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Understanding and protecting vulnerable financial consumers

Cartwright, Peter

Authors



Abstract

This article considers how consumer protection law and policy should address the interests of particularly vulnerable financial consumers. Specifically, the article proposes a taxonomy of vulnerability which helps to identify (a) what makes consumers particularly vulnerable, and (b) how consumer protection law and consumer policy (broadly understood) can respond to these causes in a way that provides such consumers with appropriate protection. Changes to economic conditions, legal requirements on traders and our understanding of consumer behaviour make discussion of these issues particularly topical. There is little doubt that finding solutions is extremely difficult. Trade-offs are necessary and some enduring factors that contribute to vulnerability, in particular poverty, sometimes appear intractable. Nevertheless, it is submitted that by identifying clearly both why consumers are vulnerable and how the factors that lead to such vulnerability can be addressed, it is possible to construct an environment which respects consumer choice while ensuring that the most vulnerable are protected appropriately.

Citation

Cartwright, P. (2015). Understanding and protecting vulnerable financial consumers. Journal of Consumer Policy, 38(2), doi:10.1007/s10603-014-9278-9

Journal Article Type Article
Acceptance Date Nov 24, 2014
Online Publication Date Dec 13, 2014
Publication Date Jun 30, 2015
Deposit Date May 9, 2016
Publicly Available Date May 9, 2016
Journal Journal of Consumer Policy
Print ISSN 0168-7034
Electronic ISSN 1573-0700
Publisher Humana Press
Peer Reviewed Peer Reviewed
Volume 38
Issue 2
DOI https://doi.org/10.1007/s10603-014-9278-9
Keywords Consumer protection, Vulnerability, Regulation, Consumer policy
Public URL http://eprints.nottingham.ac.uk/id/eprint/33168
Publisher URL http://link.springer.com/article/10.1007%2Fs10603-014-9278-9
Copyright Statement Copyright information regarding this work can be found at the following address: http://eprints.nottingham.ac.uk/end_user_agreement.pdf
Additional Information The final publication is available at Springer via http://dx.doi.org/10.1007/s10603-014-9278-9

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Vulnerable Consumers JCP special Edition.pdf (398 Kb)
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Copyright Statement
Copyright information regarding this work can be found at the following address: http://eprints.nottingham.ac.uk/end_user_agreement.pdf





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