CONSUMER PROTECTION IN THE FINANCIAL SERVICES SPACE: A CASE STUDY OF THE NIGERIAN BANKING SECTOR.

Abstract

The study analyzes the approaches to Consumer Protection in the financial service industry which plays a critical role in building and maintaining trust in the formal financial system and preserving financial stability by ensuring that financial providers operate responsibly and accountable for their market conduct with regards to consumers’ harm. Consumer Protection in essence refers to the framework of laws, regulations and institutional arrangements that safeguard consumers by ensuring fair and responsible treatment for them. The researchers are inclined to maintain that a well-functioning financial system requires a sound legal and policy framework that defines clear goals aimed at protecting consumers’ access to financial services while regulating the conduct of financial service providers.