Consumer Protection in Financial Services

Front Cover
The question of how financial services should be regulated in the interests of consumers has never been more topical. The structure of the financial services industry is changing rapidly and the need for the law to keep pace with these changes has never been greater.

This book examines the role of the law in the protection of the consumer, in particular the ways in which the law is, and could be, used to protect consumers when purchasing financial services. A prominent panel of contributors first examines the role of the European Union and the ombudsmen schemes operating in the United Kingdom in improving consumer protection.

Eight expert papers present a detailed analysis of aspects of the various legal mechanisms protecting consumers in the banking, financial services, investments and insurance industries. The final part of the book is concerned with the important and controversial area of consumer credit.

This unique work is a welcome contribution to a rapidly developing area of law, which has so far received little attention from commentators. It will be of great interest to those at the cutting edge of banking, financial services and consumer law, whether practicing lawyers or in-house counsel, and all those involved in advising consumers.

 

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Contents

Introduction
3
Consumers and Information
10
The Scope and Content of this Book
17
Chapter
23
Financial Services
30
Conclusion
39
The Banking Ombudsman Scheme
46
3 The Building Societies Ombudsman Scheme
53
The Financial Services Act 1986
147
The Way Forward
153
Conclusion
159
Regulation
165
Product Design
171
Public Education
177
Chapter Eight
183
The Perceived Failure of IMRO and the Industry Response
191

The IMRO Investment Ombudsman Scheme
63
Conclusions
69
Chapter Three
75
The Review Committees Report and the Governments
81
The Four Qualifications to the Duty
87
What Information is Covered by the Duty of Confidentiality?
92
Introduction
99
3 The Unfair Terms in Consumer Contracts Regulations
107
Present Practice
122
Deposit Guarantees Bank Safety and Moral Hazard
130
The Future of Depositor Protection
135
Introduction
141
INSURANCE
197
Reactions to the Australian Legislation
211
Selfregulation in Australia
213
Introduction
219
Legislative Approaches to Fairness
226
The Way Forward
232
Introduction
239
Challenging Assumptions about the Existing Values of
247
Chapter Twelve
265
Conclusion
278
Copyright

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