Armenia : Diagnostic Review of Consumer Protection and Financial Literacy, Volume 2. Comparison with Good Practices
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Washington, DC
Resumen
Descripción
The objectives of the diagnostic review
of consumer protection and financial literacy for Armenia
are: (i) to assess the existing financial consumer
protection framework, by reviewing laws, regulations and
practices in Armenia compared to international good
practices; and (ii) to provide recommendations on ways to
improve consumer protection and financial literacy in
Armenia. The review provides a detailed assessment of the
institutional, legal and regulatory framework in four
financial segments, namely banking, non-bank credit
institutions, securities, and insurance. Many key steps have
already been taken in financial consumer protection,
especially at the regulatory and institutional levels.
Regarding the institutional framework, adequate resources
need to be allocated to the consumer protection team and
modern supervisory tools should be made available. Consumer
organizations should be strengthened and motivated to assist
the Central Bank of Armenia (CBA) in market monitoring. In
terms of consumer disclosure, the CBA should issue
regulations that require financial institutions to provide
clear, understandable, timely, comparable and standardized
information to consumers. In the area of regulation of
business practices, the CBA should require that sales agents
are well trained and should test them regularly. All
financial institutions should regularly analyze the
complaints received and the analysis should be provided to
the CBA. The Steering Committee for the National Strategy of
Financial Education should become the key body to manage
financial education in Armenia.
Palabras clave
ADVERTISEMENT, ADVERTISEMENTS, AFFORDABILITY, AGRICULTURAL SECTOR, ANNUAL PERCENTAGE RATE, APR, ATM, AUTO INSURANCE, AUTOMATIC TELLER, AWARENESS CAMPAIGN, BAD CREDIT, BANK ACCOUNTS, BANK BRANCH, BANK BRANCHES, BANK CREDIT, BANK DEPOSITS, BANKING INDUSTRY, BANKING PRODUCT, BANKING PRODUCTS, BANKING SYSTEM, BANKRUPTCY, BANKS, BORROWER, BORROWINGS, BUSINESS PLAN, CALCULATION, CALCULATIONS, CAPACITY BUILDING, CAPITAL MARKETS, CAREER DEVELOPMENT, CHECKING ACCOUNT, CHECKS, COLLATERAL, COMMERCIAL BANKS, CONFLICT OF INTERESTS, CONSUMER, CONSUMER COMPLAINTS, CONSUMER CREDIT, CONSUMER CREDITS, CONSUMER FINANCE, CONSUMER LOAN, CONSUMER LOANS, CONSUMER ORGANIZATIONS, CONSUMER PROTECTION, CONSUMER RIGHTS, CONSUMER UNDERSTANDING, CONSUMERS, CREDIT BUREAU, CREDIT BUREAUS, CREDIT CARD, CREDIT CARD PURCHASES, CREDIT CARDS, CREDIT COOPERATIVE, CREDIT INFORMATION, CREDIT INSTITUTIONS, CREDIT LIMIT, CREDIT LIMITS, CREDIT PORTFOLIO, CREDIT PRODUCT, CREDIT PROVIDER, CREDIT REGISTRY, CREDIT UNION, CREDIT UNIONS, CREDIT WORTHINESS, CREDITOR, CREDITWORTHINESS, CURRENCY, CURRENT ACCOUNTS, DEBT, DEBT COLLECTION, DEPOSIT, DEPOSIT PRODUCTS, DEPOSITOR, DEPOSITORS, DEPOSITS, DEVELOPMENT OF ENTREPRENEURSHIP, DISCLOSURE REQUIREMENTS, DOMESTIC CURRENCY, ECONOMIC ACTIVITIES, ECONOMIC ACTIVITY, EDUCATIONAL ACTIVITIES, EDUCATIONAL PROGRAM, ENFORCEMENT MECHANISM, ENTREPRENEURS, EQUITY MARKET, EXCHANGE RATES, FAMILIES, FARMER, FINANCIAL CAPITAL, FINANCIAL CONSUMER, FINANCIAL EDUCATION, FINANCIAL EDUCATION ACTIVITIES, FINANCIAL EDUCATION INITIATIVES, FINANCIAL EDUCATION MATERIALS, FINANCIAL GOALS, FINANCIAL INDUSTRY, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL LITERACY, FINANCIAL LITERACY ACTIVITIES, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL PROVIDERS, FINANCIAL REGULATION, FINANCIAL SAFETY, FINANCIAL SECTOR, FINANCIAL SECTOR REGULATIONS, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN INVESTMENT, FULL-TIME EMPLOYEES, FUND MANAGER, FUND MANAGERS, GENERAL PUBLIC, HEALTH INSURANCE, HOUSEHOLD LENDING, HOUSEHOLD SAVINGS, HOUSEHOLDS, HOUSING LOANS, INCOME, INDEBTEDNESS, INFORMATION ON CUSTOMERS, INFORMATION ON MARKET, INFORMATION TECHNOLOGY, INFORMATION TO CONSUMERS, INFORMED CHOICE, INSTITUTIONAL CAPACITY, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INSURANCE PENETRATION, INSURANCE POLICY, INSURANCE PREMIUMS, INTEREST CHARGE, INTEREST CHARGES, INTEREST COST, INTEREST COSTS, INTEREST RATE, INTEREST RATES, INTERNATIONAL BANK, INVESTMENT COMPANIES, LATE PAYMENT, LATE PAYMENTS, LEGAL ADVICE, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANY, LOAN, LOAN AGREEMENT, LOAN AGREEMENTS, LOAN AMOUNT, LOAN PORTFOLIO, LOCAL CURRENCY, LOWER INTEREST RATE, MARKET CAPITALIZATION, MARKET DEVELOPMENT, MARKET PARTICIPANTS, MARKET SHARE, MARKETING, MICROFINANCE, MINIMUM PAYMENT, MONTHLY PAYMENT, MONTHLY PAYMENTS, MORTGAGE, MORTGAGE COMPANY, MORTGAGE CREDIT, MORTGAGE LOAN, MORTGAGE LOANS, MORTGAGE MARKET, MORTGAGES, MULTI-PILLAR PENSION SYSTEM, MUTUAL FUNDS, OUTREACH, OVERDRAFT, PAWN, PAWN SHOPS, PAWNSHOPS, PENSION, PENSION FUNDS, PENSION INITIATIVE, PENSION REFORM, PENSION SYSTEM, PERSONAL FINANCE, POINT-OF-SALE, PROFESSIONAL QUALIFICATION, PROFESSIONAL QUALIFICATIONS, PROTECTION OF CONSUMER, PROTECTION OF CONSUMERS, PUBLIC AWARENESS, REMITTANCES, REPAYMENT, RESPONSIBILITIES, RETAIL CREDIT, RISK ASSESSMENT, RISK MANAGEMENT, RISK PROFILES, SALE, SALES, SAVERS, SAVINGS, SAVINGS INSTITUTION, SECURITIES, SENIOR, STAKEHOLDERS, STOCK EXCHANGE, STOCK MARKET, TEACHER TRAININGS, TECHNICAL ASSISTANCE, TERMINATION, TRAINING PROGRAMS, TRANSACTION, TRANSACTION FEES, TYPES OF LOANS, VILLAGE, WITHDRAWAL, YOUNG ADULTS, YOUNG PEOPLE