Discrimination, Vulnerable Consumers and Financial Inclusion

Cover
Half Title
Series Page
Title Page
Copyright Page
Contents
Acknowledgments
Contributors
Introduction: Discrimination, Vulnerable Consumers and Financial
	Financial services, contractual autonomy and consumer protection
	Discrimination and financial services
		Existing empirical evidence and research
		Diverse approaches to tackling discrimination in the US and the EU
	Vulnerable consumers
		Consumer vulnerability in times of crisis
		Conceptualizing vulnerable consumers
		Typologies of consumer vulnerability
		A paradigm shift?
	Financial inclusion
	The contributions
	Part I: …………human rights-centered and fair access to financial services: discrimination and financial inclusion
	Part II: …………consumer vulnerability: the role of financial technology and changing socioeconomic contexts
	Conclusion
	Bibliography
Part I
1. Tackling issues in consumer credit: The role of human rights
2. Beyond negative interpretations of freedom of contract: The interplay between private law and human rights in light of the UN convention on the rights of persons with disabilities
	Introduction
	I. The CRPD: a benchmark for a positive interpretation of freedom of contract?
	II. English contract law: a framework rooted in a negative interpretation of freedom of contract?
	Conclusion
3. Anti-discrimination efforts for insurance consumers: Legislation and practice in Mainland China
	1. Introduction
	2. The concept of an insurance consumer in Mainland China
		2.1. Consumers
		2.2. Insurance consumers
	3. Anti-discrimination legislation to protect insurance consumers in Mainland China
		3.1. Laws directly protecting insurance consumers
		3.2. Laws on indirect protection of insurance consumers
	4. Judicial practice relating to the protection of insurance consumers in Mainland China against discrimination
		4.1. Case details
		4.2. Reflections on the case
			4.2.1. Development of law and society: integration and conflict
			4.2.2. Remedies for aggrieved consumers
	5. Challenges for insurance consumers wishing to make discrimination claims in Mainland China
		5.1. Unclear legal definition of insurance consumer
		5.2. Conflicts between legal interpretation and prevention of discrimination
	6. The legislative trends in insurance consumers\' discrimination claims in Mainland China
		6.1. Personality rights in the Chinese Civil Code
		6.2. The bank and insurance consumer complaints system
	7. Conclusion
	Bibliography
4. Vulnerability, financial inclusion, and the heightened relevance of education in a credit crisis
	Part I: vulnerability of financial consumers
		Introduction: credit use as the entry point of vulnerability
		Aim, questions, and structure
		Vulnerability and access to low-cost credit
		The link between the exploitation of vulnerable financial consumers and credit crisis
		Covid-19 and the underlying insolvency law reforms and economic interventions around the globe
			A few economic interventions from around the globe toward mitigating consumers\' vulnerability
			Insolvency law reforms
	Part II: financial inclusion
		Digital finance as an integral element of financial inclusion
		The meaning and effect of financial inclusion
		Some underlying benefits of financial inclusion
		Factors debilitating the full realization of financial inclusion
		Revisiting the business models of Fintechs
	Part III: education and financial inclusion
		The inseparability of education and financial inclusion
		Basic education as human right
		The benefits of education and financial inclusion in the context of a credit crisis
	Part IV: conclusion
5. The payments revolution: Toward financial exclusion or inclusion?
	Introduction
	Innovations in the payment ecosystem
	What is money?
	Cash, payment cards, and contactless payments
	Cashless alternatives: wrappers
	Cashless alternatives: mobile money
	Credits and local currencies
	Digital currencies
	Central bank digital currencies
	Transition toward a less-cash society
	Consumer interests
	Outlook for the fair and non-discriminatory access to financial services
	Conclusion
	Bibliography
Part II
6. Inside the black box: The impact of machine learning on the creditworthiness assessment
	Introduction
	The creditworthiness assessment
	Credit scoring and credit reference agencies
		Creditworthiness
		Affordability
	Machine learning and the creditworthiness assessment
	An illustration: the Ford Motor Credit experience
	Regulation: possible approaches
		Behavioural economics and information remedies
		Alternative approaches to regulation
		The requirement of fairness
	Conclusion
7. Consumer peer-to-peer lending and the promise of enhancing access to credit: Lessons from the Netherlands
	Introduction
	Consumer P2PL
		Background
		The empirical analysis of Dutch consumer lending platforms\' business models
	Regulating access to credit in consumer P2PL: lessons from the Netherlands
		Platforms as \"credit providers\" under the CCD and Dutch law
		The regulatory approach of the AFM towards consumer P2PL
		The criteria of the creditworthiness assessment according to the CCD and Dutch law
		The application of the creditworthiness assessment by the Dutch P2PL platforms
	Final remarks
	Bibliography
8. Digital debt collection: Opportunities, abuses and concerns
	Introduction
		A brief literature review
		Chapter\'s aim, methodology, and structure
	The Federal Debt Collection Practices Act (FDCPA) - policies and aims
	Debt collection and technological innovation
	Digital debt collection: on the path for further disruption
		Enhancing debt collection using statistical models
		Method and system for prioritizing debt collections
		The automated first party debt collection system
		System and method for debt collection
	Digital debt collection meets the law
		Data collection and sharing
		Online validation of debt
		Automated debt collection
	Conclusion
	Bibliography
9. Financial conduct in the UK\'s banking sector: Regulating to protect vulnerable consumers
	Introduction
	The UK\'s regulatory system
	Defining and understanding vulnerability
	The current picture
		Access to banking
		Operation of accounts
		Lending and financial vulnerability
		Fraud
		Gambling
	Reforms and challenges
		Training
		Systems and innovation
		Bank culture
		Regulation
	Coronavirus and vulnerability
	Conclusion
10. Are some classes of consumer-investors of collapsed pyramid and Ponzi schemes vulnerable? A multi-jurisdictional perspective
	List of abbreviations and acronyms
	Introduction
		The Prime Policy question: the legitimacy and repercussions of the \"greedy and gullible\" assumption
		The ancillary cognitive problem: how easily detectable the true nature of schemes is?
		Proving the existence of and justifying the need for heightened regulatory protections of vulnerable consumer-investors as victims of collapsed pyramid and Ponzi schemes
		The expanding regulatory reactions as proofs of the gravity of the problem
	Definitions, terminology caveats
		Consumers, investor-consumers, and vulnerable consumers
		The repercussions of the differing connotation of the terms \"pyramid\" and \"Ponzi\" schemes
		Why study the socioeconomic effects of collapsed pyramid and Ponzi schemes on vulnerable consumers?
			The magnitude of the problem
			The number of vulnerable consumers affected: estimates and some quantitative data
			Trust shock
			Financial exclusion
			Impact on the banking and economic system
			Systemic risk
			Security and sociopsychological risks
			Vacuum in legal scholarship
	Typology of pyramid and Ponzi schemes: the perspective of vulnerable consumers
		Why is classification of schemes of utmost importance?
		Schemes normally devoid of vulnerable classes of consumer-investors
			Rich people\'s schemes versus vulnerable consumer-investors\' schemes
			No-consumer Ponzi schemes
		Schemes with vulnerable classes of consumer-investors
			Affinity schemes
			Manifest, disclosed and semi-disclosed schemes
			Schemes camouflaged as multi-level-marketing plans
			Disguised service-providers and disguised securities
			Schemes disguised as charities
			Turned-rogue (metamorphosed) schemes
			Postmodern Ponzi schemes: blockchain-based schemes, digital currencies, and other schemes exploiting new technologies
		Schemes involving governments and their agencies
	What has been learnt and what should be given a second thought to?
		Filling the scholarly vacuum
		What to do with the \"greedy and gullible\" narrative?
		Do Investors of collapsed schemes qualify as vulnerable consumers?
	Bibliography
		Hard Laws (Statutory and Sub-Statutory Law)
		Austria
		European Union
		Florida
		Hungary
		India
		United States (Federal)
		Sri Lanka
		Soft Law
		Court and Agency Cases
		Australia
		European Union
		Hungary
		Germany
		Ontario (Canada)
		Norway
		United States
		Books, Monographs, Dictionaries
		Edited Books
		Journal Articles
		Newspaper Articles
		Working Papers, Unpublished Manuscripts
		Industrial Publications, Command Papers, Law Commission and Other Reports, Conference Papers and Speeches
		[Other] Internet-Based Sources
Index