New developments in the European Union on financial consumer protection policy
DOI :
https://doi.org/10.60054/PEU.2023.10.40-52Ключови думи :
financial services, consumer protectionАбстракт
Consumer protection is a critical aspect of maintaining trust and stability in the financial sector. Recognising the importance of safeguarding the rights and interests of consumers, the European Union (EU) has been at the forefront of developing and implementing regulations to ensure robust financial consumer protection. In recent years, the EU has made significant strides in this field, introducing new measures and initiatives to enhance transparency, strengthen consumer rights and promote responsible financial practices. This paper explores some of the noteworthy developments in financial consumer protection within the EU.
The topic is important and relevant in at least two main aspects:
The global financial and economic crisis and the Covid-19 pandemic have demonstrated the importance of consumer confidence in financial services to the stability of financial markets. It is an asset that is very quickly and easily lost and extremely difficult to recover, especially when it is related to personal savings, investments and pension rights. It is no coincidence that one of the main goals at the global, European and national level is to improve the level of protection of users of financial services and to improve the legal framework of financial products in the EU. The second reason why the topic is of utmost importance is that each of us is a consumer of financial services: a depositor in a bank, a customer of a consumer loan, a mortgage loan, an originator of payment operations, a holder of an insurance product, an investor in securities, a client of a pension insurance company, a user of other traditional or innovative financial products and services. Each of these products and services has its own specifics. Therefore, it is extremely important that the users of financial services are well acquainted with their rights and with the measures and means of their protection.
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