Consumer Protection Regulation in Low-Access Environments: Opportunities to Promote Responsible Finance
This paper defines responsible finance as delivery of retail financial services in a transparent and equitable fashion. The focus is on products, processes, and policies that appropriately balance customers’ interests with those of providers’ and avoid harmful or unfair treatment. Responsible finance is promoted through measures that may include consumer protection regulation, industry or provider codes and standards, and improvements in consumer financial capability.
This Focus Note describes current practices and assesses options for design and implementation of basic consumer protection rules, focusing on low-access environments.