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Providers of financial services, policy and regulations
The global survey on Consumer Protection and Financial Literacy (CPFL) 2013 is the first in a planned bi annual series presenting indicators on relevant CPFL topics for loan and deposit taking institutions. The report updates data on access to financial services from a survey of financial regulators in over 100 economies and includes chapters on legal framework, institutional arrangement, disclosure practices, dispute resolution mechanisms and financial literacy. Data were collected through a survey sent to country financial supervisors, such as central banks or consumer protection agencies where available. The survey questionnaire consists of two parts: the consumer protection and financial literacy questions. It includes questions on the 5 identified topic areas under consumer protection. These are the legal framework, institutional framework, disclosure requirements, business practices and dispute resolution mechanisms.
Questionnaires were sent to 145 economies and responses from 114 economies were received: 8 in East Asia and the Pacific, 21 in Europe and Central Asia, 20 in Latin America and the Caribbean, 7 in the Middle East and North Africa, 4 in South Asia, 25 in Sub-Saharan Africa, and 28 in the high-income OECD countries.
Main limitations of the approach
The focus and primary objective of this Survey is to review the role and responsibilities of financial supervisors within a broader financial consumer protection and not to provide a comprehensive assessment of the overall consumer protection framework. The Survey covers financial consumer protection in relation to deposit and credit services only. While other financial services such as insurance, payments and investment services are essential elements of financial system and equally require clear and effective financial consumer protection framework, this year Global Survey did not cover these products.