2013年-世界发展银行全球_Peru___Diagnostic_Review_of_Consumer_Protection_and_Financial_Literacy_48页_1mb
报告摘要
Summary of the Diagnostic Review of Consumer Protection and Financial Literacy in Peru
Core Content
The World Bank conducted a Diagnostic Review of Consumer Protection and Financial Literacy (CPFL) in Peru in 2013, aiming to evaluate the existing legal, regulatory, and institutional frameworks for consumer protection in the financial sector. The review focused on four key areas: banking, microfinance, pensions, and insurance. It also examined the effectiveness of consumer disclosure, business practices, dispute resolution mechanisms, and financial education initiatives. The study was commissioned by the Superintendence of Banking, Insurance and Private Pension Funds (SBS) and was part of the World Bank's broader program on CPFL.
Main Findings
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Access to Financial Services: The financial sector in Peru has seen significant expansion over the past decade, with increased access points such as branches, ATMs, and agents. However, many users are new to financial services, and financial literacy levels may be lower than before. This poses challenges for both consumer protection and financial literacy.
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CPFL Framework: Peru has established a comprehensive framework for consumer protection in financial services, which is well-balanced and aligned with international standards. The regulatory and supervisory framework for disclosure and transparency is considered a model for other countries.
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Financial Literacy: The country has implemented a variety of financial awareness and education initiatives, which complement legal and regulatory consumer protection measures. However, there is a need for more standardized and effective financial education programs.
Key Recommendations
| Recommendations | Responsible | Term | Priority |
|---|---|---|---|
| Adjust the current division of responsibilities between the SBS and INDECOPI to streamline consumer protection and complaints handling. | SBS, INDECOPI, Government | MT/LT | High |
| Strengthen legal protection for GPU staff. | SBS | ST | Medium |
| Consolidate all market conduct functions within the SBS under GPU. | SBS | MT | Medium |
| Develop mandatory model contracts and clauses to reduce the SBS's pre-approval obligations. | SBS, industry associations | ST | High |
| Consider bringing all savings and credit cooperatives under the SBS consumer protection regime. | Government, SBS | MT | Medium |
| Amend the General Law to ensure deposit insurance coverage from the moment of incorporation. | Government, SBS | MT | Medium |
| Consider safeguards for vulnerable populations in the new electronic money law. | SBS | ST | Medium |
| Develop enhanced consumer protection standards for insurers. | SBS | MT | Medium |
| Introduce consumer testing to assess the effectiveness of information materials. | SBS, industry associations, consumer associations | ST | High |
| Conduct a cost-benefit analysis of the transparency regime. | SBS, industry associations, consumer associations | ST | High |
| Issue public warnings and publish data on sanctions for breaching consumer protection provisions. | SBS | MT | Medium |
| Develop standard formats for Key Facts Statements and Informative Notes. | SBS, industry associations | ST | High |
| Develop mandatory disclosure wording for FSD members and non-insured savings products. | SBS, FSD | MT | Medium |
| Introduce standardized disclosure on investment returns and limits on pressure selling for pensions. | SBS, AFP industry associations | MT | Medium |
| Develop industry Codes of Conduct for disclosure, complaints, product appropriateness, and other areas. | SBS, industry associations | MT | Medium |
| Monitor and manage over-indebtedness risk in low-income populations. | SBS | ST | Medium |
| Implement direct financial disincentives for withholding employer contributions. | Government | MT | Medium |
| Strengthen monitoring of broker conduct and practices. | SBS | ST | Medium |
| Encourage consumers to submit complaints to financial institutions first. | SBS, INDECOPI, financial institutions | ST | High |
| Provide clear guidance on complaints handling mechanisms in all disclosure documents. | SBS, INDECOPI, industry associations, consumer associations, financial institutions | ST | High |
| Consider reconstituting industry-sponsored ombudsmen in line with best practices. | Industry-based ombudsmen, industry associations | MT | Medium |
| Establish a Financial Education Committee under the Financial Inclusion Council. | MEF, SBS, BCRP, MIDIS | MT | High |
| Enhance collaboration with education authorities by effectively implementing the existing MoU. | SBS, Ministry of Education | ST | Medium |
| Develop tailored financial education programs for low-income and rural populations. | MEF, SBS, MIDIS | MT | High |
| Use financial literacy survey results as a baseline for measuring the impact of financial education initiatives. | MEF, SBS, MIDIS | MT | Medium |
Legal and Regulatory Framework
The review emphasized the importance of aligning Peru's legal and regulatory framework with international best practices, including those from the Basel Committee, IOSCO, IAIS, and OECD. The existing legal framework, such as the General Law of the Financial and Insurance Systems and the Organic Law of the Superintendentage of Banking and Insurance, provides a solid foundation but requires further refinement and streamlining.
Institutional Arrangements
- The SBS is the main financial supervisory authority, responsible for market conduct and consumer protection.
- INDECOPI is the general consumer protection and competition agency.
- The current division of responsibilities between these two institutions is unclear, leading to potential overlaps and inefficiencies.
- The Gerencia de Productos y Servicios al Nombre (GPU) within the SBS is tasked with market conduct oversight, consumer empowerment, and handling of complaints and inquiries.
Financial Education
- A national financial education strategy is needed, potentially led by a committee under the Financial Inclusion Council.
- Coordination between public and private initiatives is essential to optimize resources and effectiveness.
- Tailored programs are required to reach low-income and rural populations, including those with low literacy levels.
- Financial literacy surveys should be used to assess the impact of education initiatives.
Conclusion
The review concluded that while Peru has made significant progress in building a robust CPFL framework, there are opportunities to enhance efficiency, effectiveness, and consumer trust. Key areas for improvement include clarifying institutional responsibilities, streamlining regulatory processes, enhancing legal protection for consumer protection staff, and developing more targeted and standardized financial education programs. The recommendations aim to ensure that financial services are both accessible and responsible, contributing to the broader goal of financial inclusion and stability.
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