Code of Good Practices for Financial Education adopted

The regulators of the financial market: The Insurance Supervision Agency (ISA), the National Bank, the Ministry of Finance, the Securities and Exchange Commission (SEC) and the Agency for Supervision of Fully Funded Pension Insurance – MAPAS have adopted Code of Good Practices for Financial Education that will provide effective, educational programs in behalf of the population. The Code was drafted by the Coordinative Body for Financial Education and Financial Inclusion consisted of members of the five regulatory bodies. This document derives from the Strategy for Financial Education and Inclusion which was adopted in July.

Taking into account the growing needs, the initiatives for financial education as well as the growth of the number of the entities involved in the public, private and civil sector, the need for clear definition of the basics occurred as well as of the manners for inclusion of these entities, coordination, as well as provision of effective educational programs in behalf of the population.

The Code establishes the principles that should be applied during the implementation of the financial education of the population in the country, by all the entities from public, private and civil sector that are to be involved in this process. It states the aims that are to be achieved, the principles that should be applied during implementation of the activities for financial education, the scope of the activities, the good practices regarding the contents and financial education trainers, as well as the manner of informing of the regulators and evaluation of the activities.

The Code is based on the best world experiences and recommendations by INFE-OECD and is aimed to provide promotion and realisation of high quality and impartial financial education by all entities involved. It will strengthen the coordinated approach for financial education thus contributing to better and faster results at national level.

In the modern conditions of dynamic financial system, the financial education becomes necessary for all ages and all social classes of the population. Having regard to the institutions and entities from private and civil sector that may contribute to this field, the financial education is becoming part of the social responsibility and significant aspect of building of their reputation.

 Code of Good Practices for Financial Education adopted

Therefore, the coordinated approach of action will contribute to increased efficiency and effectiveness in work.

The financial regulators invite all the entities from the private and civil sector which have realized or are interested in realization of activities for financial education to get acquaint with the Code, available at the following link… and to join the initiative for coordinated approach.