Redressing the Imbalance Executive Summary A study of legal protections available for consumers of credit and other financial services in Ireland
Redressing the Imbalance: A study of legal protections available for consumers of credit and other financial services in Ireland
Redressing the Imbalance critically examines the legal protections available to consumers of credit and other financial services in Ireland. It identifies a number of deficiencies and gaps in how such protections are provided. It also suggests that a systemic approach has evolved which has consistently served to prioritise the interests of financial service institutions over those of consumers. The report provides a detailed account of how European-level developments, piecemeal domestic legislation and selective financial regulation have combined to leave many consumers of financial service in Ireland – in particular consumers of credit and distressed mortgage borrowers – particularly exposed. Drawing on the experiences of consumers and their advocates, the study further highlights how such exposure can be compounded by difficulties accessing and using mechanisms ostensibly designed to facilitate the resolution of complaints against providers. The report concludes with a series of recommendations as to how these flaws in the legal infrastructure might be redressed from a financial service user perspective.