Islamic Republic of Pakistan : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices
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Washington, DC
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The diagnostic review for Consumer
Protection and Financial Literacy (CPFL) provides a detailed
assessment of the institutional, legal, and regulatory
framework in four segments of the financial sector: banking,
microfinance, securities, and insurance. The review took
place in response to a request for World Bank technical
assistance in the field of financial consumer protection
made by Pakistan's Ministry of Finance (MoF), the State
Bank of Pakistan (SBP), and the Securities and Exchange
Commission of Pakistan (SECP). The review consists of two
volumes. Volume one summarize the key findings and
recommendations of the review and Volume two presents a
detailed assessment of each financial segment compared
against the good practices for financial consumer
protection. The key findings and recommendations in volume
one cover five areas: (i) the institutional, legal, and
regulatory framework for consumer protection; (ii)
disclosure; (iii) business practices; (iv) dispute
resolution mechanisms; and (v) financial education. Priority
recommendations are outlined in table one; a more detailed
list of recommendations is included in annex one.
Palabras clave
ACCESS POINTS, ACCOUNT HOLDER, ACCOUNT HOLDERS, ACCOUNTABILITY, ADVERTISEMENT, ADVERTISEMENTS, AFFORDABILITY, AGRICULTURAL CREDIT, APPLICATION FORM, APPLICATION PROCESS, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANIES, ATM, AUTO LOANS, AVERAGE BALANCE, AWARENESS CAMPAIGNS, BAD CREDIT, BANK ACCOUNT, BANK ACCOUNTS, BANK BRANCHES, BANK CREDIT, BANK CUSTOMER, BANK CUSTOMERS, BANK FOR INTERNATIONAL SETTLEMENTS, BANK LOANS, BANKING INDUSTRY, BANKING PRODUCT, BANKING PRODUCTS, BANKING REGULATION, BANKING SECTOR, BANKING SUPERVISION, BANKING SURVEILLANCE, BANKRUPTCY, BANKRUPTCY LAWS, BANKS, BEST PRACTICES, BORROWER, BORROWING, BROCHURES, BUSINESS PLANS, CALCULATION, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CASH ADVANCES, CASH RESERVE, CDS, CHECKING ACCOUNT, CHECKS, COLLATERAL, COLLECTIVE INVESTMENT SCHEMES, COMMERCIAL BANKS, CONSUMER, CONSUMER COMPLAINTS, CONSUMER COUNCILS, CONSUMER CREDIT, CONSUMER FINANCE, CONSUMER LOANS, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER PROTECTION LAWS, CONSUMERS, CONTINGENCY, CONTRIBUTIONS, CREDIT BUREAU, CREDIT BUREAUS, CREDIT CARD, CREDIT CARD APPLICATION, CREDIT CARD DEBT, CREDIT CARD ISSUERS, CREDIT CARD PURCHASES, CREDIT CARDS, CREDIT GUARANTEE, CREDIT GUARANTEE FACILITY, CREDIT INFORMATION, CREDIT INFORMATION BUREAU, CREDIT LIMIT, CREDIT POLICY, CREDIT PRODUCT, CREDIT PRODUCTS, CREDIT REPORT, CREDIT REPORTING, CREDITORS, CREDITS, CREDITWORTHINESS, CURRENT ACCOUNTS, DEBT COLLECTION, DEBT COLLECTOR, DEBTOR, DECEPTIVE MARKETING, DEFAULTERS, DEPOSIT, DEPOSIT ACCOUNTS, DEPOSITOR, DEPOSITORS, DEPOSITS, DEVELOPMENT FINANCE, DEVELOPMENT FINANCE INSTITUTIONS, DISCLOSURE REQUIREMENTS, DISPOSABLE INCOME, ELECTRONIC BANKING, ELECTRONIC COMMERCE, ELECTRONIC FUNDS, ELECTRONIC FUNDS TRANSFER, ELECTRONIC FUNDS TRANSFERS, ELECTRONIC TRANSFERS, EMPOWERMENT, ENFORCEMENT AGENCIES, EXCHANGE COMMISSION, EXCHANGE RATES, FAMILY MEMBERS, FEES ON DEPOSIT, FINANCE LITERACY, FINANCES, FINANCIAL ACTION, FINANCIAL CONSUMER, FINANCIAL CONSUMERS, FINANCIAL DATA, FINANCIAL EDUCATION, FINANCIAL EDUCATION PROGRAMS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL LITERACY, FINANCIAL PRODUCTS, FINANCIAL SAFETY, FINANCIAL SECTOR, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FINANCIAL TRANSACTIONS, FINANCING FACILITIES, FORECLOSED PROPERTY, FOREIGN EXCHANGE, GENERAL PUBLIC, GUARANTEE SCHEMES, HOUSING, HOUSING LOANS, INACTIVE ACCOUNT, INCOME, INDEBTEDNESS, INFORMATION ON CUSTOMERS, INFORMATION REQUIREMENTS, INFORMATION SYSTEM, INFORMATION TECHNOLOGY, INFORMATION TO CONSUMERS, INITIAL PUBLIC OFFERINGS, INSTALLMENT, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE COMPANY, INSURANCE POLICY, INTEREST CHARGES, INTEREST COST, INTEREST COSTS, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, LEGAL FRAMEWORK, LEGAL REMEDIES, LEGISLATION, LIABILITY, LIFE INSURANCE, LOAN, LOAN AGREEMENT, LOAN DOCUMENTATION, LONG-TERM SAVINGS, LOWER INTEREST RATE, MANDATES, MARKETING, MERCHANT, MFI, MICROFINANCE, MICROFINANCE INSTITUTIONS, MINIMUM PAYMENT, MINIMUM RATE OF RETURN, MONTHLY INCOME, MONTHLY PAYMENT, MONTHLY PAYMENTS, MORTGAGE, MUTUAL FUND, NATIONAL INSURANCE, NONPERFORMING LOANS, PAYMENT SYSTEMS, PERSONAL BANKRUPTCY, POSSESSIONS, PREPAYMENT PENALTIES, PROTECTION OF CONSUMERS, PRUDENTIAL REGULATIONS, PURCHASES, RATE OF INTEREST, RATES OF RETURN, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCES, REPAYMENT, REPAYMENT CAPACITY, RESERVE REQUIREMENTS, RESPONSIBILITIES, RETURN ON SAVINGS, RISK MANAGEMENT, SALE, SALES, SALES TACTICS, SECURITIES, SENIOR, SLR, STATE BANK, STATE BANK OF PAKISTAN, SUBSIDIARY, SUPPORT PROGRAMS, TRANSACTION, TRANSACTION FEES, TYPES OF CONSUMER, TYPES OF LOANS, UNION, VARIABLE-RATE LOANS, YEARLY STATEMENT, YOUNG ADULTS