By Peter Cartwright
Contemporary advancements in legislation, public coverage, and legislation have ensured that questions concerning the courting among banks and their clients have seldom been out of the highlight. this significant booklet offers a well timed, unique, and demanding exam of the position of the legislations in regulating banks within the pursuits of the patron. The paintings examines the social and monetary rationales for, and the pursuits of, banking rules. In so doing, it specializes in the the most important function of rules within the defense of the shopper. The publication then presents a severe appraisal of the central recommendations wherein legislation is introduced and security ensured. Such thoughts contain past approval through licensing, persisted supervision, and data treatments reminiscent of disclosure. The paintings additionally appears to be like at how the legislation protects depositors of bancrupt banks via monetary reimbursement schemes, and the way it offers customer redress via mechanisms for making sure entry to justice, specifically ombudsmen. ultimately, the booklet seems on the topical query of shopper entry to banking prone, and considers the level to which the legislations can justify putting social tasks on banks within the purchaser curiosity. this can be the 1st monograph to envision those very important subject matters during this method.
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Extra info for Banks, Consumers and Regulation
See also ch 3. 79 See the discussion in Ramsay, above n 43 at 346–48. 80 Cranston, above n 36 at 247–48. 81 See H Collins, Regulating Contracts (Oxford, Oxford University Press, 1999) ch 11. Banking Regulation: Rationales and Objectives 27 that they give the courts to interfere with the original contract. However, although there may be a risk of indeterminacy in some cases, there is widespread support for allowing the courts to challenge substantive unfairness, particularly where the applicant is a member of a vulnerable group.
6. 58 Goodhart, above n 19 at 455; Ogus, above n 30 at 51–53. 59 P Cartwright, Consumer Protection and the Criminal Law (Cambridge, Cambridge University Press, 2001) p 28; Ramsay, above n 43 at 57. 60 See Ramsay, ‘Consumer Credit Law’ above n 42, and T Wilhelmsson, ‘Consumer Law and Social Justice’ in I Ramsay (ed), Consumer Law in the Global Economy (Aldershot, Dartmouth, 1992); Ogus, above n 30, ch 3. 61 Some commentators see this as the most effective method of securing appropriate redistribution.
98 Although FSMA does not purport to prioritise among the statutory objectives, and so there is no formal hierarchy among them, the maintaining of market confidence could be viewed as the most fundamental of the FSA’s objectives. 100 It is therefore perhaps wise not to make too much of any underlying hierarchy. Market Confidence and Systemic Risk Section 3(1) of FSMA describes the market confidence objective as maintaining confidence in the UK financial system. This includes financial markets and exchanges, regulated activities and other activities connected with financial markets and exchanges.
Banks, Consumers and Regulation by Peter Cartwright