Mozambique Diagnostic Review of Consumer Protection and Financial Literacy : Vol.1. Key Findings and Recommendations

The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financia...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	CREDIT PRODUCTS INVESTMENT ADVISER DEPOSIT CAPITAL MARKETS FINANCIAL SERVICES INDIVIDUAL PENSION LIABILITY DISCLOSURE OF INFORMATION CUSTOMER EDUCATION PROGRAM CALCULATION FUND MANAGER INFORMED DECISIONS STOCK SALE OF SECURITIES FUND MANAGERS SALES INCOME INTEREST CONTRIBUTION CONSUMERS ASSOCIATIONS FINANCIAL LITERACY PENSION SYSTEMS MEDIUM ENTERPRISES STOCK MARKET RESPONSIBILITY PURCHASES BANKING SERVICES INFORMATION HEALTH INSURANCE DISCLOSURE REQUIREMENTS FINANCIAL LITERACY MATERIALS OCCUPATIONAL PENSIONS PENSION SECTOR INSURANCE POLICIES BONDS LOAN BANK PRODUCTS FINANCIAL SERVICES PROVIDER CONSUMER PROTECTION LAWS TRAINING PROGRAMS PENSION SYSTEM FINANCIAL CONSUMER SAVING PRIVATE PENSION FUND REGULATORY AUTHORITY PRIVATE PENSION PENSION BANKING SERVICE CONSUMER RIGHTS INSURANCE COMPANY BUDGET MARKET PARTICIPANTS LITERACY KNOWLEDGE FINANCIAL LITERACY PROGRAMS SAVINGS FINANCIAL PRODUCT INFORMED CONSUMER CONSUMER COMPLAINTS EDUCATION CAMPAIGNS TRAINING MONEY FINANCES SOCIAL INSURANCE FINANCIAL INSTITUTIONS MARKETING DEBT COLLECTIVE INVESTMENT SCHEME LIFE INSURERS OCCUPATIONAL PENSION FINANCIAL PRODUCTS SOCIAL SECURITY SOCIAL PROTECTION PRIVATE PENSION FUNDS CUSTOMER SERVICE SMALL PENSION PENSION MARKET FINANCIAL STATUS PENSION PRODUCTS EQUITIES PENSION FUNDS FINANCIAL LIVES FINANCIAL SYSTEM INSURANCE POLICY FINANCE CONSUMER GROUPS BANKS OCCUPATIONAL FUNDS TRANSACTIONS EQUITY TRANSACTION INVESTORS YOUNG ADULTS TRAINING COURSES CONSUMER MARKET CAPITALIZATION BEST PRACTICES ADMINISTRATIVE SUPPORT PENSIONS CURRICULA FINANCIAL POSITION NATIONAL INSURANCE BANK CREDIT STAKEHOLDERS CONTRIBUTIONS DEMAND DEBT COLLECTION FINANCIAL INSTRUMENT INDIVIDUAL ACCOUNT FINANCIAL EDUCATION CONSUMERS FINANCIAL CONSUMERS BEST PRACTICE PROPERTY FINANCIAL SERVICE PROVIDERS SALE PRIVATE PENSIONS FINANCIAL LITERACY STRATEGY FUND MANAGEMENT CREDIT RATING FINANCIAL SERVICE SECURITIES DECEPTIVE PRACTICES SENIOR EMPLOYER CONTRIBUTIONS INSURANCE ACCESS TO CREDIT PENSIONS INDUSTRIES FINANCIAL LITERACY INITIATIVES INTERESTS PENSION ISSUES INVESTOR PURCHASE SECURITY PENSION SCHEME EDUCATION STOCKS STOCK EXCHANGE INVESTMENT SALES TACTICS RATES OF RETURN ATM FINANCIAL INTERMEDIARIES PENSION SECTORS INVESTMENT PORTFOLIO PENSION ASSETS INVESTMENT SCHEME SUPPLY FINANCIAL EDUCATION MATERIAL FINANCIAL INTERMEDIARY OCCUPATIONAL PENSION SCHEMES TERMINATION STAKEHOLDER PENSION COMPANIES PENSION SCHEMES INVESTMENTS CHECK CONSUMER PROTECTION LAW PENSION COVERAGE PENSION FUND INSURANCE COMPANIES ASSET CLASS CUSTOMERS BANK BRANCHES FINANCIAL SECTOR LITERACY PROGRAMS FINANCIAL LITERACY STRATEGIES SECURITIES INDUSTRY CONSUMER PROTECTION FINANCIAL SECTOR DEVELOPMENT ACCOUNT HOLDERS FINANCIAL LITERACY INFORMATION INVESTING
Online Access:	http://documents.worldbank.org/curated/en/2016/02/25929476/mozambique-diagnostic-review-consumer-protection-financial-literacy-insurance-private-pensions-securities-key-findings-recommendations http://hdl.handle.net/10986/23809

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Summary:	The existence of a sound financial consumer protection framework is fundamental to increasing access to and usage of financial services, and the quality of those financial services, along with supporting further financial sector deepening. Financial consumer protection is a necessary precursor to building trust in the formal financial sector and thus in encouraging financial inclusion. Further, consumer protection helps ensure that expanded access benefits consumers and the economy as a whole. While increased access can result in significant economic and societal benefits, it can be neutral or even harmful if consumers: (i) cannot exercise their rights as consumers, (ii) cannot select the financial products that suit them best; and (iii) are not protected from mis-selling, fraud, and other market abuses. The main objective of a CPFL Review is to assess the legal, regulatory, and institutional frameworks for financial consumer protection in a country, with reference to the good practices. The following areas are addressed: (i) institutional arrangements, (ii) the legal and regulatory framework, (iii) transparency and disclosure, (iv) business practices, (v) complaints handling and dispute resolution mechanisms and (vi) financial literacy/capability. All parts of a financial sector can be considered, including banking, non-bank credit institutions, insurance, securities, private pensions, and credit reporting.

Mozambique Diagnostic Review of Consumer Protection and Financial Literacy : Vol.1. Key Findings and Recommendations

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