Consumer Protection

A Challenge for the EU’s Average Consumer Concept

  • 17 May 2020
  • kutatocsoport5

To a certain degree, owing to informational asymmetry, a difference in negotiating power and a relative lack of transparency, and due to the ever-present risk of falling victim to unfair commercial practices, all consumers can be considered vulnerable or disadvantaged when it comes to business-to-consumer transactions. This is especially the case in those consumer markets that involve particularly complex transactions, such as the financial products and services market. In the light of these issues, this article focuses on the European Union's concept of the ‘average consumer’ and its interpretation by the European Court of Justice (ECJ), particularly in cases concerning problematic markets. Read more... (Daniel Szilágyi)

Financial consumer protection and the European Social Model

  • 11 June 2019
  • kutatocsoport5

This article argues that the extension of the additional protection against unfair commercial practices - provided only to a strictly limited group of consumers in other areas of consumer protection - to all consumers in the field of financial consumer protection could potentially be justified. Furthermore, it highlights the importance of promoting financial literacy, which would require the development of up-to-date financial education and awareness programmes: through the use of its education and training policy instruments, the European Union could promote the availability of these programmes across all member states. Read more... (Daniel Szilágyi)