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DISCLAIMER This Diagnostic Review is a product of the staff of the International Bank for Reconstruction and Development/The World Bank. The findings, interpretations, and conclusions expressed herein do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. Abbreviations and Acronyms .................................................................................................................... 4 Acknowledgments ...................................................................................................................................... 5 Preface ......................................................................................................................................................... 6 I. Consumer Protection in the Banking and Finance Company Sector ................................................. 7 II. Consumer Protection in Savings and Loan Cooperatives ............................................................... 57 III. Consumer Protection in the Insurance Sector.................................................................................. 91 IV. Consumer Protection in Digital Financial Services ....................................................................... 115 V. Financial Education and Consumer Empowerment ....................................................................... 130 Table 1. Consumer Protection Institutional Arrangements in Digital Financial Services .......................... 116 Table 2. Main Consumer Protection Provisions Applicable to Digital Financial Services ........................ 119 Table 3. Selected Results of Recent Demand-Side Surveys ................................................................... 131 --- Currency and Equivalent Units (As of January 2015) Currency Unit = Paraguayan Guarani (PYG) USD 1 = PYG 4,707.72 Government Fiscal Year January 1 – December 31 ADEFI Association of Finance Companies (Asociación de Entidades Financieras) AML Anti-Money Laundering APCS Paraguayan Association of Insurance Companies (Asociación Paraguaya de Compañía de Seguros) ASOBAN Association of Banks (Asociación de Bancos) ASUCOP Association of Users and Consumers of Paraguay (Asociación de Usuarios y Consumidores de Paraguay) BCP Banco Central del Paraguay BCP-SIB Banking Superintendency (Superintendencia de Bancos) BCP-SIS Insurance Superintendency (Superintendencia de Seguros) BNF National Development Bank (Banco Nacional de Fomento) CAMP Centre of Arbitration and Mediation of Paraguay (Centro de Arbitraje y Mediación Paraguay) CFT Combating the Financing of Terrorism CGAP Consultative Group to Assist the Poor CONACOM National Competition Commission (Comisión Nacional de la Competencia) CONATEL National Telecommunications Commission (Comisión Nacional de Telecomunicaciones) CONPACOOP Cooperatives Cooperation of Paraguay (Confederación Paraguaya de Cooperativas) CPFL Consumer Protection and Financial Literacy DCF Financial Consumer Ombudsman (Defensora al Cliente Financiero) DDUS Division for the Defense of the User of Insurance DGEEC Department of Statistics, Surveys and Censuses (Dirección General de Estadística, Encuestas y Censos) DRGV German Cooperative and Raiffeisen Confederation EMPE E-Money Issuer (Entidad de Medio de Pago Electrónico) ENIF National Financial Inclusion Strategy (Estrategía Nacional de Inclusion Financera) GSMA GSM Association FGD Deposit Guarantee Fund (Fondo de Garantía de Depósitos) IAIS International Association of Insurance Supervisors IIF Financial Inclusion Intendency (Intendencia de Inclusión Financiera) INCOOP National Institute for Cooperatives (Instituto de Cooperativismo) INTN National Institute of Standards and Technology (Instituto Nacional de Tecnología, Normalización y Metrología) KYC Know-Your-Customer MIC Ministry of Industry and Commerce (Ministerio de Industria y Comercio) MOU Memorandum of Understanding NGO Non-Governmental Organization PIN Personal Identification Number POS Point of Sale PYG Paraguayan Guarani SEDECO Secretariat for Consumer Protection (Secretaría de Defensa al Consumidor) SEPRELAD Secretariat for Prevention of Money Laundering (Secretaría de Prevención de Lavado de Dinero o Bienes) SIPAP National Electronic Payment System of Paraguay (Sistema Nacional de Pagos Electrónicos del Paraguay) SNIPC National Integrated System of Consumer Protection TELCO Telecommunications Provider TFC Total Financial Cost WOCCU World Council of Credit Unions This Diagnostic Study was prepared by a team led by Douglas Pearce (Lead Financial Sector Specialist, GFMDR) and Ilka Funke (Financial Inclusion Specialist), and included Sarah Fathallah (Financial Analyst, GFMDR), Manuel Peraita (Insurance Sector Specialist), Jose Rutman (Banking Sector Specialist) and Luis Trevino (Sr. Financial Sector Specialist, GFMDR). Technical guidance and input was provided by Dante Mossi (Resident Representative for Paraguay, LCCPY), Javier Suarez (Lead Economist, GTCDR), Jane C. Hwang (Sr. Financial Sector Specialist, GFMDR) and on the legal framework by Mariana Paredes (Consultant). Maria Cristina Heisecke Paredes (Consultant, GFMDR) provided both technical and administrative support, while Rosa Arestivo de Cuentas-Zavala (Team Assistant, LCCPY) and Monzerrat Garcia (Consultant, GFMDR) also gave valuable administrative support. Marianna Camino (Consultant, GFMDR) provided translation support. Peer review comments were provided by Javier Suarez (Lead Economist, GTCDR), Jane C. Hwang (Sr. Financial Sector Specialist, GFMDR), and Ros Grady (Sr. Financial Sector Specialist, GFMDR). The team would like to express its gratitude to the authorities and private stakeholders for the support and collaboration it received during the preparation of the Review. Special thanks go to the management and staff of the different financial supervisory authorities for their excellent cooperation and the warm welcome extended, and to the management and staff of the Financial Inclusion Intendency (Central Bank of Paraguay) for their valuable assistance and input provided during the review. The Diagnostic was prepared with financial support of the Swiss State Secretariat for Economic Affairs (SECO), through the Global Consumer Protection and Financial Literacy Trust Fund. Volume II of the CPFL Diagnostic Review includes a detailed assessment of the institutional, legal and regulatory framework for consumer protection in four segments of the financial sector: (i) banks and finance companies, (ii) financial cooperatives, (iii) insurance companies, and, - in reflection of the important role they play in Paraguay - (iv) non-bank agents and mobile payment providers. The review further assesses the institutional framework and infrastructure in place in the area of Financial Education and Empowerment of Consumers. Volume II complements Volume I, which summarizes the key findings of the diagnostic and provides prioritized recommendations. The World Bank’s Good Practices for Consumer Protection were used as a benchmark for assessing the frameworks applicable to banks and finance companies, S&L cooperatives and insurance companies.1 The Good Practices are based on findings of in-depth country level reviews of consumer protection and financial literacy conducted by the World Bank since 2006, as well as international benchmarks, including (i) principles released by the Basel Committee, IOSCO and IAIS, (ii) OECD recommendations in this area, as well as (iii) laws, regulations and codes of business practices from the European Union, United States, Australia, Canada, France, Ireland, Malaysia, Mexico, New Zealand, Peru and South Africa. The World Bank (WB) has already conducted similar reviews in more than thirty countries worldwide.2 For the diagnostic of consumer protection in digital finance services, no formal Good Practices have so far been established. The review is based on general principles of institutional arrangements and legal frameworks established under the Good Practices, complemented with guidance provided by a number of recent publications, including (i) World Bank (2014), Responsible Digital Financial Services: Consumer Protection in an Electronic Environment, Presentation in preparation for the Responsible Finance Forum V, (ii) Alliance for Financial Inclusion (2014), Consumer Protection in Mobile Financial Services, Guidance Note No. 13, (iii) GSMA (2012), Mobile Privacy Principles: Promoting a User-Centric Privacy Framework for the Mobile Ecosystem, Document Version 1.0, and (iv) CGAP (2010), Protecting Branchless Banking Consumers: Policy Objectives and Regulatory Options, Focus Note 64. Finally, Financial Education and Consumer Empowerment is covered as a stand-alone assessment, and not as usually done under each of the sectors. It is based on Good Practices for Financial Education and Consumer Protection established for individual sectors, and complemented with relevant guidance material, including (i) the G20 High Level Principles on Financial Consumer Protection and the Annex to the G20/OECD Task Force Report on Financial Consumer Protection, (ii) the sections on Financial Education in World Bank (2014) Global Survey on Consumer Protection, and (iii) Financial Literacy, as well as World Bank (2013), Making Sense of Financial Capability Surveys around the World), To prepare the review, a World Bank (WB) mission visited Asunción from May 26 to June 5, 2014. Extensive consultations were held with stakeholders from the public and private sectors. 1 The Good Practices for Financial Consumer
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