The New “Paradigm” of Consumer Protection in the Financial Markets in the Context of Regulatory and Institutional Changes after the Financial Crisis of 2007–2009

Authors

  • Beata Pachuca-Smulska Uniwersytet Warmińsko-Mazurski w Olsztynie, Wydział Prawa i Administracji, Katedra Prawa Cywilnego II i Prawa Gospodarczego, Poland

DOI:

https://doi.org/10.26485/SPE/2018/109/7

Keywords:

financial crisis; consumer protection; financial market; credit market; Directive 2014/17/EU, European Standardised Information Sheet ESIS; the annual percentage rate of charge

Abstract

The article is a voice in the discussion about a new paradigm of consumer protection in the financial services market. The author assesses the legal reforms introduced in Europe and the United States after the financial crisis of 2007–2009, which led to the creation of specialized consumer regulations and a new supervision model of consumer protection. A special place among these legal acts is reserved for Directive 2014/17/EU, which introduced regulations regarding financial advice, transparency (via the European Standardized Information Sheet – ESIS), standardized format, and the calculation of the annual percentage rate of charge (APRC), as well as the principles of appropriateness and suitability.

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Published

2019-05-01

How to Cite

Pachuca-Smulska, B. (2019). The New “Paradigm” of Consumer Protection in the Financial Markets in the Context of Regulatory and Institutional Changes after the Financial Crisis of 2007–2009. Studia Prawno-Ekonomiczne, 109, 107–126. https://doi.org/10.26485/SPE/2018/109/7

Issue

Vol. 109 (2018)

Section

ARTICLES - THE LAW