Financial Consumer Protection and the Global Financial Crisis

Martin Melecký and Sue Rutledge

MPRA Paper from University Library of Munich, Germany

Abstract: This paper discusses the role and design of financial consumer protection (FCP), weaknesses of current FCP frameworks in light of the recent global financial crisis, policy responses to the crisis, and policy issues in FCP that remain to be addressed. The failures of financial consumer protection have been one of the detonators and amplifiers in the crisis. Policy responses during the crises have focused mainly on enhanced disclosure of pre-contractual and contractual terms and conditions of financial products, their professional and ethical distribution, and debt counseling and education programs for consumers. Most recently, more attention has been paid to the institutional design for financial consumer protection, including regulation, supervision and enforcement and access to financial education. This has been advanced by thinking about the need for a sound and safe design of future financial architecture, including benchmarks for FCP worldwide.

Keywords: Financial Consumer Protection; Global Financial Crisis; Business Conduct Regulation and Supervision; Financial Market Integrity (search for similar items in EconPapers)
JEL-codes: D14 D18 E44 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-reg
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:28201

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