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Financial Services and Consumer Protection after the Crisis

Akinbami, Folarin

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Authors

Folarin Akinbami



Abstract

Purpose – The purpose of this paper is to examine the approaches to consumer protection in UK financial services before and after the global financial crisis. Design/methodology/approach – This paper reviews the literature on behavioural economics and psychology, and uses it as the basis for a critique of the UK's approach to the supervision of financial services firms and the protection of their consumers. Findings – Non-interventionist approaches to consumer protection, which are based on the traditional theories of the law and economics movement, have failed. As a result, there is now a shift in thinking towards more interventionist approaches. Research limitations/implications – By understanding the likely impact of the regulatory reforms the academic research community can assist the regulator to understand the best way to ensure desirable outcomes for users (consumers) of financial services. Originality/value – The moves to reform UK financial regulation after the crisis have only recently got under way and a lot of the reforms have not been widely debated or written on.

Citation

Akinbami, F. (2011). Financial Services and Consumer Protection after the Crisis. International Journal of Bank Marketing, 29(2), 134-147. https://doi.org/10.1108/02652321111107620

Journal Article Type Article
Publication Date Jan 1, 2011
Deposit Date Nov 16, 2010
Publicly Available Date Sep 2, 2011
Journal International Journal of Bank Marketing
Print ISSN 0265-2323
Publisher Emerald
Peer Reviewed Peer Reviewed
Volume 29
Issue 2
Pages 134-147
DOI https://doi.org/10.1108/02652321111107620
Keywords Consumer behaviour, Consumer protection, Financial services.

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Copyright Statement
This article is © Emerald Group Publishing and permission has been granted for this version to appear here http://dro.dur.ac.uk/8586. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.







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