By Peter Cartwright
Fresh advancements in legislation, public coverage, and legislation have ensured that questions concerning the dating among banks and their buyers have seldom been out of the highlight. this crucial booklet offers a well timed, unique, and demanding exam of the function of the legislation in regulating banks within the pursuits of the shopper. The paintings examines the social and monetary rationales for, and the goals of, banking rules. In so doing, it makes a speciality of the the most important position of legislation within the safety of the patron. The e-book then presents a serious appraisal of the central strategies through which law is introduced and safety ensured. Such options comprise past approval by means of licensing, endured supervision, and knowledge treatments similar to disclosure. The paintings additionally appears to be like at how the legislation protects depositors of bancrupt banks via monetary repayment schemes, and the way it offers patron redress via mechanisms for making sure entry to justice, particularly ombudsmen. ultimately, the ebook appears on the topical query of buyer entry to banking prone, and considers the level to which the legislations can justify putting social duties on banks within the shopper curiosity. this can be the 1st monograph to check those vital subject matters during this means.
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Extra info for Banks, Consumers and Regulation
To some extent this has been done, but it is important for the regulator to continue to emphasise that effective financial regulation is not tantamount to a guarantee that an institution is safe. 136 There is a close connection between this and the objective of avoiding financial crime. 137 However, a crime is not a prerequisite of bad faith. In these circumstances the FSA will still have a role under the consumer protection objective. 138 From 1988 to 1994 over eight million people invested in personal pensions, and it has been estimated that between one and two million of those received bad advice.
The FSA has stated that a key element of the public awareness objective is promoting a higher level of general financial literacy. There is an economic element to this, in that consumers will be better able to play the part of the utility-maximising consumer if they are more financially literate. cfm> (17 May 2004). A former Director General of the British Bankers’ Association complained at the time that there was ‘no shared language or shared view of the world’ between the Government and the banks.
This principle is also related to the issue of proportionality, which is considered below. The second principle states that the FSA must have regard to ‘the responsibilities of those who manage the affairs of authorised persons’. This reflects the desire that bank management takes prime responsibility for a bank’s activities. 156 There may be a risk that by having a stringent system of regulation, particularly supervision, in place, firms are able to regard themselves as no longer responsible for their decisions.
Banks, Consumers and Regulation by Peter Cartwright