Romania : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison against Good Practices

World Bank

Washington, DC

关键词: ACCESS TO EDUCATION;    ACCOUNTING;    ADULT LITERACY;    ADULT POPULATION;    AGE GROUP;   

RP-ID  :  69752

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The diagnostic review on consumerprotection and financial literacy in Romania is the fourthin a World Bank-sponsored pilot program to assess consumerprotection and financial literacy in developing andmiddle-income countries. The objective of this review arethree-fold to: (1) refine a set of good practices forassessing consumer protection and financial literacy,including financial literacy; (2) conduct a review of theexisting rules and practices in Romania compared to the goodpractices; and (3) provide recommendations on ways toimprove consumer protection and financial literacy inRomania. The diagnostic review was prepared at the requestof National Authority for Consumers Protection (ANPC), whoserequest was endorsed by the Ministry of Economy and Finance.Support was provided by the National Bank of Romania (BNR),which supervises banks and non-bank credit institutions.Further assistance was given by supervisory commissions forsecurities (CNVM), insurance (CSA) and private pensions(CSSPP). Volume one notes the importance of consumerprotection and finical literacy, provides statistics on thesize and growth of the retail financial sector in Romania,describes the EU and Romanian strategies on consumerprotection and financial literacy, and sets out the keyfinding and recommendations of the review. Annex one listsall recommendation in the diagnostic review from bothvolumes and notes which recommendations relate to EuropeanUnion (EU) Directives or European Commission (EC)recommendations and which are taken from the good practicesannex two provides two sample consumer protection code: onefor the banking securities, insurance and pensions sectors;and another for non-bank credit institutions. Annex threelists the key lawn and institutions related to financialconsumer protection in Romania and annex four indicateswhich Romanian laws have incorporated the EU Directives onfinancial consumer protection. Volume two provides: (1) adetailed analysis of the key consumer protection issues infive segments of financial sector - banking, securities,insurance, private pensions, and non-bank credit intuitions;(2) an assessment of the Romanian consumer protectionframework and practices compared to the template of goodpractices; and (3) a brief survey of financial literacyprograms worldwide.