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Financial Consumer Protection And The Global Financial Crisis

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Executive Summary

This paper discusses the role and design of Financial Consumer Protection (FCP), weaknesses of current FCP frameworks in light of the recent global financial crisis, policy responses to the crisis, and policy issues in FCP that remain to be addressed. The failures of Financial Consumer Protection have been one of the detonators and amplifiers in the crisis. Policy responses during the crises have focused mainly on enhanced disclosure of pre-contractual and contractual terms and conditions of financial products, their professional and ethical distribution, and debt counseling and education programs for consumers.

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