巴西关于重新评估和更新巴西金融消费者保护制度的范围说明（英）

SCOPINGNOTE ONREASSESSING ANDUPDATINGBRAZIL’SFINANCIALCONSUMERPROTECTIONREGIME(P180192) JUNE2024 ACKNOWLEDGMENTSThis assessment was prepared by Gian Boeddu and Sergio Mesquita (Senior Financial Sector Specialists, World Bank). Overall guidance was provided by Gabriel Sensebrenner (Senior Financial Sector Specialistand regional task team lead, World Bank) and Yira Mascaro (Practice Manager, World Bank). Thisassessment was prepared at the request of the Ministry of Fazenda (MoF), as part of the Brazil AdvisoryServices and Analytics engagement on productivity and regional development. DISCLAIMERThis work is a product of the World Bank staff with external contributions. The findings, interpretations, Contents Acronyms and Abbreviations........................................................................................................................ 41Executive Summary........................................................................................................................... 52Introduction.......................................................................................................................................... 62.1Context for Mof’s Request........................................................................................................ 63Financial Sector Landscape and Consumer Context................................................................... 73.1Overall Financial Sector Landscape........................................................................................ 73.2Deposit and Credit Market........................................................................................................ 83.3Insurance-related products.....................................................................................................134Current FCP Framework.................................................................................................................154.1Good Practice Perspective..................................................................................................... 154.2Current Financial System Arrangement................................................................................ 154.3Consumer Protection Legal Arrangements..........................................................................174.4Consumer Protection Regulatory Framework within the Financial System....................204.5Cooperation, Integration, and Information Sharing among Authorities............................214.6External/ Alternative Dispute Resolution Mechanisms for Financial Consumers.......... 225Recommended Approach and Next Steps................................................................................... 235.1Recommended Approach and Relevant Considerations................................................... 245.2Immediate Next Steps.............................................................................................................26Annex 1: Laws and Regulations Referenced ...............................................................................................27 ACRONYMS ANDABBREVIATIONS 1EXECUTIVESUMMARY 1.Brazil's financial sector has seen significant advancements in financial inclusion,particularly with the rapid adoption of the PIX payment system, which now facilitatesover 4 billion monthly transactions.Despite these advancements, financial consumers inBrazil face significant and increasing risks, including fraud, scams, over-indebtedness, andmis-sold bundled insurance products. The most vulnerable groups, such as women andyoung consumers, are disproportionately affected. Over-indebtedness remains a criticalissue, with rising default rates despite government initiatives like the Desenrola Programaimed at restructuring defaulted personal loans1, and recent legal reforms to the ConsumerProtection Code, the Código de Defesa do Consumidor (CDC). The numbers of defaultedconsumers continue to break previous records, the last figure reported standing at 72.89million adults. The MoF has raised concerns about the continuing adequacy of the existingFinancial Consumer Protection (FCP) regime and has sought assistance from the WorldBank (WB) to reassess and reform the current legal and institutional framework to betterprotect financial consumers.2.Globally, there is no one-size-fits-all model for FCP regimes, with countries adopting various approaches based on their specific contexts as well as internationalreference points.Some countries utilize central banks to regulate and supervise specificfinancial sectors, often in collaboration with other authorities overseeing insurance, capitalmarkets, and credit unions. Others adopt so called Twin Peaks models, where a singleconduct authority oversees the market from both a prudential and FCP perspective. Theeffectiveness of any model is measured by its outcomes for financial consumers and theoverall integrity of the financial system. Regardless of the selected approach, authorities it