Financial Consumer Protection and the Global Financial Crisis
AbstractThis 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 28201.
Date of creation: 2011
Date of revision:
Financial Consumer Protection; Global Financial Crisis; Business Conduct Regulation and Supervision; Financial Market Integrity;
Find related papers by JEL classification:
- D18 - Microeconomics - - Household Behavior - - - Consumer Protection
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
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- Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2008. "Subprime facts: what (we think) we know about the subprime crisis and what we don’t," Public Policy Discussion Paper 08-2, Federal Reserve Bank of Boston.
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