List of Recommendations A list of key recommendations is presented below: Key Recommendations Responsible Outputs Adequate resources need to be allocated to the Consumer CBA Adequately Protection and Market Conduct Division and it should be given staffed and effective supervisory tools. equipped team, new law and supervisory manual Consumer organizations need to be strengthened and motivated to CBA NGO assist CBA in market monitoring. development and support program Self-regulation through codes of conduct should be supported. CBA, industry Enforceable associations codes of conduct for each market segment Clear, understandable, timely, comparable and standardized CBA New information should be provided to consumers, including disclosure standardized Key Fact Statements. rules for all segments Consumers should be provided with information that helps them CBA Tariff surveys, make informed decisions and that promotes competition. glossaries of terms and conditions All sales personnel should be well trained and the sales process CBA, industry Standards for should be adequately supervised. associations sales staff knowledge and testing The Financial System Mediator should be available also to sole CBA, Financial Change of law entrepreneurs, micro- and small-size businesses. System Mediator Financial institutions should analyze complaints received and CBA, financial Update of provide the analysis to the CBA. institutions CBA regulations Multi-stakeholder national financial education program should be CBA, MoES, National developed and implemented. Ministry of financial Agriculture, education Ministry of program Finance, Ministry of Social Affairs, Financial System Mediator, financial associations, NGOs The Steering Committee for the National Strategy of Financial as above Education should implement the National Strategy, coordinate and and evaluate various financial education programs. evaluation of financial education programs
List of Recommendations A list of key recommendations is presented below: Key Recommendations Responsible Outputs Adequate resources need to be allocated to the Consumer Protection and Market Conduct Division and it should be given effective supervisory tools. CBA Adequately staffed and equipped team, new law and supervisory manual Consumer organizations need to be strengthened and motivated to assist CBA in market monitoring. CBA NGO development and support program Self-regulation through codes of conduct should be supported. CBA, industry associations Enforceable codes of conduct for each market segment Clear, understandable, timely, comparable and standardized information should be provided to consumers, including standardized Key Fact Statements. CBA New disclosure rules for all segments Consumers should be provided with information that helps them make informed decisions and that promotes competition. CBA Tariff surveys, glossaries of terms and conditions All sales personnel should be well trained and the sales process should be adequately supervised. CBA, industry associations Standards for sales staff knowledge and testing The Financial System Mediator should be available also to sole entrepreneurs, micro- and small-size businesses. CBA, Financial System Mediator Change of law Financial institutions should analyze complaints received and provide the analysis to the CBA. CBA, financial institutions Update of CBA regulations Multi-stakeholder national financial education program should be developed and implemented. CBA, MoES, Ministry of Agriculture, Ministry of Finance, Ministry of Social Affairs, Financial System Mediator, financial associations, NGOs National financial education program The Steering Committee for the National Strategy of Financial Education should implement the National Strategy, coordinate and evaluate various financial education programs. as above and evaluation of financial education programs