This Article argues that a taxonomy of consumer protection levels characterized by the substantive protections enjoyed by financial consumers is imperative. A narrow taxonomy would focus only on financial consumer protection and analyse the substantive protections that consumers enjoy before and after the Duty’s introduction. Such an approach is arguably incomplete. The consumer experience in finance is arguably a distinct sphere of consumer services. Hence, one might argue that protective levels in finance should not be compared to other sectors. It is highly likely, however, that consumers’ experience surrounding individual welfare in other sectors affects their perceptions and expectations in their financial consumer experiences. Consumers have broad experiences within the rise of marketisation, increasing support for industrial development, and political commitment to the market economy. Economic organisation in capitalist economies shapes consumers in their capacities as economic and social actors. Consumer protection is a policy development that is both cross-cutting and sectoral. As such, financial regulation can learn from insights in other sectoral developments.
top of page
bottom of page
Comments