATIONS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FULL-TIME EMPLOYEES FUND MANAGER FUND MANAGERS GENERAL PUBLIC HEALTH INSURANCE HOUSEHOLD LENDING HOUSEHOLD SAVINGS HOUSEHOLDS HOUSING LOANS INCOME INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION ON MARKET INFORMATION TECHNOLOGY INFORMATION TO CONSUMERS INFORMED CHOICE INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE PENETRATION INSURANCE POLICY INSURANCE PREMIUMS INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT COMPANIES LATE PAYMENT LATE PAYMENTS LEGAL ADVICE LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANY LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN AMOUNT LOAN PORTFOLIO LOCAL CURRENCY LOWER INTEREST RATE MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PARTICIPANTS MARKET SHARE MARKETING MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGE COMPANY MORTGAGE CREDIT MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGES MULTI-PILLAR PENSION SYSTEM MUTUAL FUNDS OUTREACH OVERDRAFT PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION FUNDS PENSION INITIATIVE PENSION REFORM PENSION SYSTEM PERSONAL FINANCE POINT-OF-SALE PROFESSIONAL QUALIFICATION PROFESSIONAL QUALIFICATIONS PROTECTION OF CONSUMER PROTECTION OF CONSUMERS PUBLIC AWARENESS REMITTANCES REPAYMENT RESPONSIBILITIES RETAIL CREDIT RISK ASSESSMENT RISK MANAGEMENT RISK PROFILES SALE SALES SAVERS SAVINGS SAVINGS INSTITUTION SECURITIES SENIOR STAKEHOLDERS STOCK EXCHANGE STOCK MARKET TEACHER TRAININGS TECHNICAL ASSISTANCE TERMINATION TRAINING PROGRAMS TRANSACTION TRANSACTION FEES TYPES OF LOANS VILLAGE WITHDRAWAL YOUNG ADULTS YOUNG PEOPLE |
| spellingShingle |
ADVERTISEMENT ADVERTISEMENTS AFFORDABILITY AGRICULTURAL SECTOR ANNUAL PERCENTAGE RATE APR ATM AUTO INSURANCE AUTOMATIC TELLER AWARENESS CAMPAIGN BAD CREDIT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK CREDIT BANK DEPOSITS BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SYSTEM BANKRUPTCY BANKS BORROWER BORROWINGS BUSINESS PLAN CALCULATION CALCULATIONS CAPACITY BUILDING CAPITAL MARKETS CAREER DEVELOPMENT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTERESTS CONSUMER CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER FINANCE CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT COOPERATIVE CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PORTFOLIO CREDIT PRODUCT CREDIT PROVIDER CREDIT REGISTRY CREDIT UNION CREDIT UNIONS CREDIT WORTHINESS CREDITOR CREDITWORTHINESS CURRENCY CURRENT ACCOUNTS DEBT DEBT COLLECTION DEPOSIT DEPOSIT PRODUCTS DEPOSITOR DEPOSITORS DEPOSITS DEVELOPMENT OF ENTREPRENEURSHIP DISCLOSURE REQUIREMENTS DOMESTIC CURRENCY ECONOMIC ACTIVITIES ECONOMIC ACTIVITY EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM ENFORCEMENT MECHANISM ENTREPRENEURS EQUITY MARKET EXCHANGE RATES FAMILIES FARMER FINANCIAL CAPITAL FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REGULATION FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SECTOR REGULATIONS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FULL-TIME EMPLOYEES FUND MANAGER FUND MANAGERS GENERAL PUBLIC HEALTH INSURANCE HOUSEHOLD LENDING HOUSEHOLD SAVINGS HOUSEHOLDS HOUSING LOANS INCOME INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION ON MARKET INFORMATION TECHNOLOGY INFORMATION TO CONSUMERS INFORMED CHOICE INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE PENETRATION INSURANCE POLICY INSURANCE PREMIUMS INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT COMPANIES LATE PAYMENT LATE PAYMENTS LEGAL ADVICE LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANY LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN AMOUNT LOAN PORTFOLIO LOCAL CURRENCY LOWER INTEREST RATE MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PARTICIPANTS MARKET SHARE MARKETING MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGE COMPANY MORTGAGE CREDIT MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGES MULTI-PILLAR PENSION SYSTEM MUTUAL FUNDS OUTREACH OVERDRAFT PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION FUNDS PENSION INITIATIVE PENSION REFORM PENSION SYSTEM PERSONAL FINANCE POINT-OF-SALE PROFESSIONAL QUALIFICATION PROFESSIONAL QUALIFICATIONS PROTECTION OF CONSUMER PROTECTION OF CONSUMERS PUBLIC AWARENESS REMITTANCES REPAYMENT RESPONSIBILITIES RETAIL CREDIT RISK ASSESSMENT RISK MANAGEMENT RISK PROFILES SALE SALES SAVERS SAVINGS SAVINGS INSTITUTION SECURITIES SENIOR STAKEHOLDERS STOCK EXCHANGE STOCK MARKET TEACHER TRAININGS TECHNICAL ASSISTANCE TERMINATION TRAINING PROGRAMS TRANSACTION TRANSACTION FEES TYPES OF LOANS VILLAGE WITHDRAWAL YOUNG ADULTS YOUNG PEOPLE World Bank Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| geographic_facet |
Europe and Central Asia Armenia |
| description |
The objectives of the diagnostic review
of consumer protection and financial literacy for Armenia
are: (i) to assess the existing financial consumer
protection framework, by reviewing laws, regulations and
practices in Armenia compared to international good
practices; and (ii) to provide recommendations on ways to
improve consumer protection and financial literacy in
Armenia. The review provides a detailed assessment of the
institutional, legal and regulatory framework in four
financial segments, namely banking, non-bank credit
institutions, securities, and insurance. Many key steps have
already been taken in financial consumer protection,
especially at the regulatory and institutional levels.
Regarding the institutional framework, adequate resources
need to be allocated to the consumer protection team and
modern supervisory tools should be made available. Consumer
organizations should be strengthened and motivated to assist
the Central Bank of Armenia (CBA) in market monitoring. In
terms of consumer disclosure, the CBA should issue
regulations that require financial institutions to provide
clear, understandable, timely, comparable and standardized
information to consumers. In the area of regulation of
business practices, the CBA should require that sales agents
are well trained and should test them regularly. All
financial institutions should regularly analyze the
complaints received and the analysis should be provided to
the CBA. The Steering Committee for the National Strategy of
Financial Education should become the key body to manage
financial education in Armenia. |
| format |
Economic & Sector Work :: Public Expenditure Review |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| title_short |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| title_full |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| title_fullStr |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| title_full_unstemmed |
Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices |
| title_sort |
armenia : diagnostic review of consumer protection and financial literacy, volume 2. comparison with good practices |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/06/17510467/armenia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2-comparison-good-practices http://hdl.handle.net/10986/13225 |
| _version_ |
1764422675507183616 |
| spelling |
okr-10986-132252021-04-23T14:03:07Z Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices World Bank ADVERTISEMENT ADVERTISEMENTS AFFORDABILITY AGRICULTURAL SECTOR ANNUAL PERCENTAGE RATE APR ATM AUTO INSURANCE AUTOMATIC TELLER AWARENESS CAMPAIGN BAD CREDIT BANK ACCOUNTS BANK BRANCH BANK BRANCHES BANK CREDIT BANK DEPOSITS BANKING INDUSTRY BANKING PRODUCT BANKING PRODUCTS BANKING SYSTEM BANKRUPTCY BANKS BORROWER BORROWINGS BUSINESS PLAN CALCULATION CALCULATIONS CAPACITY BUILDING CAPITAL MARKETS CAREER DEVELOPMENT CHECKING ACCOUNT CHECKS COLLATERAL COMMERCIAL BANKS CONFLICT OF INTERESTS CONSUMER CONSUMER COMPLAINTS CONSUMER CREDIT CONSUMER CREDITS CONSUMER FINANCE CONSUMER LOAN CONSUMER LOANS CONSUMER ORGANIZATIONS CONSUMER PROTECTION CONSUMER RIGHTS CONSUMER UNDERSTANDING CONSUMERS CREDIT BUREAU CREDIT BUREAUS CREDIT CARD CREDIT CARD PURCHASES CREDIT CARDS CREDIT COOPERATIVE CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LIMIT CREDIT LIMITS CREDIT PORTFOLIO CREDIT PRODUCT CREDIT PROVIDER CREDIT REGISTRY CREDIT UNION CREDIT UNIONS CREDIT WORTHINESS CREDITOR CREDITWORTHINESS CURRENCY CURRENT ACCOUNTS DEBT DEBT COLLECTION DEPOSIT DEPOSIT PRODUCTS DEPOSITOR DEPOSITORS DEPOSITS DEVELOPMENT OF ENTREPRENEURSHIP DISCLOSURE REQUIREMENTS DOMESTIC CURRENCY ECONOMIC ACTIVITIES ECONOMIC ACTIVITY EDUCATIONAL ACTIVITIES EDUCATIONAL PROGRAM ENFORCEMENT MECHANISM ENTREPRENEURS EQUITY MARKET EXCHANGE RATES FAMILIES FARMER FINANCIAL CAPITAL FINANCIAL CONSUMER FINANCIAL EDUCATION FINANCIAL EDUCATION ACTIVITIES FINANCIAL EDUCATION INITIATIVES FINANCIAL EDUCATION MATERIALS FINANCIAL GOALS FINANCIAL INDUSTRY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL LITERACY FINANCIAL LITERACY ACTIVITIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL PROVIDERS FINANCIAL REGULATION FINANCIAL SAFETY FINANCIAL SECTOR FINANCIAL SECTOR REGULATIONS FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL SYSTEM FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN INVESTMENT FULL-TIME EMPLOYEES FUND MANAGER FUND MANAGERS GENERAL PUBLIC HEALTH INSURANCE HOUSEHOLD LENDING HOUSEHOLD SAVINGS HOUSEHOLDS HOUSING LOANS INCOME INDEBTEDNESS INFORMATION ON CUSTOMERS INFORMATION ON MARKET INFORMATION TECHNOLOGY INFORMATION TO CONSUMERS INFORMED CHOICE INSTITUTIONAL CAPACITY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INSURANCE PENETRATION INSURANCE POLICY INSURANCE PREMIUMS INTEREST CHARGE INTEREST CHARGES INTEREST COST INTEREST COSTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INVESTMENT COMPANIES LATE PAYMENT LATE PAYMENTS LEGAL ADVICE LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANY LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN AMOUNT LOAN PORTFOLIO LOCAL CURRENCY LOWER INTEREST RATE MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET PARTICIPANTS MARKET SHARE MARKETING MICROFINANCE MINIMUM PAYMENT MONTHLY PAYMENT MONTHLY PAYMENTS MORTGAGE MORTGAGE COMPANY MORTGAGE CREDIT MORTGAGE LOAN MORTGAGE LOANS MORTGAGE MARKET MORTGAGES MULTI-PILLAR PENSION SYSTEM MUTUAL FUNDS OUTREACH OVERDRAFT PAWN PAWN SHOPS PAWNSHOPS PENSION PENSION FUNDS PENSION INITIATIVE PENSION REFORM PENSION SYSTEM PERSONAL FINANCE POINT-OF-SALE PROFESSIONAL QUALIFICATION PROFESSIONAL QUALIFICATIONS PROTECTION OF CONSUMER PROTECTION OF CONSUMERS PUBLIC AWARENESS REMITTANCES REPAYMENT RESPONSIBILITIES RETAIL CREDIT RISK ASSESSMENT RISK MANAGEMENT RISK PROFILES SALE SALES SAVERS SAVINGS SAVINGS INSTITUTION SECURITIES SENIOR STAKEHOLDERS STOCK EXCHANGE STOCK MARKET TEACHER TRAININGS TECHNICAL ASSISTANCE TERMINATION TRAINING PROGRAMS TRANSACTION TRANSACTION FEES TYPES OF LOANS VILLAGE WITHDRAWAL YOUNG ADULTS YOUNG PEOPLE The objectives of the diagnostic review of consumer protection and financial literacy for Armenia are: (i) to assess the existing financial consumer protection framework, by reviewing laws, regulations and practices in Armenia compared to international good practices; and (ii) to provide recommendations on ways to improve consumer protection and financial literacy in Armenia. The review provides a detailed assessment of the institutional, legal and regulatory framework in four financial segments, namely banking, non-bank credit institutions, securities, and insurance. Many key steps have already been taken in financial consumer protection, especially at the regulatory and institutional levels. Regarding the institutional framework, adequate resources need to be allocated to the consumer protection team and modern supervisory tools should be made available. Consumer organizations should be strengthened and motivated to assist the Central Bank of Armenia (CBA) in market monitoring. In terms of consumer disclosure, the CBA should issue regulations that require financial institutions to provide clear, understandable, timely, comparable and standardized information to consumers. In the area of regulation of business practices, the CBA should require that sales agents are well trained and should test them regularly. All financial institutions should regularly analyze the complaints received and the analysis should be provided to the CBA. The Steering Committee for the National Strategy of Financial Education should become the key body to manage financial education in Armenia. 2013-04-22T16:27:55Z 2013-04-22T16:27:55Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/17510467/armenia-diagnostic-review-consumer-protection-financial-literacy-vol-2-2-comparison-good-practices http://hdl.handle.net/10986/13225 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Armenia |