The existence of a sound financialconsumer protection framework is fundamental to increasingaccess to and usage of financial services, and the qualityof those financial services, along with supporting furtherfinancial sector deepening. Financial consumer protection isa necessary precursor to building trust in the formalfinancial sector and thus in encouraging financialinclusion. Further, consumer protection helps ensure thatexpanded access benefits consumers and the economy as awhole. While increased access can result in significanteconomic and societal benefits, it can be neutral or evenharmful if consumers: (i) cannot exercise their rights asconsumers, (ii) cannot select the financial products thatsuit them best; and (iii) are not protected frommis-selling, fraud, and other market abuses. The mainobjective of a CPFL Review is to assess the legal,regulatory, and institutional frameworks for financialconsumer protection in a country, with reference to the goodpractices. The following areas are addressed: (i)institutional arrangements, (ii) the legal and regulatoryframework, (iii) transparency and disclosure, (iv) businesspractices, (v) complaints handling and dispute resolutionmechanisms and (vi) financial literacy/capability. All partsof a financial sector can be considered, including banking,non-bank credit institutions, insurance, securities, privatepensions, and credit reporting.
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