Consumer Protection and Financial Innovation: A Few Basic Propositions
The issue of financial innovation and consumer protection is mostly about access and suitability. Access refers to a situation in which affordable, mainstream financial products are available to all segments of the population across the range of income levels and demographic characteristics. Suitabi...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schlagworte: | |
| Online-Zugang: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Zusammenfassung: | The issue of financial innovation and consumer protection is mostly about access and suitability. Access refers to a situation in which affordable, mainstream financial products are available to all segments of the population across the range of income levels and demographic characteristics. Suitability addresses the appropriateness of the products for particular consumer groups. Innovative products will tend generally to be either positive for access to finance or neutral. But products that actually result in increased access to finance may nonetheless still raise suitability issues. Innovative products can be particularly difficult for retail consumers to understand and better financial education is needed to help address financial illiteracy. In addition, service providers should have appropriate internal controls to minimise the chances that consumers take on inappropriate exposures. Even the best disclosures, alone, may not be adequate, so to avoid situations in which retail investors become involved with unsuitable products, institutions should be "encouraged" to develop sufficient measures for client protection as part of their product development activities. Stricter penalties should be used when needed to address mis-selling, fraud or firm misconduct. JEL Classification: G01, G28, G38. Keywords: Financial innovation, consumer protection, financial regulation |
| Beschreibung: | 1 Online-Ressource (23 Seiten) 19 x 27cm |
| DOI: | 10.1787/fmt-2010-5km7k9tp2jxv |
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Datensatz im Suchindex
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| spelling | Lumpkin, Stephen Verfasser aut Consumer Protection and Financial Innovation A Few Basic Propositions Stephen Lumpkin Paris OECD Publishing 2010 1 Online-Ressource (23 Seiten) 19 x 27cm txt rdacontent c rdamedia cr rdacarrier The issue of financial innovation and consumer protection is mostly about access and suitability. Access refers to a situation in which affordable, mainstream financial products are available to all segments of the population across the range of income levels and demographic characteristics. Suitability addresses the appropriateness of the products for particular consumer groups. Innovative products will tend generally to be either positive for access to finance or neutral. But products that actually result in increased access to finance may nonetheless still raise suitability issues. Innovative products can be particularly difficult for retail consumers to understand and better financial education is needed to help address financial illiteracy. In addition, service providers should have appropriate internal controls to minimise the chances that consumers take on inappropriate exposures. Even the best disclosures, alone, may not be adequate, so to avoid situations in which retail investors become involved with unsuitable products, institutions should be "encouraged" to develop sufficient measures for client protection as part of their product development activities. Stricter penalties should be used when needed to address mis-selling, fraud or firm misconduct. JEL Classification: G01, G28, G38. Keywords: Financial innovation, consumer protection, financial regulation Finance and Investment https://doi.org/10.1787/fmt-2010-5km7k9tp2jxv Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Lumpkin, Stephen Consumer Protection and Financial Innovation A Few Basic Propositions Finance and Investment |
| title | Consumer Protection and Financial Innovation A Few Basic Propositions |
| title_auth | Consumer Protection and Financial Innovation A Few Basic Propositions |
| title_exact_search | Consumer Protection and Financial Innovation A Few Basic Propositions |
| title_exact_search_txtP | Consumer Protection and Financial Innovation A Few Basic Propositions |
| title_full | Consumer Protection and Financial Innovation A Few Basic Propositions Stephen Lumpkin |
| title_fullStr | Consumer Protection and Financial Innovation A Few Basic Propositions Stephen Lumpkin |
| title_full_unstemmed | Consumer Protection and Financial Innovation A Few Basic Propositions Stephen Lumpkin |
| title_short | Consumer Protection and Financial Innovation |
| title_sort | consumer protection and financial innovation a few basic propositions |
| title_sub | A Few Basic Propositions |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
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