Constructing a Taxonomy of Financial Consumer Protection Policy and Assessing the New Consumer Duty in the United Kingdom's Financial Sector

Authors

Iris H-Y Chiu, University College London
Wai-Yee Wan, City University Hong Kong

Abstract

The article critically examines the UK's Consumer Duty, introduced by the Financial Conduct Authority (FCA), arguing that while it represents a significant step in financial consumer protection, it falls short in addressing welfare outcomes and distributive justice. The Duty focuses on consumer empowerment but neglects key aspects of consumer citizenship, such as access to essential financial services and guarantees of product quality. The article proposes a taxonomy of consumer protection levels to evaluate the Duty's effectiveness and advocates for a more robust framework that prioritizes financial inclusion and long-term consumer welfare.

Disciplines

Banking and Finance Law | Comparative and Foreign Law | Consumer Protection Law | International Law | Law | Law and Economics

Recommended Citation

Iris H. Chiu & Wai-Yee Wan, Constructing a Taxonomy of Financial Consumer Protection Policy and Assessing the New Consumer Duty in the United Kingdom's Financial Sector, 7 Cardozo Int’l & Compar. L. Rev. 465 (2024).
Available at: https://larc.cardozo.yu.edu/ciclr/vol7/iss2/4