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World Bank works out an action plan for financial sector consumer rights protection in Azerbaijan

12 October 2009 14:46 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Azerbaijanâ€™s State Committee on Securities has hosted a delegation led to Baku by Shaun Mundy, a consumer protection consultant at the Wold Bank.

The meeting was aimed at discussion on a report for consumer protection and financial literacy in Azerbaijan and an action plan containing recommendations to address the problems.

The Committeeâ€™s suggestions to the report were submitted to the World Bank mission.

According to the World Bank, particularly in the countries that have moved from central planning to market economies, protecting the interests of consumers has become a prerequisite for sound and competitive financial markets.

Increased competition among financial firms, combined with improvements in their technology and infrastructure, has resulted in highly complex financial products sold to the public. However the public lacks a history of using sophisticated financial products.