Consumer Empowerment and Market Conduct
Consumer Empowerment and Market Conduct are Vital Issues for Vulnerable and Low-Income Consumers
Consumer empowerment and market conduct are particularly important issues for vulnerable and low-income consumers. Efforts to strengthen effective protection mechanisms and improve financial literacy and education are considered complementary strategies for improving the financial capability of low-income consumers. Consumer protection is an evolving area, however, and covers issues ranging from transparency and disclosure, and responsible lending to redress mechanisms.
There is also the challenge that the best practices agreed by developed countries may need to be adapted or tailored to meet the needs of developing and emerging countries, in particular to mitigate against unintended consequences such as increasing the cost of financial service delivery or prohibiting innovations intended to increase financial access.