This paper forms the action plan forfinancial consumer protection, and focuses on the mainfindings and recommendations. These include proposingspecific actions to be undertaken by Latvian authorities,financial institutions and consumer organizations, so thatconsumer protection is strengthened and made more effectiveand efficient.Existing industry ombudsmen should publishcases they have dealt with, as well as their yearly activityreport, which should be provided to the Financial andCapital Market Commission (FCMC), and to the Consumer RightsProtection Center (CRPC). The action plan draws on bestinternational practices and experiences of regulators andsupervisors, who have tried to introduce improved consumerprotection regimes in their countries. A well balancedconsumer protection regime serves the interest of financialinstitutions as it provides them with better-informedclients and makes sure that clients understand theirobligations under the contracts they signed. The paper takesinto account the current macroeconomic situation in Latvia,and focuses primarily on measures that demand little to nofinancing requirements. When actions with a funding need arerecommended, the action plan provides an estimate ofnecessary costs. The plan recommends that the guidanceshould focus on ensuring independence of decisions made bythe ombudsman, low costs for the public, and the bindingnature of ombudsman's decisions for financial institutions.
PDF
download
878987797
028-85220240
