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Financial services and consumer protection after the crisis

Folarin Akinbami (Durham University, Durham, UK)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 1 March 2011

5763

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.

Keywords

Citation

Akinbami, F. (2011), "Financial services and consumer protection after the crisis", International Journal of Bank Marketing, Vol. 29 No. 2, pp. 134-147. https://doi.org/10.1108/02652321111107620

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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