McMeel and Virgo On Financial Advice and Financial Products

2014 ◽  
Keyword(s):  
Financial Services ◽  
Consumer Credit ◽  
Regulatory Environment ◽  
Fair Trading ◽  
Financial Advice ◽  
Financial Products ◽  
Twin Peaks ◽  
Book Covers ◽  
The Impact

This book covers the legal and regulatory environment in which claims concerning sales of and advice on financial products for individuals and businesses are brought and defended. This edition has been updated to include an explanation of the impact of the twin peaks regulation under the Financial Services Act 2012. It also analyses the role of the Financial Conduct Authority and considers its activities to date. The book covers both statutory claims and traditional professional negligence claims based on contract and tort against financial advisers, brokers, other intermediaries, and product providers. Also included is a new chapter on consumer credit, considering the transfer of responsibility for the consumer credit regime from the Office of Fair Trading to the Financial Conduct Authority.

Role of Financial Innovations in Proliferation of Economic Instability

2011 ◽  
pp. 56-64
Author(s):  
I. Strelets ◽  
M. Stolbov
Keyword(s):  
Financial Market ◽  
Business Processes ◽  
New Drugs ◽  
Social Progress ◽  
Economic Stability ◽  
Economic Issues ◽  
Financial Innovations ◽  
Financial Products ◽  
The Impact

The authors consider the impact of financial innovations on the macroeconomic situation. The increasing complexity of financial market instruments is the way to decrease its transparency and, consequently, the overall economic stability. The global crisis of 2008-2009 demonstrated the relevance of this problem. However, the authors believe that the nations can take advantage of new financial products, technologies and business processes if the regulators manage to fully track and timely offset the accompanying risks. It is important that execution of the financial innovations correspond with the structure of the funding companies and banks. It is concluded that adequate regulation of financial innovation will allow better use of their potential in order to address a number of important economic issues. In particular, it may help to accelerate the development and introduction of new drugs, to the implementation of environmental projects, the financing of social progress in the developing countries for achieving the Millennium Goals proclaimed by the UN in 2000.

Kueski: Revolutionizing Consumer Credit in Mexico

2017 ◽  
pp. 1-10
Author(s):  
Sarit Markovich ◽  
Nilima Achwal
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Scoring System ◽  
Credit Card ◽  
Consumer Credit ◽  
Credit Scoring ◽  
Loan Approval

This case asks students to step into the role of Adalberto Flores, co-founder and CEO of Kueski, one of the first companies to develop a proprietary algorithm for online loan approval in Mexico. Mexico lacks a standardized credit scoring system, making it difficult for many Mexicans to get approved for a loan or credit card. This, together with the fact that Mexicans generally do not trust traditional banks, makes Mexico an attractive opportunity for fintech companies. Growth, however, could require fintech companies to partner with traditional banks. Students assume the role of Flores to think about the benefits and risks associated with a partnership between Kueski and traditional banks. Students are also challenged to compare the structure of U.S. financial services markets with the Mexican structure and consider the implications on the sustainability of fintech companies in the two markets. The teaching note analyzes the Mexican financial market and the benefits and threats it holds for fintech companies, and outlines a framework for evaluating the risk associated with partnerships.

A Sisyphean Task

2018 ◽  
pp. 72-92
Author(s):  
Stuart Aveyard ◽  
Paul Corthorn ◽  
Sean O’Connell
Keyword(s):  
Monetary Policy ◽  
Consumer Protection ◽  
Consumer Credit ◽  
Strong Impact ◽  
Cooperative Movement ◽  
Consumer Durable ◽  
Affluent Society ◽  
The Impact

Chapter 3 examines debates about controls on consumer credit from late 1957 to 1964. As in Chapter 2, this chapter provides a fresh appraisal of Labour’s response to the affluent society. The party attempted to outflank the Conservatives on the issue of consumer protection. It embarrassed the Conservatives over their sluggish response to the Molony Committee’s recommendations on hire purchase legislation. The chapter also supports previous analyses that have identified the strong impact of new consumerist groups, particularly the Consumers’ Association and the weakening role of the Cooperative Movement. The issue of credit controls became more contentious. The Radcliffe Committee on monetary policy (1958) highlighted the weaknesses of the system. Of particular concern was the impact of controls on consumer durable industries. They were removed in 1958, but reintroduced, in 1960, following a dangerous rise in consumer indebtedness.

Part I United States, 2 The Liquidation of Lehman Brothers Inc, the New York Brokerage of the Lehman Global Enterprise

2017 ◽  
Author(s):  
Caputo Kenneth J ◽  
Giddens James W ◽  
Kiplok Christopher K
Keyword(s):  
New York ◽  
Lessons Learned ◽  
Legal Issues ◽  
Regulatory Regime ◽  
Financial Instruments ◽  
Financial Products ◽  
Lehman Brothers ◽  
Foreign Affiliates ◽  
The Impact

This chapter explores the statutory and regulatory regime in place in 2008 that governed the operation and liquidation of Lehman Brothers Inc. (LBI) and highlights key legal issues in the liquidation. Section I provides an overview of the Securities Investor Protection Act (SIPA) statute. Section II describes LBI, its role as the broker-dealer in the global Lehman enterprise, and the story of its collapse in September 2008. Section III highlights some hallmarks of the LBI liquidation, including the emergency sale to Barclays, account transfers, the transfer of all of LBI’s subsidiaries on the eve of LBI’s filing, the atomization of foreign affiliates with different regulatory regimes, and the role of LBI as a counterparty in the financial products market, which led to a substantial general estate. Section IV addresses the impact of the broker-dealer liquidation under SIPA on the treatment of complex financial instruments. Section V reflects on lessons learned.

scholarly journals THE URGENCY OF FATWA IN THE LAW OF SHARIA ECONOMICS IN INDONESIA

2021 ◽  
Vol 20 (2) ◽  
pp. 201
Author(s):  
Elsy Renie
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Rapid Development ◽  
Economic Activities ◽  
Financial Products ◽  
The People ◽  
The Law

Fatwas of the National Sharia Council-Indonesian Ulama Council (DSN-MUI), in the field of sharia economics, has filled the legal vacuum related to the economic activities of the people. The increased of activity in the Mu'amalah area which is so fast requires a responsive fatwa. It can be seen from the rapid development of financial products for sharia financial institutions today. The legal strength of a fatwa is non-binding because it is not included in the constitution hierarchy in Indonesia which has caused debate for some people. But, several DSN-MUI fatwa have been transformed into part of national law, such as constitution No. 21 of 2008 concerning Banking, and some of which have also been absorbed into Bank Indonesia regulations, Syari'ah Financial Services Authority Regulation (OJK). This paper tries to analyze the role of fatwas in filling the legal vacuum in the development of the shari'ah economy in Indonesia and how the fatwas of the DSN-MUI can be transformed into national law. The author concludes that the role of DSN-MUI as the only institution that issued a fatwa related to the activities of shari'ah financial institutions in Indonesia is very important in the area of national legal politics.

scholarly journals Revisiting the Impact of Mobile Banking in Financial Inclusion Among the Developing Countries

2021 ◽  
Vol 12 (2) ◽  
pp. 62
Author(s):  
Ummahani Akter ◽  
S. M. Rakibul Anwar ◽  
Riduanul Mustafa ◽  
Zulfiqure Ali
Keyword(s):  
Developing Countries ◽  
Financial Services ◽  
Bandwidth Allocation ◽  
Financial Inclusion ◽  
Three Dimensions ◽  
Future Research ◽  
Mobile Banking ◽  
Innovative Strategies ◽  
Financial Products ◽  
The Impact

Financial inclusion ensures financial products and services at reasonable rates for individuals and aims to introduce unbanked people into banking and financial services. The study aims to explore the effect that mobile banking facilities have on financial inclusion in 17 developing countries. From 2011 to 2017, this study took data from the three dimensions of financial inclusion called "Penetration," "Access," and "Uses". This paper took the Sarma model of Index of Financial Inclusion (IFI) to measure financial inclusion. This paper incorporates mobile money accounts as a "penetration" variable and Mobile banking outlet as an "Access" variable with existing model variables to quantify the effect of mobile banking. This research finds that mobile banking positively impacts the selected countries, though the degree of the changes is not symmetric. African regional countries have improved their financial inclusion after introducing mobile banking much better compared to other regions. This study is limited to examining mobile banking effects on selected emerging countries only. Future research may be devoted to developing more innovative strategies and tools to reach out to unbanked people, including people who face disparities in mobile phone ownership and bandwidth allocation.

scholarly journals The key role of quoted spreads in financial services and transactions

2021 ◽  
Vol 10 (3) ◽  
pp. 208-216
Author(s):  
Guillermo Peña
Keyword(s):  
Financial Services ◽  
Investment Decisions ◽  
Value Added ◽  
Gravity Equation ◽  
Interesting Issue ◽  
Financial Products ◽  
The World ◽  
Intertemporal Decisions ◽  
Transaction Tax

Banking has driven the development of the world for centuries. An interesting issue to analyze is the optimal spread on financial products reflecting the value added that does not generate economic distortions for consumers in intertemporal decisions. Based on a gravity equation for these services, this paper examines the optimality of a modified Quoted Spread, the recently-proposed mobile-ratio, by assessing whether the pure interest expressed as a gravity equation between interests does not change after applying this spread. Results show that the mobile-ratio is the specification of the spread with no distortions on investment decisions. Regarding fiscal policy, this ratio plays a key role for both the Financial Transaction Tax and the VAT on financial services.

Part II Causes of Action, 5 Claims in Contract

2014 ◽  
Author(s):  
McMeel Gerard
Keyword(s):  
Financial Services ◽  
Modern Approach ◽  
Financial Advice ◽  
Financial Products ◽  
Consumer Contracts ◽  
Unfair Terms

This chapter considers a number of issues which are crucial to financial advice and financial products. First, it looks into the circumstances in which a court will decide that financial advice has been proffered under the terms of an applicable contract. In particular, it addresses the question of whether the doctrine of consideration is satisfied where the adviser is not directly paid by the recipient. Secondly, it considers incorporation and the implication issues of particular concern in a financial services context. Thirdly, it examines the modern approach to interpreting contracts, which has been honed as a result of the problems arising from financial services cases. Fourth, the chapter deals with the twin requirements of the Unfair Terms in Consumer Contracts Regulations 1999.

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