South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices

South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices

The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically cha...

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Bibliographic Details
Main Author: World Bank
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
CONSUMER PROTECTION
FINANCIAL SERVICES
BANKING
INVESTMENT FUND
INSURANCE
PENSIONS
Online Access:http://documents.worldbank.org/curated/en/106971493993541308/review-against-good-practices
http://hdl.handle.net/10986/26726
id okr-10986-26726
recordtype oai_dc
spelling okr-10986-267262021-04-23T14:04:37Z South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices World Bank CONSUMER PROTECTION FINANCIAL SERVICES BANKING INVESTMENT FUND INSURANCE PENSIONS The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education. 2017-05-23T18:52:34Z 2017-05-23T18:52:34Z 2011-12 Report http://documents.worldbank.org/curated/en/106971493993541308/review-against-good-practices http://hdl.handle.net/10986/26726 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Africa South Africa
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 CONSUMER PROTECTION
FINANCIAL SERVICES
BANKING
INVESTMENT FUND
INSURANCE
PENSIONS
spellingShingle CONSUMER PROTECTION
FINANCIAL SERVICES
BANKING
INVESTMENT FUND
INSURANCE
PENSIONS
World Bank
South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
geographic_facet Africa
South Africa
description The consumer financial services sector in South Africa is among the most sophisticated in the world, yet nearly 40 percent of the population, especially blacks, use no formal financial services. The now ubiquitous mobile phones are dramatically changing the landscape of digital financial services but weak financial literacy and general literacy of the underserved population remain the Achilles Heel. At the same time, weak competition in the South African financial services sector is an issue – just 4 banks control over 80 percent of retail banking and over 90 percent of personal transactions, maintaining rates and fees above competitive levels. The 2010 FinScope survey found that consumer trust was higher in informal financial institutions than in the formal ones such as banks. The South African Government has embarked on a substantive program of improving the financial sector legislation and establishing a full market conduct regulator. Presented in two volumes, this World Bank’s review compares the South African framework for financial consumer protection (FCP) to international practice and provides recommendations to strengthen it. Volume I summarizes South Africa’s FCP policies, describes the recent surveys, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of banking, securities, insurance, and private pensions segments and discusses the key issues in retail payments and remittances and financial education.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
title_short South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
title_full South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
title_fullStr South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
title_full_unstemmed South Africa Diagnostic Review of Consumer Protection in Non-Credit Financial Services : Volume 2. Review against Good Practices
title_sort south africa diagnostic review of consumer protection in non-credit financial services : volume 2. review against good practices
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/106971493993541308/review-against-good-practices
http://hdl.handle.net/10986/26726
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