Responsible Finance Forum

Financial Access, Financial Education and Financial Consumer Protection Strategy and Action Plans

05 June 2014
Source:  Prime Ministry Circular of Turkey

There are three main aspects of the relationship of individuals with the financial system. These are access to financial products and services, financial education, and financial consumer protection.

Access to financial products and services refers to the ability of households and firms to reach financial products and services such as loans, deposits, insurance and payment transactions at a sufficient level with appropriate conditions and to use of these financial products and services.

Financial education refers to raising the awareness and capabilities of consumers and investors about financial products, concepts and risks by informing them.

Financial consumer protection refers to arrangements to ensure a just and fair environment of trading for both parties on the supply and demand sides of financial products and services.

Considering that these three aspects are interlinked, the Financial Stability Committee has elaborated the Strategy through a holistic approach and has prepared the Financial Education Action Plan and Financial Consumer Protection Action Plan in view of the priorities of our country.

While preparing the Strategy, Development Plans, Medium-Term Program and Istanbul International Financial Center Strategy and Action Plan have been taken into account, countrywide surveys have been conducted and international literature has been reviewed. Consistent with basic objectives and goals, G20 Principles for Innovative Financial Inclusion have also been taken into account.

Considering the indicators of access to financial products and services and advanced financial infrastructure in Turkey, it has been decided to strengthen the demand side of financial inclusion. With a focus on strengthening the demand side, a separate action plan has not been prepared on financial access, however a total of 55 actions have been determined in relation to financial education and financial consumer protection, together with responsible and related agencies associated with these actions. In identifying and implementing these actions, it is aimed to increase efficiency through cooperation with the referred agencies and institutions as well as non-governmental organizations.