Protection of Consumers of Financial Services

OVERVIEW

The financial service sector plays an important role in maintaining national economic stability. Regardless of who benefits from its role whether it be businesses, investors, everyday people, or even speculators, it is important that the public trusts its integrity. A general distrust of consumers of a financial institution may result in a flow on of multiple economic calamities.

The general perception is that consumers are always in a less-advantageous position when up against financial service providers of any scale. Consumers are usually exposed to a plethora of obligations as imposed by their Financial Services Provider particularly when acquiring financial products or services. As a result, Government intervention is necessary to guarantee the rights of consumers engaged in transactions in the financial sector.