PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2018 | nr 31 | 50--73
Tytuł artykułu

Regulations as a Tool to Increase Consumer Protection on the European Retail Payment Market

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Aim/purpose - The purpose of the paper is to identify the main areas of customers' threats concerning using financial services and the in-depth review of European industry- -specific consumer regulations concerning current accounts and payments. Design/methodology/approach - Desk research including in-depth analysis of industry- specific consumer regulations referring to current accounts and payment services having the character of EU directives and regulations, European Commission reports, and documents. Findings - The paper shows that consumers' interests are threatened even when they use basic financial services as current account and combined payment instruments. The analysis based on of desk resources has revealed that the regulations give effect to customer protection only if they strictly correspond to defined areas of threats and particular types of risks. Research implications/limitations - The experience of the recent financial crisis proved that the asymmetry of knowledge and information was one of the crucial reasons disrupting customers' position on financial markets. Research findings will help to identify gaps in regulations and develop the quality of further initiatives aimed on informing customers about the implementation of regulations and improving their financial literacy level. Originality/value/contribution - The payment products are rarely discussed in the literature in the context of consumers' protection and financial regulations. This paper contributes to the debate by providing an overview of financial consumer protection issues concerning retail payments.(original abstract)
Rocznik
Numer
Strony
50--73
Opis fizyczny
Twórcy
  • Department of Banking and Financial Markets Faculty of Finance and Insurance University of Economics in Katowice, Poland
  • Department of Banking and Financial Markets Faculty of Finance and Insurance University of Economics in Katowice, Poland
Bibliografia
  • Agarwal, S., Driscoll, J. C., Gabaix, X., & Laibson, D. (2009). The age of reason: Financial decisions over the life cycle and implications for regulation. Brookings Papers on Economic Activity, 2, 51-118.
  • Agarwal, S., Chomsisengphet, S., Liu, C., & Souleles, N. S. (2006). Do consumers choose the right credit contract? (Working Paper No. 2006-11). Chicago, Illinois: Federal Reserve Bank of Chicago. 70 Janina Harasim, Monika Klimontowicz
  • Ardic, O. P., Heimann, M., & Mylenko, N. (2011). Access to financial services and the financial inclusion agenda around the world: A cross-country analysis with a new data set (Policy Research working paper; No. WPS 5537). Washington, DC: World Bank.
  • Bar-Gill, O., & Warren, E. (2008). Making credit safer. University of Pennsylvania Law Review, 157(1), 1-100.
  • Barr, M. S., Mullainathan, S., & Shafir, E. (2008). Behaviorally informed financial services regulation (New America Foundation Report). Retrieved from http://www.newamerica.net
  • Benartzi, S., & Thaler, R. H. (2002). How much is investor autonomy worth? Journal of Finance, 57(4), 1593-1616.
  • Benston, G. J. (2000). Consumer protection as justification for regulating financialservices firms and products. Journal of Financial Services Research, 17(3), 277- 301, https://doi.org/10.1023/A:1008154820305
  • Bertrand, M., Mullainathan, S., & Shafir, E. (2004). A behavioral-economics view of poverty. American Economic Review, 94(2), 419-423.
  • Brix, L., & McKee, K. (2010). Consumer protection regulation in low-access environments: Opportunities to promote responsible finance (Focus Note 60). Washington, DC: CGAP.
  • Campbell, J. Y. (2006). Household finance. Journal of Finance, 61(4), 1553-1604.
  • Campbell, J. Y., Jackson, H. E., Madrian, B. C., & Tufano, P. (2011). Consumer Financial Protection. Journal of Economic Perspectives, 25(1), 91-114.
  • Christelis, D., Jappelli, T., & Padula, M. (2010). Cognitive abilities and portfolio choice. European Economic Review, 54(1), 18-38.
  • Cole, S., & Shastry, G. K. (2009). If you are so smart, why aren't you rich? The effects of education, financial literacy, and cognitive ability on financial market participation (Harvard Business School Working Paper, 09-071). Boston: Harvard Business School.
  • Collins, D., Morduch, J., Rutherford, S., & Ruthven, O. (2009). Portfolios of the poor: How the world's poor live on $2 a day. Princeton, NJ: Princeton University Press.
  • Commission of the European Communities. (2007). Communication from the Commission to the Council, the European Parliament and the European Economic and Social Committee (EU Consumer Policy strategy 2007-2013 - Empowering consumers, enhancing their welfare, effectively protecting them {SEC(2007) 321} {SEC(2007) 322} {SEC(2007) 323} COM/2007/0099 final, 4). Brussels: Author.
  • Council of the European Communities. (1975). Council Resolution of 14 April 1975 on a preliminary programme of the European Economic Community for a consumer protection and information policy, Official Journal of the European Communities, C92/1, 3.
  • Centre for Strategy & Evaluation Services. (2010). Study on the costs and benefits of policy actions in the field of ensuring access to a basic bank account. Report prepared for Internal Market and Services DG. Retrieved from http://ec.europa.eu/ internal_market/finservices-retail/docs/inclusion/abba_cses_en.pdf Regulations as a tool to increase consumer protection... 71
  • Directorate General for Internal Policies. (2014). Consumer protection aspects of financial services (Study, IP/A/IMCO/ST/2013-07, February). Brussels: Policy Department A: Economic and Scientific Policy.
  • Ebers, M. (2004). Information and advising requirements in the financial services sector: Principles and peculiarities in EC law. Electronic Journal of Comparative Law, 8.2. Retrieved from http://www.ejcl.org
  • Elliehausen, G. (2010). Implications of behavioral research for the use and regulation of consumer credit products (Finance and Economics Discussion Series, 2010-25). Washington, DC: Federal Reserve Board.
  • European Commission. (2006). Interim report II, current accounts and related services sector inquiry under article 17 regulation 1/2003 on retail banking, 17 July. Brussels: Author.
  • European Commission. (2007). Report on the retail banking sector inquiry (Commission Staff Working Document accompanying the Communication from the Commission - Sector Inquiry under Art. 17 of Regulation 1/2003 on retail banking. Final Report COM(2007) 33 final). Brussels: Author.
  • European Commission. (2009). Tying and other potentially unfair commercial practices in the retail financial service sector (Final report submitted to the European Commission, DG Internal Market and Services, Centre for European Policy Studies (CEPS), 24th November 2009. ETD/2008/IM/H3/78). Brussels: Author.
  • European Commission. (2011a). Commission recommendation 2011/442/EU of 18 July 2011 on access to a basic payment account (text with EEA relevance) (OJ L 190 of 21.7.2011). Brussels: Author.
  • European Commission. (2011b). Impact assessment - accompanying the document Commission recommendation on access to a basic payment account (Commission Staff Working Paper, SEC(2011), 906). Brussels: Author.
  • European Commission. (2012). A European Consumer Agenda - boosting confidence and growth (22.5.2012 COM(2012) 225 final {SWD(2012) 132 final}). Brussels: Author.
  • European Commission. (2015). Green Paper on retail financial services better products, more choice, and greater opportunities for consumers and businesses (COM/2015/0630 final). Brussels: Author.
  • European Commission. (2017). Consumer financial services action plan: Better products, more choice (Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions), Brussel: Author.
  • European Parliament. (2011). Basic banking services. Brussels: Directorate-General for Internal Policies, Policy Department A, Economic and Scientific Policy, IMCO.
  • Friedman, M. (1953). The methodology of positive economics. In M. Friedman. Essays in positive economics (pp. 3-43). Chicago: University of Chicago Press. 72 Janina Harasim, Monika Klimontowicz
  • GfK, & European Commission. (2016). Monitoring consumer markets in the European Union 2015 (Final report. Part I). Retrieved from http://ec.europa.eu/consumers/ consumer_evidence/consumer_scoreboards/market_monitoring/docs/mms2015_final _report_part_i_en.pdf
  • Goodhart, C. A. E. (1998). Financial regulation: Why, how and where now. London: Routledge.
  • Guiso, L., Sapienza, P., & Zingales, L. (2008). Trusting the stock market. Journal of Finance, 63(6), 2557-2600.
  • Harasim J. (2013). Współczesny rynek płatności detalicznych - specyfika, regulacje, innowacje [The contemporary retail payment market - characteristics, regulations and innovations]. Katowice: Wydawnictwo Uniwersytetu Ekonomicznego w Katowicach.
  • Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2012). Financial literacy, financial education and economic outcomes, NBER Working Paper, 18412, 347-374.
  • Herrnstein, R., Loewenstein, G., Prelec, D., & Vaughan, W. (1993). Utility maximization and melioration: Internalities in individual choice. Journal of Behavioral Decision Making, 6, 149-185.
  • Hirshleifer, D. (2008). Psychological bias as a driver of financial regulation. European Financial Management, 14(5), 856-874.
  • Jensen C. H., & Legind N. D. (2010). Implementation of European Regulation of the financial sector: Consequences for the consumer protection. In J. Jemielniak, & P. Miklaszewicz (Eds.), Interpretation of law in the global world: From particularism to a universal approach (pp. 143-165). Berlin: Springer.
  • Laibson, D. (1997). Golden eggs and hyperbolic discounting. Quarterly Journal of Economics, 112(2), 443-477.
  • Llewellyn, D. (1999). The economic rationale for financial regulation (Occasional Paper Series, 1). London: FSA.
  • London Economics. (2011b). Basic banking services, Brussels: European Parliament (Report of Policy Department A, Economic and Scientific Policy). Retrieved from http://www.europarl.europa.eu/RegData/etudes/note/join/2011/464458/IPOL-IMCO _NT(2011)464458_EN.pdf
  • Lusardi, A. (2010). Americans' financial capability (Report prepared for the Financial Crisis Inquiry Commission, February 26, 5). Hanover, New Hampshire and Cambridge, Massachusetts: Dartmouth College and NBER.
  • Lusardi, A., & Mitchell, O. S. (2006). Financial literacy and planning: Implications for retirement well-being (Pension Research Council Working Paper No. 1). Retrieved from https://www.dartmouth.edu/~alusardi/Papers/FinancialLiteracy.pdf
  • Lusardi, A., & Mitchell, O. S. (2007). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54(1), 205-224.
  • Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: An overview. Journal of Pension Economics and Finance, 10(4). Retrieved from https://pdfs. semanticscholar.org/c4c8/1139c2e2a327e98fedcb85dd57013907f955.pdf Regulations as a tool to increase consumer protection... 73
  • Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young. Journal of Consumer Affairs, 44(2), 358-380.
  • Lusardi, A., & Tufano, P. (2009). Debt literacy, financial experiences and overindebtedness (Working Paper, No. 14808). Cambridge, Massachusetts: NBER.
  • Miller, M., Godfrey, N., Levesque, B., & Stark, E. (2009). The case for financial literacy in developing countries: Promoting access to finance by empowering consumers (World Bank, DFID, OECD, and CGAP joint note). Washington, DC: World Bank. Retrieved from http://www.oecd.org/dataoecd/35/32/43245359.pdf
  • Nelson, P. (1970). Information and consumer behaviour. Journal of Political Economy, 78(2), 311-329.
  • OECD. (2009). Financial literacy and consumer protection: Overlooked aspects of the crisis. June. Retrieved from http://www.oecd.org/finance/financial-markets/43138 294.pdf
  • Oxera. (2013). Behavioural economics and its impact on competition policy - a practical assessment with illustrative examples from financial services (prepared for the Netherlands Authority for Consumers and Markets). Retrieved from https://www.oxera.com/Oxera/media/Oxera/downloads/reports/Behavioural-econo mics-and-its-impact-on-competition-policy.pdf
  • Peterson, C. L. (2003). Truth, understanding, and high-cost consumer credit: The historical context of the Truth in Lending Act, Florida Law Review, 55, 807-903.
  • Porteous, D., & Helms, B. (2005). Protecting microfinance borrowers (Focus Note No. 27), Washington, DC: CGAP.
  • Strotz, R. H. (1955). Myopia and inconsistency in dynamic utility maximization. Review of Economic Studies, 23(3), 165-180.
  • TNS, & European Commission. (2016). Special eurobarometer on financial products and services no 446 (Wave EB85.1 - TNS opinion & social). Retrieved from http://ec.europa.eu/COMMFrontOffice/publicopinion/index.cfm/Survey/getSurvey Detail/instruments/SPECIAL/surveyKy/2108
  • Vickers, J. (2003). Economics for consumer policy (British Academy Keynes Lecture, 29 October). Retrieved from www.oft.gov.uk/shared_oft/speeches/spe0503.pdf
  • Weatherill, S. (2013). EU Consumer law and policy, Northampton: Elgar European Law.
  • Wilson, T., Howell N., & Sheehan, G. (2009). Protecting the most vulnerable in consumer credit transactions, Journal of Consumer Policy, 32(2), 117-140.
  • Winston, J. (2003). Financial literacy and consumer education (prepared statement before Senate Committee on Banking, Housing, and Urban Affairs, Washington, D.C., July 29). Retrieved from http://banking.senate.gov/_files/winston.pdf
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171505759

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.