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Diagnostic review of consumer protection and financial literacy (insurance, private pensions and securities): Key findings and recommendations

Nov 30, 2015 | R.C. Grady, P. Wrede, W. Friedrich et al. | The World Bank

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. Key Findings and Recommendations presented in this report are based on the World Bank’s Good Practices for Financial Consumer Protection and consider the insurance, pensions, and securities sectors in Mozambique. The report reflects the legal and regulatory framework and relevant aspects of the financial sector at the time of the CPFL Review, with limited reference to existing and proposed significant changes the authors of the report were aware of at the time of writing.