1 / 10

Strengthening Consumer Protection: Financial Capability Review in Bulgaria

This diagnostic review conducted in Sofia on April 13, 2009 by Sue Rutledge, Regional Coordinator at the World Bank, focuses on institutional gaps in consumer protection and financial capability in Bulgaria. Recommendations include establishing a Consumer Protection Commission and a Financial Ombudsman to address consumer inquiries, complaints, and disputes. The review suggests creating permanent conciliation committees to efficiently resolve financial disputes and enhance public confidence. Learn more about the expansion of consumer credit, household bank accounts, and the need for improved consumer protection measures in Bulgaria. For additional information, visit www.worldbank.org/eca/consumerprotection.

tale
Download Presentation

Strengthening Consumer Protection: Financial Capability Review in Bulgaria

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BULGARIADiagnostic Review of Consumer Protection and Financial CapabilitySofia, 13 April 2009 Sue Rutledge Regional Coordinator, Consumer Protection World Bank srutledge@worldbank.org

  2. Household Bank Accounts Worldwide Source: World Bank

  3. Source: Unicredit Expansion of Consumer Credit Source: European Bank for Reconstruction and Development

  4. Diagnostic Reviews

  5. Institutional Gaps to be Filled • Address financial consumers’ inquiries & complaints • Efficiently resolve consumer disputes on small amounts of money • Gather, publish and analyze data on consumer inquiries, complaints & disputes • Submit reports to financial supervisors • Recommend measures to improve consumer protection

  6. Recommendations • Short-term: Consumer Protection Commission to interface with financial supervisory agencies • Medium-term: Consumer Protection Commission to cover consumer protection for all financial services • Long-term: Financial ombudsman to be created to handle disputes, complaints and inquiries for consumer financial services

  7. Complaints, Inquiries & Disputes about Financial Services • UK Financial Ombudsman Service - 116,600 • Italian Banking Ombudsman - 4,000 • French Insurance Mediator – 4,000 • Belgian Insurance Ombudsman - 3,400 • Hellenic Ombudsman for Banking – Investment Services – 1,500 • Bulgaria – Various Agencies Combined – 1,200 • Consumer Complaints Scheme of the German Association of Private Building Societies – 650 • Finnish Securities Complaint Board - 250

  8. More Recommendations • Publish statistics on financial consumer complaints • Make conciliation committees permanent standing committees, using written submissions • Make decisions of conciliation committees binding on financial institutions for small amounts of money • Monitor effectiveness—and public confidence—in conciliation committees for financial services

  9. More Information www.worldbank.org/eca/consumerprotection

  10. BULGARIADiagnostic Review of Consumer Protection and Financial CapabilitySofia, 13 April 2009 Sue Rutledge Regional Coordinator, Consumer Protection World Bank srutledge@worldbank.org

More Related