[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109334-en":3,"doc-seo-109334-105":31,"detail-sidebar-cat-0-en-105":85},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109334,4810365810221,"Aurora","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Financial Consumer Protection and Market Conduct - Financial Sector Assessment Program Technical Note - Eswatini","This Technical Note, prepared for the World Bank’s Financial Sector Assessment Program in Eswatini, examines financial consumer protection and market conduct issues across transaction, savings, payment, and credit products, including digital offerings overseen by the Central Bank of Eswatini and the Financial Sector Regulatory Authority. It highlights worsening consumer over-indebtedness and evaluates how current frameworks and supervisory responses address credit suitability, disclosure transparency, contract fairness, and consumer harm from scams and fraud. It also reviews market conduct supervision and complaint resolution mechanisms.","Public Disc losure Authorized  \nApril 2025  \nDisclosure  \nPub lic Disc losure Authorized  \nTHE WORLD BANK GROUP  \nKINGDOM OF ESWATINI  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nFINANCIAL CONSUMER PROTECTION AND MARKET  \nCONDUCT  \nPrepared By  \nFinance, Competitiveness, and Investment Global Department, WBG  \nThis Technical Note was prepared in the context of a World Bank Financial Sector Assessment Program (FSAP) mission in Eswatini during October 2024 led by Oliver Masetti (Mission Chief) and Ajai Nair (Deputy Mission Chief), overseen by the Finance, Competitiveness, and Investment Global Department, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSA program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap).  \nCONTENTS  \nACRONYMS AND ABBREVIATIONS____________________________________________________________ III  \nEXECUTIVE SUMMARY _________________________________________________________________________ IV  \nI. INTRODUCTION _______________________________________________________________________________ 1  \nA. Focus of this note ______________________________________________________________________________ 1  \nB. Consumer transaction, savings, payment and credit product providers ________________________ 1  \nII. LEGAL AND INSTITUTIONAL FRAMEWORK _________________________________________________ 2  \nA. FCP/MC legal and regulatory framework_______________________________________________________ 2  \nB. Ensuring a clear FCP/MC mandate _____________________________________________________________ 2  \nC. FCP/MC requirements issued by CBE and FSRA ________________________________________________ 3  \nD. Other framework gaps and deficiencies________________________________________________________ 5  \nIII. KEY FINANCIAL CONSUMER PROTECTION ISSUES_________________________________________ 7  \nA. Consumer over-indebtedness and unsuitable credit ___________________________________________ 7  \nB. Strengthening costs disclosure and transparency _____________________________________________ 12  \nC. Improving appropriateness of products _______________________________________________________ 14  \nD. Improving fairness of contracts _______________________________________________________________ 15  \nE. Scams and fraud against consumers___________________________________________________________ 16  \nIV. MARKET CONDUCT SUPERVISION ________________________________________________________ 18  \nA. CBE’s MCS implementation ___________________________________________________________________ 18  \nB. FSRA’s implementation of RBS ________________________________________________________________22  \nC. Harmonizing MCS approaches ________________________________________________________________23  \nD. Pricing approvals and restrictions by the regulators __________________________________________24  \nE. Product approvals by the regulators___________________________________________________________26  \nF. Internal institutional arrangements ____________________________________________________________26  \nV. COMPLAINT RESOLUTION MECHANISMS_________________________________________________ 28  \nA. Internal dispute resolution by financial services providers_____________________________________28  \nB. External dispute resolution mechanisms_______________________________________________________29  \nACRONYMS AND ABBREVIATIONS  \nBanking Practice Guideline Banking Fees Guideline CBE  \nCBE Order CCA Constitution  \nCredit Providers GNEDR  \nFI Act FCPFSAPFSRAFSRA Act IDR  \nKFS Guideline  \nKFS Guideline  \nMCMCCPFMCD MCSMMSPs  \nMobile Money Practice Note  \nNPLNPS Act RBSPDDSACCOs  \nGuideline on Banking Practice, 2018  \nGuideline on Banking Fees, Charges and Commissions, 2020 Central Bank of Eswatini  \nCentral Bank of Swaziland Order,1974 Consumer Credit Act, 2016  \nConstitution of the Kingd","cbCaina2HPmjscUn","https://ap.wps.com/l/cbCaina2HPmjscUn","pdf",708479,5,1,38,"English","en",105,"# Executive Summary\n# Introduction\n## Focus of this note\n## Consumer transaction, savings, payment and credit product providers\n# Legal and Institutional Framework\n## FCP/MC legal and regulatory framework\n## Ensuring a clear FCP/MC mandate\n## FCP/MC requirements issued by CBE and FSRA\n## Other framework gaps and deficiencies\n# Key Financial Consumer Protection Issues\n## Consumer over-indebtedness and unsuitable credit\n## Strengthening costs disclosure and transparency\n## Improving appropriateness of products\n## Improving fairness of contracts\n## Scams and fraud against consumers\n# Market Conduct Supervision\n## CBE’s MCS implementation\n## FSRA’s implementation of RBS\n## Harmonizing MCS approaches\n## Pricing approvals and restrictions by the regulators\n## Product approvals by the regulators\n## Internal institutional arrangements\n# Complaint Resolution Mechanisms\n## Internal dispute resolution by financial services providers\n## External dispute resolution mechanisms","[{\"question\":\"Which supervisory and resolution areas are covered beyond consumer protection issues?\",\"answer\":\"It reviews market conduct supervision implementation by CBE and FSRA, harmonization of approaches, and internal and external complaint resolution mechanisms.\"}]","Financial Consumer Protection and Market Conduct - 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