47042-001: Promotion of a Legal Framework for Financial Consumer Protection

Project Data Sheet (PDS): Details

Description

The TA will help promote establishment of a coordinated and consistent financial consumer protection framework in the PRC. It will facilitate dialogue between the various consumer protection entities that have varying, and sometimes overlapping, authorities. The primary output will be creation of guidelines to support preparation of a guidance, law or regulation governing the role of the FCPB in financial consumer protection. A dialogue will be facilitated through national workshops and initial coordination meetings where all key stakeholders will be invited. An assessment of the gaps and overlaps in the current varying regulatory framework will be performed. An inventory will be completed of the applicable financial products requiring coverage under financial consumer protection. Additionally, the results of pilot projects run in various PRC provinces by PBC branches will be used as empirical evidence to help tailor final recommendations.

Impact

Improved protection of consumers of financial products and services

Project Outcome

Description of Outcome

A regulatory framework and cooperation mechanism for financial consumer protection

Progress Towards Outcome

Research is in progress. A national workshop was held in November attended by PRC stakeholers and representatives from all other supervisory agencies and the government.

Implementation Progress

Description of Project Outputs

Assessment of current financial consumer protection practices in PRC Assistance to the establishment of a legal and regulatory framework for financial consumer protection and supervision by the FCPB Promotion of coordinated financial consumer protection in PRC

Status of Operation/Construction or Implementation Progress

Progress is on track. Work is underway to prepare the international conference in April. Speakers from 5 countries have confimred. A study tour was held to the European Commission in Brussels, the Bank of Italy and other Italian supervisors, and the financial consumer regulators in Belgium. The tour occurred December 2014. A review mission was held during November 2014.

Stakeholder Communication, Participation and Consultation

During Project Design

The FCPB was actively involved in review and decision-making on the project design and outputs.

During Project Implementation

The EA is closely involved with the reserach work of the consultants to date.

 

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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