Consumer protection and financial literacy
Consumer protection
In 2008, Act No. 6/1993 Coll., on the Czech National Bank (hereinafter the “Act on the CNB”) and Act No. 634/1992 Coll., on Consumer Protection (hereinafter the “Consumer Protection Act”) gave the Czech National Bank (CNB) new powers in the area of consumer protection. Under these powers, the CNB accepts suggestions, complaints and notifications from consumers, answers eligible enquiries, publishes interpretative opinions and conducts inspections of supervised financial institutions.
The CNB promotes financial literacy
In connection with its new consumer protection powers, the CNB has taken steps towards fulfilling its mission in this area. The CNB has long been involved in promoting financial literacy. In 2008 it provided schools with more than 4,000 free manuals for teachers and workbooks for primary and secondary school pupils, as well as organising several dozen seminars for teachers. In 2011 it distributed free financial literacy workbooks to primary schools whose representatives had shown an interest in teaching financial literacy by attending the seminars for teachers. Also in 2011, the CNB provided schools free of charge with an animated film Of Money and Men, which teaches children in a fun way about the CNB’s history and its role in the Czech economy. In 2012–2013, under the motto “Twenty Years of Protecting the Czech Koruna”, the CNB prepared an interactive exhibition for schools to present the work of central bankers and thereby indirectly increase pupils’ interest in finance and economics. The CNB also promotes financial education in the regions in partnership with selected universities. Since 2010 it has also been co-organising lectures for senior citizens at universities of the third age.
Results of the first measurement of adult financial literacy in the Czech Republic
Joint press conference of the Ministry of Finance of the Czech Republic and the Czech National Bank – press release, complete measurement results, presentations from the press conference (in Czech only).
Consumer credit
Consumer credit is a deferred payment, cash loan, credit or a similar financial service provided or intermediated to a consumer. The CNB supervises compliance with the duties of lenders, intermediaries or entities organising professional examinations aimed at demonstrating professional knowledge, expertise and skills pursuant to Act No. 257/2016 Coll., on Consumer Credit (hereinafter referred to as the “Consumer Credit Act” or the “CCA”).