Russian Federation Diagnostic Review of Consumer Protection in Financial Services : Comparison against Good Practices
Over the last decade, consumer credit in the Russian Federation has expanded from almost nothing to 9.2 percent of GDP in 2008, at 84 percent average annual growth in 2003-2008 year for five years. Yet, the increases have been uneven throughout the...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/749351493991043264/comparison-against-good-practices http://hdl.handle.net/10986/26568 |
| Summary: | Over the last decade, consumer credit in
the Russian Federation has expanded from almost nothing to
9.2 percent of GDP in 2008, at 84 percent average annual
growth in 2003-2008 year for five years. Yet, the increases
have been uneven throughout the Russian population: more
than 40 percent are still financially excluded and only 16
percent have bank accounts. A 2008 survey found that Russian
consumers had low levels of financial literacy and lacked
awareness of their rights as financial consumers.
Three-quarters of the survey's respondents said they
would like to receive financial education in order to
protect themselves financially and plan for the future.
Similar trends of the booming credit markets amid
significant gaps in financial literacy around the world have
contributed to the global financial crisis of 2008 and
emphasized the importance of consumer protection and
financial education programs for the long-term health of the
financial sector. Responding to a request from Russian
authorities, the World Bank conducted a diagnostic review to
help Russia design an effective consumer protection and
financial literacy framework. This review, presented in two
volumes, outlines the key findings and recommendations in
Volume I, and analyzes the existing rules and practices in
Russia, in comparison with international good practices – in
Volume II. Banking, non-bank credit, securities, insurance,
private pensions, and credit reporting segments are covered. |
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