Factors of Financial Consumer Protection of Commercial Banks

Abstract

In the wake of the financial crisis, the financial consumer protection debate has focused heavily on financial services, with a host of different and overlapping measures being discussed at both global and regional levels. Financial consumer protection helps financial institutions face many risks that arise in dealing with retail customers. Rapid increases in the use of financial services have pointed to the need for strengthened financial regulation and consumer education to protect and empower consumers. In the absence of strong financial consumer protection, the growth-enhancing benefits of expanded financial inclusion may be lost or severely undermined. Financial consumer protection is crucial one in the contemporary financial market. Financial consumers in the financial contribute vastly in developing the economy of a country. Effective financial consumer protection is to ensure the fair treatment of consumers at the time of obtaining financial products and services from the commercial banks. So, the objective of this study is to identify which factors influence the financial consumer protection of commercial banking sector and given suggestions to move ahead to ensure constant and protected financial services to consumers.

Keywords: Financial Consumer Protection, Consumers, Commercial Banks

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