Key findings and recommendations

This Review of Consumer Protection and Financial Literacy (CPFL) in Mozambique’s insurance, pensions and securities sectors complements the 2012 CPFL Review of the banking and non-bank credit institutions sectors. It was conducted under the World Bank’s Financial Inclusion Support Framework Program (FISF Program). The FISF Program is supported by the Kingdom of the Netherlands and the Bill & Melinda Gates Foundation. It provides technical assistance and capacity building support to countries to help them accelerate progress toward their financial inclusion commitments and targets. The main objective of a CPFL Review is to assess the financial consumer protection framework in a country, with reference to the World Bank’s Good Practices for CPFL. This Review addresses the following areas: (i) Institutional Arrangements, (ii) the Legal and Regulatory framework, (iii) Transparency and Disclosure, (iv) Business Practices, (v) Complaints Handling and Dispute Resolution Mechanisms and (vi) Financial Literacy/Capability. Many findings of this 2015 Review are unique to the insurance, pensions, and securities markets but those of general application are consistent with the findings of the 2012 CPFL Review, most of which are still relevant. Volume I summarizes the key findings and recommendations and Volume II provides a detailed comparison with the World Bank's Good Practices for Financial Consumer Protection.