Global Dialogue: Consumer Protection and Financial Literacy | World Bank Institute (WBI)

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Global Dialogue: Consumer Protection and Financial Literacy

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February 24, 2011 at 9:30 am - 12:00 pm Washington, DC time

Watch the debate live at http://developmentdebates.ning.com/

Opening Remarks by World Bank Managing Director Mahmoud Mohieldin and Consolate Rusagara, Director, FPD Financial Systems.  

Moderator, Sue Rutledge Coordinator, Global Program for Consumer Protection & Financial Literacy

The Global Dialogue will bring regulators from Azerbaijan, Armenia, Kenya, Russia, South Africa, USA, and Zambia to discuss consumer protection in financial services and how to promote it in their countries. They will also discuss lessons learned from the World Bank's Consumer Protection and Financial Literacy - Lessons from Nine Country Studies.

Despite the increase in retail financial services, consumer protection and financial literacy remain weak in developed and developing countries alike. Households worldwide have taken on debt to buy houses, repair cars, educate children, and just pay bills. Some have trouble finding safe places to save or even send money to relatives. For many, financial services are difficult to understand. Offers from financial institutions are often unclear and make it difficult to shop around. There are few legal prohibitions against unfair, deceptive or abusive financial practices.

Politicians encounter social pressure to place limits on the ability of financial institutions to collect debts. Finding a balance that protects the interests of financial consumers while ensuring strong and stable financial institutions has become a key regulatory issue for the global financial architecture.

After the debate, a copy of the video will be available at www.worldbank.org/consumerprotection.

Related materials:
Good Practices for Consumer Protection and Financial Literacy in Europe and Central Asia: A Diagnostic Tool

The Global Program on Consumer Protection and Financial Literacy