Consumer Protection in Financial Services
Kluwer Law International B.V., May 6, 1999 - Law - 292 pages
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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Consumers and Information
The Scope and Content of this Book
The Banking Ombudsman Scheme
3 The Building Societies Ombudsman Scheme
The Financial Services Act 1986
The Way Forward
The Perceived Failure of IMRO and the Industry Response
The IMRO Investment Ombudsman Scheme
The Review Committees Report and the Governments
The Four Qualifications to the Duty
What Information is Covered by the Duty of Confidentiality?
3 The Unfair Terms in Consumer Contracts Regulations
Deposit Guarantees Bank Safety and Moral Hazard
The Future of Depositor Protection
Reactions to the Australian Legislation
Selfregulation in Australia
Legislative Approaches to Fairness
The Way Forward
Challenging Assumptions about the Existing Values of