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Financial literacy and rights protection of financial services consumers
Financial literacy is one of the main prerequisites for ensuring more effective protection of financial services consumers. Most important is the better regulation, generally aimed at ensuring good and fair treatment of consumers, improvement of quality, accessibility and usefulness of financial information and establishing effective mechanisms for resolving consumers disputes. But even the best regulatory framework may not be sufficiently effective if consumers are not aware of their rights and responsibilities, do not know or do not possess enough knowledge to be able to choose the most appropriate financial products for them. And ultimately their financial well-being and future financial security depend on their own choices.
