Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
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Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
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Este documento identifica y desafía la práctica frecuente de las instituciones financieras en el diseño y venta de productos financieros complejos a consumidores que no pueden comprender completamente y, por lo tanto, no pueden tomar decisiones informadas antes de consumir dichos productos financieros. Engañar a los consumidores para que compren inadvertidamente productos financieros complejos, hace que muchos de ellos sufran pérdidas financieras, y esta situación, en conjunto, tiene muchos efectos negativos en la sociedad. El documento analiza además por qué las instituciones financieras están motivadas para producir y vender con éxito productos financieros complejos; florecen, principalmente porque, se aprovechan de los sistemas regulator... Ver más

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1794-2918

2590-8928

Iheme, Williams C.

UNIVERSIDAD DE CALDAS

10.17151/jurid.2022.19.2.9

19

2022-07-01

165

185

Colombia

Protección al consumidor

Mercado financiero

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spelling Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
Rethinking the Effectiveness of Consumer Protection Policies and Measures in the Financial Marketplace
Este documento identifica y desafía la práctica frecuente de las instituciones financieras en el diseño y venta de productos financieros complejos a consumidores que no pueden comprender completamente y, por lo tanto, no pueden tomar decisiones informadas antes de consumir dichos productos financieros. Engañar a los consumidores para que compren inadvertidamente productos financieros complejos, hace que muchos de ellos sufran pérdidas financieras, y esta situación, en conjunto, tiene muchos efectos negativos en la sociedad. El documento analiza además por qué las instituciones financieras están motivadas para producir y vender con éxito productos financieros complejos; florecen, principalmente porque, se aprovechan de los sistemas regulatorios inadecuados, entre otras cosas. Del mismo modo, el entorno propicio creado por la ley de contratos, que exalta los principios de Pacta Sunt Servanda y Caveat Emptor, hace que el abuso de los consumidores financieros no sea completamente perceptible y apreciado por los reguladores, y deja que los primeros se enderecen en gran medida por sus propios medios. El documento señala las debilidades en las medidas de política contra la explotación del consumidor; las reglas de divulgación destrozadas que imponen a los consumidores la carga de la comprensión de productos financieros complejos a pesar de la forma en que se manipulan estas reglas de divulgación para disminuir la posibilidad de que los consumidores comprendan por completo los productos financieros; y el hecho de que la mayoría de los folletos de información financiera están salpicados en gran medida de terminologías financieras y se presentan en un lenguaje complicado sin dejar de satisfacer el requisito legal de divulgación. El documento propone una nueva forma de regla de divulgación basada en los conceptos de proveedor de advertencia y contra proferentem, que respectivamente deben requerir la presentación de información por parte de las instituciones financieras contra el interés propio, y la presentación inequívoca del mismo número de desventajas junto con las ventajas de productos que ofrecen a los consumidores. Además, la función principal de los reguladores y los tribunales en esta circunstancia debe ser supervisar y evaluar el nivel de cumplimiento y, en consecuencia, emitir un certificado de calificación anual de desempeño que todas las instituciones financieras deben publicar de manera notable en sus lugares de negocios y también incorporarlo en los folletos informativos en los que describen sus productos, para que los consumidores puedan conocer de un vistazo aquellas instituciones financieras que son o no tan amigables para el consumidor.
This paper aims to identify and challenge the common practice among financial institutions of designing and selling complex financial products to consumers who lack full comprehension, thus preventing them from making informed decisions before consuming such financial products. This deceptive approach leads many consumers to experience financial losses, with significant negative consequences for society as a whole. The paper delves into the motivations behind financial institutions to produce and successfully sell complex financial products; they flourish, mainly because they often take advantage of the inadequate regulatory systems, amongst other things. Furthermore, it explores the enabling environment created by laissez-faire contract, which prioritizes principles like pacta sunt servanda and caveat emptor, resulting in regulators overlooking and undervaluing the abuse faced by financial consumers, leaving them largely responsible for resolving their own challenges. The paper exposes the shortcoming of policy measures aimed at preventing consumer exploitation, including the flawed disclosure rules that place the burden of comprehension on consumers while being manipulated to undermine their full understanding. Additionally, it critiques the use of complicated language and heavy use of financial jargon in financial information booklets, which, although meeting legal disclosure requirements, hinder the comprehension of consumers. To address these issues, the paper proposes a new disclosure rule grounded in the concepts of caveat venditor and contra proferentem. This rule would require financial institutions to present information against their own self-interest and provide an equal number of disadvantages alongside advantages for the products they offer. Furthermore, it suggests that regulators and courts should play a pivotal role in supervising and assessing compliance, issuing annual performance-rated certificates that financial institutions must prominently display in their establishments and incorporate into their product information leaflets. This approach would allow consumers to easily identify consumer-friendly financial institutions
Iheme, Williams C.
Protección al consumidor
Mercado financiero
Consumer protection
Financial marketplace
19
2
Núm. 2 , Año 2022 : Julio - Diciembre
Artículo de revista
Journal article
2022-07-01T00:00:00Z
2022-07-01T00:00:00Z
2022-07-01
application/pdf
Universidad de Caldas
Jurídicas
1794-2918
2590-8928
https://revistasojs.ucaldas.edu.co/index.php/juridicas/article/view/8322
10.17151/jurid.2022.19.2.9
https://doi.org/10.17151/jurid.2022.19.2.9
eng
https://creativecommons.org/licenses/by-nc-sa/4.0/
165
185
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Gikay, A. A. (2019). European consumer law and blockchain based financial services: A functional approach against the rhetoric of regulatory uncertainty. Tilburg Law Review, 24(1), 27-48. https://doi.org/10.5334/tilr.135
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https://revistasojs.ucaldas.edu.co/index.php/juridicas/article/download/8322/6935
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institution UNIVERSIDAD DE CALDAS
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collection Jurídicas
title Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
spellingShingle Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
Iheme, Williams C.
Protección al consumidor
Mercado financiero
Consumer protection
Financial marketplace
title_short Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
title_full Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
title_fullStr Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
title_full_unstemmed Repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
title_sort repensar la eficacia de las políticas y medidas de protección del consumidor en el mercado financiero
title_eng Rethinking the Effectiveness of Consumer Protection Policies and Measures in the Financial Marketplace
description Este documento identifica y desafía la práctica frecuente de las instituciones financieras en el diseño y venta de productos financieros complejos a consumidores que no pueden comprender completamente y, por lo tanto, no pueden tomar decisiones informadas antes de consumir dichos productos financieros. Engañar a los consumidores para que compren inadvertidamente productos financieros complejos, hace que muchos de ellos sufran pérdidas financieras, y esta situación, en conjunto, tiene muchos efectos negativos en la sociedad. El documento analiza además por qué las instituciones financieras están motivadas para producir y vender con éxito productos financieros complejos; florecen, principalmente porque, se aprovechan de los sistemas regulatorios inadecuados, entre otras cosas. Del mismo modo, el entorno propicio creado por la ley de contratos, que exalta los principios de Pacta Sunt Servanda y Caveat Emptor, hace que el abuso de los consumidores financieros no sea completamente perceptible y apreciado por los reguladores, y deja que los primeros se enderecen en gran medida por sus propios medios. El documento señala las debilidades en las medidas de política contra la explotación del consumidor; las reglas de divulgación destrozadas que imponen a los consumidores la carga de la comprensión de productos financieros complejos a pesar de la forma en que se manipulan estas reglas de divulgación para disminuir la posibilidad de que los consumidores comprendan por completo los productos financieros; y el hecho de que la mayoría de los folletos de información financiera están salpicados en gran medida de terminologías financieras y se presentan en un lenguaje complicado sin dejar de satisfacer el requisito legal de divulgación. El documento propone una nueva forma de regla de divulgación basada en los conceptos de proveedor de advertencia y contra proferentem, que respectivamente deben requerir la presentación de información por parte de las instituciones financieras contra el interés propio, y la presentación inequívoca del mismo número de desventajas junto con las ventajas de productos que ofrecen a los consumidores. Además, la función principal de los reguladores y los tribunales en esta circunstancia debe ser supervisar y evaluar el nivel de cumplimiento y, en consecuencia, emitir un certificado de calificación anual de desempeño que todas las instituciones financieras deben publicar de manera notable en sus lugares de negocios y también incorporarlo en los folletos informativos en los que describen sus productos, para que los consumidores puedan conocer de un vistazo aquellas instituciones financieras que son o no tan amigables para el consumidor.
description_eng This paper aims to identify and challenge the common practice among financial institutions of designing and selling complex financial products to consumers who lack full comprehension, thus preventing them from making informed decisions before consuming such financial products. This deceptive approach leads many consumers to experience financial losses, with significant negative consequences for society as a whole. The paper delves into the motivations behind financial institutions to produce and successfully sell complex financial products; they flourish, mainly because they often take advantage of the inadequate regulatory systems, amongst other things. Furthermore, it explores the enabling environment created by laissez-faire contract, which prioritizes principles like pacta sunt servanda and caveat emptor, resulting in regulators overlooking and undervaluing the abuse faced by financial consumers, leaving them largely responsible for resolving their own challenges. The paper exposes the shortcoming of policy measures aimed at preventing consumer exploitation, including the flawed disclosure rules that place the burden of comprehension on consumers while being manipulated to undermine their full understanding. Additionally, it critiques the use of complicated language and heavy use of financial jargon in financial information booklets, which, although meeting legal disclosure requirements, hinder the comprehension of consumers. To address these issues, the paper proposes a new disclosure rule grounded in the concepts of caveat venditor and contra proferentem. This rule would require financial institutions to present information against their own self-interest and provide an equal number of disadvantages alongside advantages for the products they offer. Furthermore, it suggests that regulators and courts should play a pivotal role in supervising and assessing compliance, issuing annual performance-rated certificates that financial institutions must prominently display in their establishments and incorporate into their product information leaflets. This approach would allow consumers to easily identify consumer-friendly financial institutions
author Iheme, Williams C.
author_facet Iheme, Williams C.
topicspa_str_mv Protección al consumidor
Mercado financiero
topic Protección al consumidor
Mercado financiero
Consumer protection
Financial marketplace
topic_facet Protección al consumidor
Mercado financiero
Consumer protection
Financial marketplace
citationvolume 19
citationissue 2
citationedition Núm. 2 , Año 2022 : Julio - Diciembre
publisher Universidad de Caldas
ispartofjournal Jurídicas
source https://revistasojs.ucaldas.edu.co/index.php/juridicas/article/view/8322
language eng
format Article
rights https://creativecommons.org/licenses/by-nc-sa/4.0/
info:eu-repo/semantics/openAccess
http://purl.org/coar/access_right/c_abf2
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Anderson, K. B. (2016). Mass-Market Consumer Fraud: Who Is Most Susceptible to Becoming a Victim? Working Paper No. 332. https://www.ftc.gov/system/files/documents/reports/mass-market-consumer-fraud-who-most-susceptible-becoming-victim/working_paper_332.pdf
Apaam, G., Burhouse, S., Chu, K., Ernst, K., Fritzdixon, K., Goodstein, R., Lloro, A., Opoku, C., Osaki, Y., Sharma, D. & Weinstein, J. (2017). FDIC National Survey of Unbanked and Underbanked Households. https://www.fdic.gov/householdsurvey/2017/2017report.pdf
Ask CFPB. (s. f.). Consumer Financial Protection Bureau. https://www.consumerfinance.gov/ask-cfpb/
Bar-Gill, O. (2012). Seduction by Contract: Law, Economics, and Psychology in Consumer Markets. Oxford University Press.
Bar-Gill, O. (2006). Bundling and consumer misperception. The University of Chicago Law Review, 73(1), 33-61. https://www.jstor.org/stable/4495543
Ben-shahar, O., & Schneider, C. E. (2011). The failure of mandated disclosure. University of Pennsylvania Law Review, 159(3), 647-749. https://www.jstor.org/stable/41149884
Campbell, J. Y., Jackson, H. E., Madrian, B. C., & Tufano, P. (2010). The regulation of consumer financial products: an introductory essay with four case studies. Harvard University. http://nrs.harvard.edu/urn-3:HUL.InstRepos:4450128
Cole, S. A., & Shastry, G. K. (2008). If you are so smart, why aren’t you rich? the effects of education, financial literacy and cognitive ability on financial market participation. Harvard Business School.
Court, D., Elzinga, D., Mulder, S. & Vetvik, O. (2009, Jun. 01) The Consumer Decision Journey. https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-consumer-decision-journey
Crawford, B. (2013). Financial-Consumer Complaint Agencies. Canadian Business Law Journal, 54(1), 68-86.
Cremer, D.D. (2015, March, 03). Why Our Confidence in Banks Hasn’t Been Restored. Harvard Business Review. https://hbr.org/2015/03/why-our-trust-in-banks-hasnt-been-restored
DellaVigna, S. & Malmendier, U. (2004). Contract Design and Self-Control: Theory and Evidence. Quarterly Journal of Economics,119(2), 353-402. https://doi.org/10.1162/0033553041382111
Dodd-Frank Wall Street Reform and Consumer Protection Act: Public law No. 203. (2010). https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf
Ellison, G. (2004). A Model of Add-On Pricing. Quarterly Journal of Economics,120(2) 585.
Emmons, W. R. (2005). Consumer-Finance Myths and Other Obstacles to Financial Literacy. Saint Louis university public law review, 24(2), 335-362.
European Communities. (2000). Charter of fundamental rights. Official Journal of the European Communities. https://www.europarl.europa.eu/charter/pdf/text_en.pdf
Fay, B. (2021). Truth in lending act – consumer rights & protections. Debt.Org. https://www.debt.org/credit/your-consumer-rights/truth-lending-act/
Federal Trade Commission. (2013, Aug. 5). Consumer finance. https://www.ftc.gov/news-events/topics/consumer-finance
Financial Literacy and Education Commission. (2016). Promoting Financial Success in the United States: National Strategy for Financial Literacy. https://home.treasury.gov/system/files/231/National-Strategy-2016-Update.pdf
Gabaix, X. & Laibson, D. (2006) Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets. Quarterly Journal of Economics, 121(2), 505-540.
Gang Z., & Guangzi L. (2017). Consumer Finance and Its Significance. In G. Wang, G. Zeng & X. Xiaoying (eds) Development of Consumer Finance in East Asia (pp.1-18). Palgrave Macmillan.
Gikay, A. A. (2019). European consumer law and blockchain based financial services: A functional approach against the rhetoric of regulatory uncertainty. Tilburg Law Review, 24(1), 27-48. https://doi.org/10.5334/tilr.135
Haim, L. (2013). Rethinking Consumer Protection Policy in Financial Market. Journal of Law and Commerce, 32(1),23-80.
Howcroft, B., Hewer, P., & Hamilton, R. (2003). Consumer decision-making styles and the purchase of financial services. The Service Industries Journal, 23(3), 63-81. https://doi.org/10.1080/714005120
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