The Impact of the World Bank on the Improvements of Consumer Protection in Financial Services and on Developing Financial Literacy in the Czech Republic and Slovakia
This study analyzes the impact of work of the World Bank in the areas of consumer protection in financial services and in improving financial literacy in the Czech Republic and Slovakia, the first two countries where the World Bank provided technic...
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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/360221468246042415/The-impact-of-the-World-Bank-on-the-improvements-of-consumer-protection-in-financial-services-and-on-developing-financial-literacy-in-the-Czech-Republic-and-Slovakia http://hdl.handle.net/10986/27731 |
| Summary: | This study analyzes the impact of work
of the World Bank in the areas of consumer protection in
financial services and in improving financial literacy in
the Czech Republic and Slovakia, the first two countries
where the World Bank provided technical assistance in the
areas of consumer protection in financial services and
financial literacy. The impulse of the Czech authorities was
their understanding that consumer protection was lacking in
the area of financial services while the offer and
complexity of financial products was growing rapidly in the
quickly developing post-communist market. The authorities
were dealing with a growing number of complaints from the
public as well as increasing media coverage of consumer
complaints, while lacking adequate internal expertise to
deal with these issues. The World Bank prepared the
technical note on consumer protection in financial services
for the Czech Republic. After the note was presented
publicly at a dissemination seminar in the Czech Republic,
authorities of the Slovak Republic requested similar
assistance as they were dealing with similar issues. This
study describes the impact the pioneering work of the World
Bank team had on the Czech Republic and Slovakia, and how it
assisted national authorities in improving consumer
protection in financial services and developing programs to
increase financial literacy of the Czech and Slovak populations. |
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