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The International Review of Financial Consumers(IRFC)

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In Korea, the unified Financial Consumer Protection Act (FCPA) was enacted in March 2020, and will come into effect in March 2021, to consolidate dispersed provisions relating to financial consumer protection under the relevant financial regulation laws such as banking law, capital market and securities law, and insurance business law, and to s et u p a n ew r egime capable o f further enhancing financial consumer p rotection. As a single unified l aw f or financial consumer protection, the FCPA is considered a good model for other countries that are attempting to reform their financial consumer protection systems. In general, the FCPA establishes a robust framework to promote financial consumer protection, including (i) six principles for business conduct such as suitability rule and explanation duty, (ii) consumers’ rights to terminate unlawful contracts, (iii) a financial supervisor’s product intervention power, and (iv) improvements to the financial dispute mediation system. However, further enhancements to financial consumer protection are needed. Therefore, this article suggests additional improvements, including allowing binding mediation decisions and ‘class’ dispute mediation and establishing a twin-peaks regulatory model of financial regulation.
This paper examines aspects of consumer protection in the financial services industry in South Africa. First, the paper briefly outlines the reforms to the financial regulatory architecture in South Africa: the adoption of Twin Peaks. Next, the paper provides an account of the Treating Customers Fairly (TCF) regime, and the manner in which that has served as the groundwork for the Twin Peaks reforms. In the third part a description and analysis is provided of the sources of data available to the consumer protection regulator in South Africa. In the final part a description and explanation is provided of a comprehensive indicator framework being developed in South Africa to measure customer outcomes. This will be the first such framework of its kind in the world. The writer provided the thought-leadership for the development of this framework, in conjunction with a joint South African-Australian management consultancy (DBA), and in partnership with the Consultative Group to Assist the Poor (CGAP), a division of the World Bank.
This article provides economic rationales for the importance of financial consumer protections in a competitive marketplace for financial products, and considers financial consumer protection in India in the context of the various different protection mechanisms that have evolved across the globe. The article identifies initial developments toward greater p rotections for India’s financial consumers and p rovides recommendations for how these p rotections should evolve given the specific needs of India.
Financial education in the United States in 2020 can be described as both organized and disjointed. State and local education governing bodies, non-profit organizations, and entrepreneurs all contribute to financial education, but often with little coordination. This article briefly describes financial education in the formal U.S. educational system as well as in the public and private sectors. It also highlights the primary challenges to effective delivery of financial education in the U.S.
Why Would Overconfidence Generate Lower Performance? Insights from an Experimental Study
Why Would Overconfidence Generate Lower Performance? Insights from an Experimental Study
M. Martin Boyer,Laurence Dumont,Jé,rô,me Martin,Pierre-Majorique Lé,ger
The International Review of Financial Consumers, Volume.5 Issue.2/ 2020
33-46 (14 pages)
경제경영>경제학
초록보기
Overconfidence is recognized as one of the most important behavioral biases in decision-making. Using results from a controlled lab experiment we find that participants who display more confidence perform worse than other participants, whereas participants who say they are confident do not perform worse. We also find evidence that more confident traders also have lower visual attention levels (using an eye-tracking software), lower visual working memory (measured using an “n-back 1” test), and higher physiological arousal (using electro-dermal activity). Although conducted using a small sample of novice traders, our findings represent a first step in explaining how overconfidence and performance are related in financial markets.
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