Financial consumer protection should be an integral part of the legal, regulatory and supervisory framework and should reflect the diversity of national circumstances and global market and regulatory developments within the financial sector. A broad legal framework for financial consumer protection is in place in most economies, but reforms are needed to clarify the roles of various stakeholders and streamline implementation.
Two broad sets of legislation govern financial consumer protection: 1) financial sector laws and regulations that contain provisions on consumer protection; 2) consumer protection and fair competition legislation defining the rights of consumers of financial products and services.
The map below shows which consumer protections areas have been implemented out of the five noted in the World Bank Global Survey on Consumer Protection and Financial Literacy. Click on the map to display what consumer protection frameworks are in place in each country.
Data source: Global Survey on Consumer Protection and Financial Literacy: Oversight Frameworks and Practices in 114 Economies, The World Bank, 2014