Tag: consumer protection

Enforcement and the Greater Good: The View from Financial Services Law & Regulation

Posted on by foluke.adebisi

By James Davey, Professor of Insurance & Commercial Law, University of Bristol Law School

Assume that we can agree what the greater good entails. And that we can design an optimal set of rules or principles that meets this objective. Who should enforce these rules, and how? This is an issue that caught the attention of leading scholars in the second half of the twentieth century. Papers by Becker, Stigler and Posner are emblematic of an initial burst of activity in the 1960s. This has since developed into a distinct branch of regulatory theory. Over time, this broadened beyond the architecture of public law and has become an embedded element within private law. This co-option of private law, and in particular the law of contract, as a form of governance has been decried by some but is now well established as a regulatory technique (Collins, 1999). (more…)

Protecting consumers against fake online reviews: Are good intentions enough?

Posted on by foluke.adebisi

By Professor Paula Giliker, University of Bristol Law School

Source: www.zuko.io

UK consumers await the enactment of the Digital Markets, Competition and Consumer Bill (DMCC Bill), currently going through Parliament. It is due to come into force in mid-2024. Part 4 deals with Consumer Rights and Disputes, with Chapter 1 dealing with protection from unfair trading.  This chapter will revoke the Consumer Protection from Unfair Trading Regulations 2008 (S.I. 2008/1277) which implemented the Unfair Commercial Practices Directive 2005/29/EC. Unfair commercial practices will now be dealt with under the new Act. (more…)

Controlling bank misconduct: how to improve consumer protection?  

Posted on by lee.mcconnell

By Dr Holly Powley, Lecturer in Law and Prof Keith Stanton, Emeritus Professor of Law (University of Bristol Law School).

Background

In April the Financial Conduct Authority issued a Feedback Statement (FS19/2) on its Discussion Paper (DP18 /5) ‘A duty of care and potential alternative approaches’ affecting the financial services industry. The Feedback Statement reports on the outcomes of the consultation and summarises the views of those who responded to the consultation. This is a topic that has been on the regulatory agenda for several years, originally initiated by the Financial Services Consumer Panel (FSCP), but also considered by the Law Commission and the House of Lords Select Committee on Financial Exclusion, with varying degrees of support. The authors have assessed these reform proposals in an earlier blog post. Whilst it is difficult to draw any firm conclusions from this round of discussions as to the FCA’s future policy in this area, it does indicate how the FCA’s work on this topic is developing. (more…)

Comparing UK and Irish law: A special relationship?

Posted on by legalresearch

By Prof Paula Giliker, Professor of Comparative Law (University of Bristol Law School) and former President of the British Association of Comparative Law.

The British Association of Comparative Law (BACL) held its annual seminar, jointly with the Irish Society of Comparative Law, at University College, Dublin on 5 September 2017. The joint seminar was chaired and organised by Professor Paula Giliker. To celebrate BACL’s first annual seminar in Ireland, the seminar reflected on the relationship between UK and Irish law in the fields of land law, banking regulation, language legislation and consumer law.  The seminar was sponsored by publishers, Intersentia.

The seminar sought to examine different features of the relationship between Irish and UK law: the tensions of the past, the similar problems faced by two common law jurisdictions in the light of a global banking crisis, linguistic diversity and demands for consumer law reform and the future, with one jurisdiction remaining within the European Union and the other deciding to leave.  (more…)

A new duty of care for banks and other financial institutions? The Financial Services Consumer Panel’s proposal

Posted on by legalresearch

By Dr Holly Powley, Lecturer in Law, and Prof Keith Stanton, Professor of Law (University of Bristol Law School).

© Chris Brown

The past few years have witnessed a debate in the field of banking and broader financial services law: should the law relating to the duty of care owed by financial services firms to their customers be reformed? The Financial Services Consumer Panel (FSCP) argues that the answer to this question is yes; the current law does not provide consumers with adequate levels of protection, and thus the law needs to be. The current regulatory regime requires firms to treat their customers fairly, however the FSCP believes that banks and other financial services firms should be held to a higher standard and for this reason have advanced reform proposals to address this issue.

The purpose of this blog post is to analyse the content of the reform proposals and assess the viability of any reform, in light of the existing legal regime. It will be argued that, as indicated by the Parliamentary Commission on Banking Standards (PCBS) and the Financial Conduct Authority (FCA), the proposal advanced by the FSCP is unlikely to improve the law in this area. (more…)