Financial Consumer Protection in the EU: Towards a Self-Sufficient European Contract Law for Consumer Financial Services?

European Review of Contract Law, Vol. 10, No. 4, pp. 476-495, 2014

University of Groningen Faculty of Law Research Paper 2015-07

21 Pages Posted: 19 Dec 2014 Last revised: 15 Jan 2015

Date Written: October 9, 2014

Abstract

The rapid expansion of European contract law in the field of consumer financial services gives rise to the question to what extent it is self-sufficient. A self-sufficient European contract law presupposes the existence of an EU-made and EU-enforced contract-related legal order which is largely distinct and independent from national private legal orders. In order to understand to what extent European contract law for consumer financial services reflects this pattern, the author explores the interaction between this supra-national regulatory legal order and traditional national private legal orders, and the consequences of this interplay for the extent of financial consumer protection. The author concludes that the self-sufficiency of European contract law is a matter of degree rather than an absolute; besides, a high degree of its self-sufficiency is not a must for ensuring a high level of consumer protection in financial services.

Keywords: financial services, financial consumer protection, investor protection, financial supervision, contract law, European contract law, self-sufficiency

Suggested Citation

Cherednychenko, Olha O., Financial Consumer Protection in the EU: Towards a Self-Sufficient European Contract Law for Consumer Financial Services? (October 9, 2014). European Review of Contract Law, Vol. 10, No. 4, pp. 476-495, 2014, University of Groningen Faculty of Law Research Paper 2015-07, Available at SSRN: https://ssrn.com/abstract=2539830

Olha O. Cherednychenko (Contact Author)

University of Groningen - Faculty of Law ( email )

9700 AS Groningen
Netherlands

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