Republic of Ghana Diagnostic Review of Financial Consumer Protection
This diagnostic review was conducted with a purpose to inform future reform of the FCP framework in Ghana, and is based on the revised and enhanced World Bank Good Practices for Financial Consumer Protection (forthcoming). The content of this repor...
| Main Author: | |
|---|---|
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/127531497499817390/Ghana-Diagnostic-review-of-financial-consumer-protection-key-findings-and-recommendations http://hdl.handle.net/10986/27990 |
| Summary: | This diagnostic review was conducted
with a purpose to inform future reform of the FCP framework
in Ghana, and is based on the revised and enhanced World
Bank Good Practices for Financial Consumer Protection
(forthcoming). The content of this report is based on a
review of the legal and regulatory framework, as well as in
anecdotal evidence of current FCP issues and practices
gathered through interviews with financial services
providers, regulators, specialists, and through a review of
available documents on this topic. The assessment focuses on
retail products and services in four sectors: i) banks and
NBFIs; given the large number of diverse institutions in the
non-bank sector the references to NBFI sector in this report
are primarily based on information gathered from rural and
community banks, microfinance companies, savings and loans,
credit unions, and leasing companies; ii) payments; and iii)
insurance. Further, it covers five topics in each of the
above-mentioned sectors, namely: i) legal, regulatory, and
supervisory framework; ii) disclosure and sales practices;
iii) fair treatment and business conduct; iv) data privacy;
and v) dispute resolution mechanisms. While some
sector-specific sections addressed issues related to data
privacy, this topic was primarily addressed as
cross-sectoral issue, discussed in section 2 below. Each of
the sections contains recommendations for reform measures in
Ghana, with indication of their priority. Significant
emphasis has been put on building supervisory capacity for
FCP, given its importance for effective implementation of
the few existing regulations and additional regulatory
reforms proposed in this report. |
|---|