A global view on the financial consumer protection
How does the institutional landscape for financial consumer protection look like in Germany? What lessons can be drawn for the home countries of the seven delegations from the MENA region from the German model, but also from each other? To answer these and other questions, more than 25 participants from Jordan, Palestine, Egypt, Morocco, Tunisia, Algeria and Yemen visited numerous institutions in the German cities Frankfurt and Berlin between October 27 and November 2, 2013.
This study tour presented an opportunity for high level representatives from central banks, bank associations, consumer protection ministries, microfinance networks, and consumer associations in the MENA region to gain deep insights into the institutional mechanisms and interplay of the supervisory, regulatory and civil society bodies responsible for financial consumer protection in Germany. The delegates could comprehensively examine elements of financial consumer protection, such as: What enforcement measures can be taken against the violation of clientsâ€™ rights, how can consumers be protected in case of over-indebtedness, what role plays civil society against public authorities?
The study tour was also used as a platform for a mutual knowledge sharing of practices among the participants. The delegations analyzed the current situation of financial consumer protection in the MENA region, and worked on individual countriesâ€™ strategies on improvements of their situation. Several delegations are planning to implement in their respective countries some financial consumer protection measures they learned about.
GIZ conducted this study tour on financial consumer protection on behalf of the German Ministry for Economic Cooperation and Development (BMZ) and in cooperation with the Sanad Fund.
By Rania Abu Rabie