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Tuesday, August 4, 2020 | History

1 edition of Vulnerable consumers and financial services found in the catalog.

Vulnerable consumers and financial services

Vulnerable consumers and financial services

the report of the Director General"s inquiry.

  • 149 Want to read
  • 7 Currently reading

Published by Office of Fair Trading in [London] .
Written in English


Edition Notes

Cover title.

ContributionsGreat Britain. Office of Fair Trading.
ID Numbers
Open LibraryOL17859792M

In this context, this article considers some of the risks to providers of digital financial services that arise from UK regulatory expectations around the treatment of vulnerable customers and duties under the UK's Equality Act Digital communication with customers.   The Durbin Amendment and Qualified Mortgage rule forced millions of vulnerable consumers to lose access to traditional financial services. The arbitration rule will have the same effect. Regulating these products out of a consumer’s reach has done nothing to help achieve equal access to financial services.

It was a typical lockdown day. I was reading in Moneylife about the year-old Jyoti Kumari, who cycled km from Gurugram to Bihar with her injured father. When I spoke to Moneylife about what we could do to help, I learnt from the founder Sucheta Dalal about the year old Tabaarak, who had ferried his injured parents in a tricycle cart over km to his village in Bihar.   The Treasury Committee has launched an inquiry into consumer access to financial services, focusing in particular on the interaction between vulnerable consumers and financial services .

In last year’s article we noted that regulators from financial services and utilities were stepping up their focus on firms’ dealings with vulnerable customers. Regulators continue to list ‘customer vulnerability’ as a top priority, and the issue of deprivation and disadvantage has come to . This event brought together a number of public bodies and regulators to discuss the very real impacts on the more vulnerable consumers within society. This event highlighted consumer detriment from the perspective of various sectors, including Financial Services, Energy and Telecommunications.


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Vulnerable consumers and financial services Download PDF EPUB FB2

Book Description. This book charts the difficulties encountered by vulnerable consumers in their access to justice, through the contributions of prominent authors (academic, practitioners and consultants) in the field of consumer law and access to justice. It demonstrates that despite the development of ADR, access to justice is still severely lacking for the vulnerable consumer.

The draft guidance sets out the FCA’s (preliminary) view on what the Principles for Businesses require of financial services firms to ensure the fair treatment of vulnerable consumers. Vulnerable consumers and financial services (p.

London: Office of Fair Trading. 'This is a remarkable and important book. The new edition updates consumer cultural studies to take into. consumer financial product and service needs of low-income and economically vulnerable consumers.

As a step toward helping to formulate this strategy and its implementation, the CFPB’s Office of Financial Empowerment hosted a national convening in Washington, DC on NovemberFile Size: KB. In Julythe FCA published a consultation on draft (non-Handbook) guidance for firms on the fair treatment of vulnerable customers.

The draft guidance sets out the FCA’s (preliminary) view on what the Principles for Businesses require of financial services firms to ensure the fair treatment of vulnerable consumers. These consumers are diverse in culture, geography, stage of life, and financial status. Last year, the Office of Financial Empowerment hosted a forum to examine the unique consumer financial product and service needs of low-income and economically vulnerable consumers.

However, consumers in vulnerable circumstances may be significantly less able to represent their own interests, and more likely to suffer harm than the average consumer. Regulators and firms need to ensure these consumers are adequately protected. Financial services have become more important as consumers are expected.

But if debt is the issue, consumers may want to consider an alternative financial product like a prepaid debit card, says Bertrand Sosa, co-founder of payment platform Rev Worldwide in Austin, Texas. “At present, many vulnerable consumers feel that financial services, products and customer facing systems have become so streamlined, designed for a mythical perfect customer, that they struggle to meet the needs of anyone in particular, and certainly not the numerous ‘non-standard’ consumers who don’t fit into a set ‘mould’.”.

One of the objectives behind the consumer policy which underlies the National Consumer Credit Protection Act is to meet the needs of those who, as consumers, are most vulnerable, or at the greatest disadvantage.

But the National Credit Act, the National Credit Code and the ASIC Act do not use the words “vulnerable customers” or define it. Regulators¹ in the water, energy, telecommunications and financial services sectors could do more to support the increasing number of vulnerable consumers, according to the National Audit Office.

Consumers spend around £ billion annually on energy, water, telecommunications and retail financial services. The potential risks for New Zealand financial services companies which don’t start getting their heads around vulnerable customers are only going to get bigger, Raj says.

Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and other investigations, have spent many hours focused on.

What does a vulnerable customer look like. Following the FCA’s business plan, published in April, it’s a question many firms will be reconsidering.

It’s especially important given the FCA highlighted vulnerable customers as one of its six-cross sector priorities for /18, saying it’s concerned that firms don’t always recognise when consumers become vulnerable, or treat them fairly.

the financial services needs of vulnerable customers. Together with the ability of UK consumers to access financial services, this makes up a cross-sector priority area for the FCA’s Business Plan. This paper recognises that advice firms want to do the right thing, but sometimes struggle to.

The vulnerable consumer of financial services: Law policy and regulation. Financial Services Research Forum. Google Scholar. Cartwright, P. (b). Under pressure: Regulating aggressive commercial practices in the UK.

Lloyd’s Maritime and Commercial Law Quarterly, (1) – The Vulnerable Consumer of Financial Services: Law, Policy and Regulation Peter Cartwright* Executive Summary A common justification for the regulation of financial services is the need to protect the consumer.

Economic and social explanations and justifications for regulation both focus in part on the consumer as the principal beneficiary of. To provide financial protections and assistance for America’s consumers, States, businesses, and vulnerable popu-lations during the COVID emergency and to recover from the emergency.

1 Be it enacted by the Senate and House of Representa-2 tives of the United States of America in Congress assembled, 3 SECTION 1.

SHORT TITLE; TABLE OF CONTENTS. The Central Bank of Ireland’s revised Consumer Protection Code (the “Code”) aims to protect vulnerable consumers when they deal with financial service providers. Financial service providers must provide reasonable arrangements and/or assistance that may be necessary when they are dealing with a vulnerable consumer.

The potential risks for New Zealand financial services companies which don’t start getting their heads around vulnerable customers are only going to get bigger, Raj says. Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, and other investigations, have spent many hours focused on.

Rigo Reyes joined the department in when he discovered his passion for consumer protection. He has worked in various capacities to protect vulnerable consumers, including seniors from elder financial abuse, military service members from consumer fraud, homeowners from foreclosures, and foster youth from identity theft.

A couple of weeks ago the Financial Conduct Authority, the body that sets the rules for financial services firms, published a paper consulting on their overall approach to ensuring consumers are protected and get a fair deal from companies. At the heart of this document is a section on supporting customers who are vulnerable – for example as a result of their mental health – and a proposed.The consumer financial services market has seen the increasing use and proliferation of mobile technology to access financial services and manage personal finances.

a Request for Information (RFI) to find out more about mobile financial services and how low-income and economically vulnerable consumers are using them. This book provides a.Inquiry: Consumers' access to financial services; Treasury Committee; The Committee will scrutinise whether certain groups of consumers are excluded from obtaining a basic level of service from financial services providers.

It will also examine whether vulnerable consumers pay more for financial services products. Chair's comments.