Financial Services and Consumer Protection after the Crisis

Akinbami, Folarin

doi:10.1108/02652321111107620

Financial Services and Consumer Protection after the Crisis

Akinbami, Folarin

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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