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This book addresses the questions of discrimination, vulnerable
consumers, and financial inclusion in the light of the emerging
legal, socioeconomic, and technological challenges. New
technologies - such as artificial intelligence-driven consumer
credit risk assessment and Fintech platforms, the changing nature
of vulnerability due to the ongoing COVID-19 pandemic, as well as
the sophistication of digital technologies, which help circumvent
legal barriers and protections - necessitate the continuous study
of the existing legal frameworks and measures that are capable of
tackling these challenges. Organized in two major parts, the first
addresses, from multiple national angles, the idea of a human
rights approach to consumer law, in order to replace the mantra of
economic efficiency that characterizes financial services with
those of human dignity and freedom from discrimination and from
debt-induced servitude. The second tackles the challenges posed by
increased usage of technology in connection with financial
services, which tends to solve, but also creates, additional issues
for consumers in general, and for vulnerable groups in particular.
Due to the absence of due process and other procedural guarantees
generally offered by judicial enforcement, informal debt collection
practices (IDCPs) can become abusive, harming both consumers and
the economy by threatening consumers' physical, psychological, and
economic wellbeing; exposing lawabiding debt collectors to unfair
competition; undermining the financial system; and negatively
impacting social peace by resorting to criminal activity. The need
to control and harmonize IDCPs surfaced in connection with the
European Commission's Action Plan to tackle the high level of
non-performing loans caused by the financial crisis and the
Covid-19 pandemic -specifically the Proposal for a Directive on
Credit Servicers, Credit Purchasers, and the Recovery of Collateral
(CSD). Harmonizing the regulation of abusive IDCPs is vital for
several reasons. First, IDCPs have a cross-border dimension due to
the freedom of movement, enabling debt collection operations across
the internal market. Second, the internal market's size amounts to
over 450 million citizens potentially exposed to abusive IDCPs. The
regulatory frameworks addressing IDCPs in the E.U. display
divergent characteristics that may be difficult to navigate and
require creating a level-playing field for consumers and debt
collectors, especially when approaches vary at Member State level.
This book addresses this gap by providing a comprehensive guide to
regulating informal debt collection practices in eight Member
States of the E.U. and the United Kingdom (U.K.). It serves as a
comparative law instrument for implementing the recently adopted
CSD. It will be important reading for students, academics, and
stakeholders with an interest in debt collection practices and the
law.
This book addresses the questions of discrimination, vulnerable
consumers, and financial inclusion in the light of the emerging
legal, socioeconomic, and technological challenges. New
technologies - such as artificial intelligence-driven consumer
credit risk assessment and Fintech platforms, the changing nature
of vulnerability due to the ongoing COVID-19 pandemic, as well as
the sophistication of digital technologies, which help circumvent
legal barriers and protections - necessitate the continuous study
of the existing legal frameworks and measures that are capable of
tackling these challenges. Organized in two major parts, the first
addresses, from multiple national angles, the idea of a human
rights approach to consumer law, in order to replace the mantra of
economic efficiency that characterizes financial services with
those of human dignity and freedom from discrimination and from
debt-induced servitude. The second tackles the challenges posed by
increased usage of technology in connection with financial
services, which tends to solve, but also creates, additional issues
for consumers in general, and for vulnerable groups in particular.
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