Framework Policy

Dept 35 - Financial Markets II Department
Dept 35 - Financial Markets II Department

Published

  • Consumer Protection

Framework Policy of the Ministry of Finance on Consumer Protection in the Financial Market

The Ministry of Finance presents the Framework Policy on Consumer Protection in the Financial Market setting out objectives, areas and principles of its activities in consumer protection.

The general objective of consumer protection in the financial market is to achieve the state where the consumers make responsible and appropriate decisions in the financial market with regard to their current situation, i.e., they purchase products and services that best suit their current needs and simultaneously can to protect their rights and interests effectively.

This objective can be achieved through actions in three areas representing the pillars of consumer protection in financial market.

  • The first one is the Information awareness, i. e., ensuring adequate information.
  • The second is the Ability to work with information, i. e. an adequate level of financial literacy (capability).
  • And the last one is the Capability of the consumers to promote and protect their interests and rights.

In the end more informed decision-making by the consumers contributes to a more effective and stable financial system and to the overall more effective allocation of resources in the financial market.

Documents

The Ministry of Finance presents the Framework Policy on Consumer Protection in the Financial Market setting out objectives, areas and principles of its activities in consumer protection.

Content :

  1. Preamble
  2. Why the consumer should be protected
  3. Consumer protections instruments and subjects
  4. Target state of consumer protection in the Czech Republic
  5. Current state in the CR
  6. Proposed measures
  7. Appendix
    • Appendix I – General catalogue of CPFM instruments and examples of their use in the CR
    • Appendix II – Causes of current state of CPFM in the CR
    • Appendix III – Overview of certain activities of IFSRA
    • Appendix IV – Document entitled “Consumer Protection when Providing Financial Services in the CR – Overview of Legislation”
    • Appendix V – Information and ability to work with information when educating the consumer

Source : MoF - Financial Market Analyses and Development Department, Consumer Protection Unit - 273: Framework Policy on Consumer Protection, published 09/2007, for download in Pdf format, english version