Download Banks, Consumers and Regulation by Peter Cartwright PDF

By Peter Cartwright

Fresh advancements in legislation, public coverage, and rules have ensured that questions concerning the dating among banks and their buyers have seldom been out of the highlight. this significant e-book offers a well timed, unique, and important exam of the function of the legislations in regulating banks within the pursuits of the patron. The paintings examines the social and financial rationales for, and the goals of, banking rules. In so doing, it makes a speciality of the the most important position of rules within the safety of the shopper. The ebook then offers a serious appraisal of the valuable concepts wherein law is brought and defense ensured. Such options comprise previous approval via licensing, endured supervision, and data treatments corresponding to disclosure. The paintings additionally appears at how the legislations protects depositors of bancrupt banks via monetary repayment schemes, and the way it offers client redress via mechanisms for making sure entry to justice, specifically ombudsmen. ultimately, the publication appears on the topical query of patron entry to banking companies, and considers the level to which the legislations can justify putting social duties on banks within the shopper curiosity. this is often the 1st monograph to ascertain those vital subject matters during this approach.

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Banks can either be forbidden from removing services from certain groups because of the distributive consequences, or required to supply services to groups because of the distributive benefits. What links these is that the bank is unable to act upon its commercial judgement about which services or products to offer. In the UK, there is currently no legal restriction on a bank’s ability to close branches, nor is there any legal obligation to provide cheap products such as basic bank accounts. Indeed, when the Treasury Task Force on Access to Financial Services reported, it stated that its vision of financial inclusion was subjected to three broad principles: non-compulsion, going with the grain of markets, and cost-effective use of public funds.

99 A Whittaker, ‘Architecture for the New Single Regulator’ lecture at IALS, 1999, cited in Lastra and Shams above n 97 at 195. 100 C Mayer, ‘Regulatory Principles and the Financial Services and Markets Act 2000’ in Ferran and Goodhart (eds), Regulating Financial Services and Markets, above n 97 at 26. 101 Confidence is of supreme importance in financial markets, chiefly because of the threat of systemic risk. Systemic risk is the major externality, or spillover, to which financial markets are susceptible.

110 See M Wolgast, ‘Too Big to Fail: Effects on Competition and Implications for Banking Supervision’ (2001) 9(4) Journal of Financial Regulation and Compliance 361. 111 Indeed, the Federal Deposit Insurance Corporation (FDIC) in the USA has explicitly recognised that large banks will not be allowed to fail. See Goodhart, above n 19 at 76. 34 Banks, Consumers and Regulation Reasonable Expectations, it stated again that it is concerned to run what it calls a ‘non-zero failure’ regime. 112 However, this does not mean that steps will not be taken to save failing banks.

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