Information as a consumer protection instrument on the consumer credit market
Abstract
The aim of the article was to assess the opinions of consumer credit borrowers on the information message provided to them by lenders at the pre-contractual stage. The opinions were presented in the context of the demographic characteristics of the respondents.
The research question posed was whether, taking into account demographic characteristics, the assessment of consumer credit borrowers regarding the information message obtained at the pre-contractual stage varied. The research methodology included a questionnaire and Computer-Assisted Telephone Interviewing (CATI). For the information analysis, we employed the following non-parametric tests: the chi-square test of independence, the Mann–Whitney U test and the Kruskal–Wallis H test. No significant differences were observed in all the parameters of the assessment of the information message, which means that the answer to the research question was negative. The findings suggest that even though borrowers may positively assess the compliance with the information obligations by lenders, it does not mean that all credit decisions made were rational and appropriate to their financial situation. Our study focused on the consumer protection and employed non-parametric tests to analyze the consumer credit borrowers’ assessment of the information provided to them by lenders.
First published online 07 June 2024
Keyword : consumer credits, consumer protection, information message, pre-contractual stage
How to Cite
Czechowska, I. D., Paduszyńska, M., Jędrzejczak, R., & Sadowski, A. (2024). Information as a consumer protection instrument on the consumer credit market. Technological and Economic Development of Economy, 1-20. https://doi.org/10.3846/tede.2024.21496
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Alshubiri, F. (2022). The effect of saving and capital expansion on financial and technological development in GCC countries. Technological and Economic Development of Economy, 28(1), 1–25. https://doi.org/10.3846/tede.2021.15769
Ardic, O. P., Ibrahim, J., & Mylenko, N. (2011). Consumer protection laws and regulations in deposit and loan services: A cross-country analysis with a new data set (World Bank Policy Research Working Paper 5536). World Bank. https://doi.org/10.1596/1813-9450-5536
Bellucci, A., Borisov, A., Giombini, G., & Zazzaro, A. (2023). Information asymmetry, external certification, and the cost of bank debt. Journal of Corporate Finance, 78, Article 102336. https://doi.org/10.1016/j.jcorpfin.2022.102336
Borkowska, B., & Klimczak, B. (2015). Ochrona konsumenta w Polsce po 1989 roku jako przedmiot badań naukowych. Europa Regionum, 25, 27–52. https://doi.org/10.18276/er.2015.25-02
Butor-Keler, A. (2019). Using of customer experience to protect the consumer in the banking services market – opportunities and possibilities. Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie, 20(1), 145–157. https://doi.org/10.5604/01.3001.0013.2427
Brunetti, C., Harris, J. H., & Mankad, S. (2023). Networks, interconnectedness, and interbank information asymmetry. Journal of Financial Stability, 67, Article 101163. https://doi.org/10.1016/j.jfs.2023.101163
Calcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363–380. https://doi.org/10.1016/j.jbankfin.2014.03.013
Commission of the European Communities. (2002). Communication to the Green Paper on EU Consumer Protection. COM (2002) 289 final.
Cyman, D. (2016). Kierunki zmian ochrony konsumenta usług finansowych w Unii Europejskiej [Directions of Change of Consumer Protection in Financial Services in the European Union]. Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia, 50(4), 39–48. https://doi.org/10.17951/h.2016.50.4.39
Czechowska, I. D., & Zatoń, W. (2018). Problemy klientów usług finansowych oraz ich uwarunkowania [Problems of Financial Services Customers and Their Determinants]. Bank i Kredyt, 49(3), 289–320.
Czechowska, I. D. (2009). Ochrona konsumenta rynku usług bankowych [Consumerism on a Bank Services Market]. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Ekonomiczne problemy usług, 38(548), 407–413.
Dietrich, D., & Vollmer, U. (2012). Are universal banks bad for financial stability? Germany during the world financial crisis. The Quarterly Review of Economics and Finance, 52(2), 123–134. https://doi.org/10.1016/j.qref.2011.12.008
Directive 2008/48/EC. European Parliament, & Council of the European Union. (2008). Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC.
European Commission. (2009). Public consultation on Responsible Lending and Borrowing in the EU. https://www.mfsa.mt/wp-content/uploads/2019/08/20090616-Consultation-on-Responsible-Lending-Borrowing-in-the-EU.pdf
European Economic and Social Committee. (2011). Opinion of the European Economic and Social Committee on ‘The open method of coordination and the social clause in the context of Europe 2020’ (exploratory opinion) (2011/C 44/04).
Frączek, B. (2017). Deficyt transparentności informacji dotyczącej produktów oszczędnościowo-inwestycyjnych jako zagrożenie bezpieczeństwa konsumenta na rynku usług finansowych [Deficit of Information Transparency in Savings-investment Products as the Consumer Security Risk on the Financial Services Market]. Rozprawy Ubezpieczeniowe. Konsument na rynku usług finansowych, 2(24), 35–49.
Gałązka, P. (2021). Obowiązki informacyjne przedkontraktowe w projekcie nowej dyrektywy o kredycie konsumenckim w świetle dotychczasowych regulacji unijnych. Internetowy Kwartalnik Antymonopolowy i Regulacyjny (iKAR), 10(7), 63–78.
Gallo Jr, P., Čabinová, V., Onuferová, E., Gallo, P., & Gallo, J. (2019). The influence of leadership style on the work activity of employees in the selected financial institution. Calitatea, 20(170), 90–93.
Goddard, J., Molyneux, P., & Wilson, J. O. S. (2009). The financial crisis in Europe: Evolution, policy responses and lessons for the future. Journal of Financial Regulation and Compliance, 17(4), 362–380. https://doi.org/10.1108/13581980911004352
Gomathinayagam, S., Bharathi, V., & Azhakappan, C. (2019). Analysis of problems faced by customers during use of Mobile Banking in Tenkasi. International Journal of Research and Analytical Review, 6(2). http://ijrar.com/upload_issue/ijrar_issue_20544042.pdf
Hastings, J., & Mitchell, O. S. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics & Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227
Horosz, P. (2022). Ochrona konsumentów przed nieuczciwymi praktykami rynkowymi na rynku finansowym. Opolskie Studia Administracyjno-Prawne, 20(1), 55–74. https://doi.org/10.25167/osap.4753
Howells, G. (2005). The potential and limits of consumer empowerment by information. Journal of Law and Society, 32(3), 349–370. https://doi.org/10.1111/j.1467-6478.2005.00328.x
Howells, G. (2020). Protecting consumer protection values in the fourth industrial revolution. Journal of Consumer Policy, 43(1), 145–175. https://doi.org/10.1007/s10603-019-09430-3
Jakubowska, A. (2017). Zaufanie i asymetria informacji w relacjach podmiotów na rynku finansowym – wybrane aspekty na przykładzie banków i ich interesariuszy [Trust and information asymmetry in relations on financial market – chosen aspects on the basis of banks and their stakeholders]. Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska, 113, 125–133. https://doi.org/10.29119/1641-3466.2017.113.9
Junuzović, M. (2018). Transparency of (pre-) contractual information in consumer credit agreements: Is consistency the missing key?. Croatian Yearbook of European Law & Policy, 14(1), 69–98. https://doi.org/10.3935/cyelp.14.2018.310
Kaiser, T., & Menkhoff, L. (2017). Does financial education impact financial literacy and financial behavior, and if so, when? World Bank Economic Review, 31(3), 611–630. https://doi.org/10.1093/wber/lhx018
Kowalski, T., & Shachmurove, Y. (2011). The financial crisis: What is there to learn? Global Finance Journal, 22(3), 238–247. https://doi.org/10.1016/j.gfj.2011.10.014
Koćwin, J. (2015). Ochrona i edukacja konsumenta. Instytucjonalne zapobieganie działaniom nieetycznym i nieprawidłowościom w branży usług finansowych [Consumer protection and education − institutional prevention of unethical activities and irregularities in the financial services industry]. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, 405, 157–172. https://doi.org/10.15611/pn.2015.405.11
Kriese, M., Abor, J. Y., & Agbloyor, E. (2019). Financial consumer protection and economic growth. International Journal of Emerging Markets, 14(5), 1060–1080. https://doi.org/10.1108/IJOEM-05-2018-0229
Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://doi.org/10.1186/s41937-019-0027-5
Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness*. Journal of Pension Economics & Finance, 14(4), 332–368. https://doi.org/10.1017/S1474747215000232
Malczyńska-Biały, M. (2010). Ochrona konsumentów w Polsce w zakresie prawa do informacji i edukacji [Consumer protection in Poland in range of right to information and education]. Facta Simonidis, 3(1), 119–135. https://doi.org/10.56583/fs.283
Malczyńska-Biały, M. (2019). Education and information in consumer policy in the Republic of Poland. Środkowoeuropejskie Studia Polityczne, (2), 47–63. https://doi.org/10.14746/ssp.2019.2.3
Marimuthu, S., & Mathan, J. (2015). Rural perspective towards financial inclusion. Journal of Economic and Social Thought, 2(2), 106–120.
Mazurek-Łopacińska, K., & Sobocińska, M. (2014). Nowe spojrzenie na konsumenta jako uczestnika życia gospodarczego [New Look at the Consumer as a Participant of the Economic Life]. Handel Wewnętrzny, (4 (351)), 189–201.
Mazuruk, P. (2011). Ochrona praw konsumenta w Rzeczypospolitej Polskiej w odniesieniu do prawodawstwa Unii Europejskiej [Law Consumer in the Republic of Poland in Addition to the European Legislation]. Studia i Materiały Polskiego Stowarzyszenia Zarządzania Wiedzą, 51, 166–179.
Miscenic, E. (2018). Uniform interpretation of Article 4 (2) of UCT Directive in the context of consumer credit agreements: Is it possible?. Revue du droit de l’Union européenne, (3), 127–159.
Muller, P., Devnani, S., Heys, R., & Suter, J. (2014). Consumer protection aspects of financial services: Study. European Parliament Committee, Directorate-General for Internal Policies, Policy Department A: Economic and Scientific Policy.
OECD. (2011, October). G20 high-level principles on financial consumer protection. Organisation for Economic Co-operation and Development. https://www.oecd.org/finance/high-level-principles-on-financial-consumer-protection.htm
Oehler, A., & Wendt, S. (2017). Good consumer information: The information paradigm at its (dead) end?. Journal of Consumer Policy, 40, 179–191. https://doi.org/10.1007/s10603-016-9337-5
Ostertagova, E., Ostertag, O., & Kováč, J. (2014). Methodology and application of the Kruskal–Wallis test. Applied Mechanics and Materials, 611, 115–120.
ttps://doi.org/10.4028/ www.scientific.net/AMM.611.115
Pawłowska-Szawara, E. (2020). Asymetria informacji na rynku bankowych kredytów konsumenckich w Polsce. Difin.
Peters, M. A. (2012). Neoliberalism, education and the crisis of western capitalism. Policy Futures in Education, 10(2), 134–141. https://doi.org/10.2304/pfie.2012.10.2.134
Porras, C. I. G., & van Boom, W. H. (2012). Information disclosure in the EU Consumer Credit Directive: Opportunities and limitations. In J. Devenney, & M. Kenny (Eds.), Consumer credit, debt, and investment in Europe (pp. 21–55). Cambridge University Press. https://doi.org/10.1017/CBO9781139003469.004
Ribaj, A., & ILollari, O. (2019). Asymmetric information versus banks’ costumer trust, Albania case linked with SEE countries. SSRN.
Rutkowska-Tomaszewska, E. (2013). Ochrona prawna klienta na rynku usług bankowych. Wolters Kluwer Polska.
Sane, R., & Halan, M. (2017). Misled and mis-sold: Financial misbehaviour in retail banks? Journal of Comparative Economics, 45(3), 429–444. https://doi.org/10.1016/j.jce.2017.06.001
Selvakumar, M., & Sathyalakshmi, V. (2015). Comparison of financial consumer protection of public sector banks and private sector banks: Application of Mann–Whitney rank sum U-Test. Asian Journal of Managerial Science, 4(2), 14–20. https://doi.org/10.51983/ajms-2015.4.2.1194
Selvakumar, M., & Sathyalakshmi, V. (2016). Financial consumer protection and customer satisfaction. A relationship study by using factor analysis and discriminant analysis. EuroEconomica, 34(2), 71–94.
Sługocka-Krupa, E. (2017). Ryzyka w usługach finansowych i ich wpływ na bezpieczeństwo ekonomicznych interesów konsumentów – wybrane aspekty. In E. Rutkowska-Tomaszewska (Ed.), Ochrona klienta na rynku usług finansowych w świetle aktualnych problemów i regulacji prawnych.. C.H. Beck.
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
Tereszkiewicz, P. (2015). Obowiązki informacyjne w umowach o usługi finansowe. Studium instrumentów ochronnych w prawie prywatnym i prawie unijnym. Wolters Kluwer.
Tfaily, A. (2017). Managing information asymmetry and credit risk-a theoretical perspective. In Proceeding of the 11th International Management Conference (pp. 652–659).
Tsindeliani, I. A., & Mikheeva, I. E. (2022). Review of information asymmetry in banking in the Russian Federation. Journal of Money Laundering Control, 25(4), 779–791. https://doi.org/10.1108/JMLC-09-2021-0092
Węgrzyn, J. (2013). Prawo konsumenta do informacji w Konstytucji RP i w prawie unijnym. Prawnicza i Ekonomiczna Biblioteka Cyfrowa.
Wilhelmsson, T. (2018). The informed consumer v the vulnerable consumer in European unfair commercial practices law – a comment. In The Yearbook of Consumer Law 2007 (pp. 211–227). Routledge. https://doi.org/10.4324/9780429430862-8
Wojciechowska-Filipek, S. (2014). Zniekształcenia informacji a bezpieczeństwo decyzji finansowych [Distortion of Information and the Security of Financial Decisions]. Teoria stabilności finansowej. Test praktyki XXI wieku, 55.
World Bank (2012). Good practices for financial consumer protection. https://doi.org/10.1596/26861
World Bank. (2017). Good practices for financial consumer protection, 2017 edition. https://doi.org/10.1596/28996
Wu, S., Chen, Z. S., Pedrycz, W., Govindan, K., & Chin, K. S. (2023). Nonparametric numerical approaches to probability weighting function construction for manifestation and prediction of risk preferences. Technological and Economic Development of Economy, 29(4), 1127–1167. https://doi.org/10.3846/tede.2023.18551
Ardic, O. P., Ibrahim, J., & Mylenko, N. (2011). Consumer protection laws and regulations in deposit and loan services: A cross-country analysis with a new data set (World Bank Policy Research Working Paper 5536). World Bank. https://doi.org/10.1596/1813-9450-5536
Bellucci, A., Borisov, A., Giombini, G., & Zazzaro, A. (2023). Information asymmetry, external certification, and the cost of bank debt. Journal of Corporate Finance, 78, Article 102336. https://doi.org/10.1016/j.jcorpfin.2022.102336
Borkowska, B., & Klimczak, B. (2015). Ochrona konsumenta w Polsce po 1989 roku jako przedmiot badań naukowych. Europa Regionum, 25, 27–52. https://doi.org/10.18276/er.2015.25-02
Butor-Keler, A. (2019). Using of customer experience to protect the consumer in the banking services market – opportunities and possibilities. Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie, 20(1), 145–157. https://doi.org/10.5604/01.3001.0013.2427
Brunetti, C., Harris, J. H., & Mankad, S. (2023). Networks, interconnectedness, and interbank information asymmetry. Journal of Financial Stability, 67, Article 101163. https://doi.org/10.1016/j.jfs.2023.101163
Calcagno, R., & Monticone, C. (2015). Financial literacy and the demand for financial advice. Journal of Banking & Finance, 50, 363–380. https://doi.org/10.1016/j.jbankfin.2014.03.013
Commission of the European Communities. (2002). Communication to the Green Paper on EU Consumer Protection. COM (2002) 289 final.
Cyman, D. (2016). Kierunki zmian ochrony konsumenta usług finansowych w Unii Europejskiej [Directions of Change of Consumer Protection in Financial Services in the European Union]. Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia, 50(4), 39–48. https://doi.org/10.17951/h.2016.50.4.39
Czechowska, I. D., & Zatoń, W. (2018). Problemy klientów usług finansowych oraz ich uwarunkowania [Problems of Financial Services Customers and Their Determinants]. Bank i Kredyt, 49(3), 289–320.
Czechowska, I. D. (2009). Ochrona konsumenta rynku usług bankowych [Consumerism on a Bank Services Market]. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Ekonomiczne problemy usług, 38(548), 407–413.
Dietrich, D., & Vollmer, U. (2012). Are universal banks bad for financial stability? Germany during the world financial crisis. The Quarterly Review of Economics and Finance, 52(2), 123–134. https://doi.org/10.1016/j.qref.2011.12.008
Directive 2008/48/EC. European Parliament, & Council of the European Union. (2008). Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC.
European Commission. (2009). Public consultation on Responsible Lending and Borrowing in the EU. https://www.mfsa.mt/wp-content/uploads/2019/08/20090616-Consultation-on-Responsible-Lending-Borrowing-in-the-EU.pdf
European Economic and Social Committee. (2011). Opinion of the European Economic and Social Committee on ‘The open method of coordination and the social clause in the context of Europe 2020’ (exploratory opinion) (2011/C 44/04).
Frączek, B. (2017). Deficyt transparentności informacji dotyczącej produktów oszczędnościowo-inwestycyjnych jako zagrożenie bezpieczeństwa konsumenta na rynku usług finansowych [Deficit of Information Transparency in Savings-investment Products as the Consumer Security Risk on the Financial Services Market]. Rozprawy Ubezpieczeniowe. Konsument na rynku usług finansowych, 2(24), 35–49.
Gałązka, P. (2021). Obowiązki informacyjne przedkontraktowe w projekcie nowej dyrektywy o kredycie konsumenckim w świetle dotychczasowych regulacji unijnych. Internetowy Kwartalnik Antymonopolowy i Regulacyjny (iKAR), 10(7), 63–78.
Gallo Jr, P., Čabinová, V., Onuferová, E., Gallo, P., & Gallo, J. (2019). The influence of leadership style on the work activity of employees in the selected financial institution. Calitatea, 20(170), 90–93.
Goddard, J., Molyneux, P., & Wilson, J. O. S. (2009). The financial crisis in Europe: Evolution, policy responses and lessons for the future. Journal of Financial Regulation and Compliance, 17(4), 362–380. https://doi.org/10.1108/13581980911004352
Gomathinayagam, S., Bharathi, V., & Azhakappan, C. (2019). Analysis of problems faced by customers during use of Mobile Banking in Tenkasi. International Journal of Research and Analytical Review, 6(2). http://ijrar.com/upload_issue/ijrar_issue_20544042.pdf
Hastings, J., & Mitchell, O. S. (2020). How financial literacy and impatience shape retirement wealth and investment behaviors. Journal of Pension Economics & Finance, 19(1), 1–20. https://doi.org/10.1017/S1474747218000227
Horosz, P. (2022). Ochrona konsumentów przed nieuczciwymi praktykami rynkowymi na rynku finansowym. Opolskie Studia Administracyjno-Prawne, 20(1), 55–74. https://doi.org/10.25167/osap.4753
Howells, G. (2005). The potential and limits of consumer empowerment by information. Journal of Law and Society, 32(3), 349–370. https://doi.org/10.1111/j.1467-6478.2005.00328.x
Howells, G. (2020). Protecting consumer protection values in the fourth industrial revolution. Journal of Consumer Policy, 43(1), 145–175. https://doi.org/10.1007/s10603-019-09430-3
Jakubowska, A. (2017). Zaufanie i asymetria informacji w relacjach podmiotów na rynku finansowym – wybrane aspekty na przykładzie banków i ich interesariuszy [Trust and information asymmetry in relations on financial market – chosen aspects on the basis of banks and their stakeholders]. Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska, 113, 125–133. https://doi.org/10.29119/1641-3466.2017.113.9
Junuzović, M. (2018). Transparency of (pre-) contractual information in consumer credit agreements: Is consistency the missing key?. Croatian Yearbook of European Law & Policy, 14(1), 69–98. https://doi.org/10.3935/cyelp.14.2018.310
Kaiser, T., & Menkhoff, L. (2017). Does financial education impact financial literacy and financial behavior, and if so, when? World Bank Economic Review, 31(3), 611–630. https://doi.org/10.1093/wber/lhx018
Kowalski, T., & Shachmurove, Y. (2011). The financial crisis: What is there to learn? Global Finance Journal, 22(3), 238–247. https://doi.org/10.1016/j.gfj.2011.10.014
Koćwin, J. (2015). Ochrona i edukacja konsumenta. Instytucjonalne zapobieganie działaniom nieetycznym i nieprawidłowościom w branży usług finansowych [Consumer protection and education − institutional prevention of unethical activities and irregularities in the financial services industry]. Prace Naukowe Uniwersytetu Ekonomicznego We Wrocławiu, 405, 157–172. https://doi.org/10.15611/pn.2015.405.11
Kriese, M., Abor, J. Y., & Agbloyor, E. (2019). Financial consumer protection and economic growth. International Journal of Emerging Markets, 14(5), 1060–1080. https://doi.org/10.1108/IJOEM-05-2018-0229
Lusardi, A. (2019). Financial literacy and the need for financial education: Evidence and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8. https://doi.org/10.1186/s41937-019-0027-5
Lusardi, A., & Tufano, P. (2015). Debt literacy, financial experiences, and overindebtedness*. Journal of Pension Economics & Finance, 14(4), 332–368. https://doi.org/10.1017/S1474747215000232
Malczyńska-Biały, M. (2010). Ochrona konsumentów w Polsce w zakresie prawa do informacji i edukacji [Consumer protection in Poland in range of right to information and education]. Facta Simonidis, 3(1), 119–135. https://doi.org/10.56583/fs.283
Malczyńska-Biały, M. (2019). Education and information in consumer policy in the Republic of Poland. Środkowoeuropejskie Studia Polityczne, (2), 47–63. https://doi.org/10.14746/ssp.2019.2.3
Marimuthu, S., & Mathan, J. (2015). Rural perspective towards financial inclusion. Journal of Economic and Social Thought, 2(2), 106–120.
Mazurek-Łopacińska, K., & Sobocińska, M. (2014). Nowe spojrzenie na konsumenta jako uczestnika życia gospodarczego [New Look at the Consumer as a Participant of the Economic Life]. Handel Wewnętrzny, (4 (351)), 189–201.
Mazuruk, P. (2011). Ochrona praw konsumenta w Rzeczypospolitej Polskiej w odniesieniu do prawodawstwa Unii Europejskiej [Law Consumer in the Republic of Poland in Addition to the European Legislation]. Studia i Materiały Polskiego Stowarzyszenia Zarządzania Wiedzą, 51, 166–179.
Miscenic, E. (2018). Uniform interpretation of Article 4 (2) of UCT Directive in the context of consumer credit agreements: Is it possible?. Revue du droit de l’Union européenne, (3), 127–159.
Muller, P., Devnani, S., Heys, R., & Suter, J. (2014). Consumer protection aspects of financial services: Study. European Parliament Committee, Directorate-General for Internal Policies, Policy Department A: Economic and Scientific Policy.
OECD. (2011, October). G20 high-level principles on financial consumer protection. Organisation for Economic Co-operation and Development. https://www.oecd.org/finance/high-level-principles-on-financial-consumer-protection.htm
Oehler, A., & Wendt, S. (2017). Good consumer information: The information paradigm at its (dead) end?. Journal of Consumer Policy, 40, 179–191. https://doi.org/10.1007/s10603-016-9337-5
Ostertagova, E., Ostertag, O., & Kováč, J. (2014). Methodology and application of the Kruskal–Wallis test. Applied Mechanics and Materials, 611, 115–120.
ttps://doi.org/10.4028/ www.scientific.net/AMM.611.115
Pawłowska-Szawara, E. (2020). Asymetria informacji na rynku bankowych kredytów konsumenckich w Polsce. Difin.
Peters, M. A. (2012). Neoliberalism, education and the crisis of western capitalism. Policy Futures in Education, 10(2), 134–141. https://doi.org/10.2304/pfie.2012.10.2.134
Porras, C. I. G., & van Boom, W. H. (2012). Information disclosure in the EU Consumer Credit Directive: Opportunities and limitations. In J. Devenney, & M. Kenny (Eds.), Consumer credit, debt, and investment in Europe (pp. 21–55). Cambridge University Press. https://doi.org/10.1017/CBO9781139003469.004
Ribaj, A., & ILollari, O. (2019). Asymmetric information versus banks’ costumer trust, Albania case linked with SEE countries. SSRN.
Rutkowska-Tomaszewska, E. (2013). Ochrona prawna klienta na rynku usług bankowych. Wolters Kluwer Polska.
Sane, R., & Halan, M. (2017). Misled and mis-sold: Financial misbehaviour in retail banks? Journal of Comparative Economics, 45(3), 429–444. https://doi.org/10.1016/j.jce.2017.06.001
Selvakumar, M., & Sathyalakshmi, V. (2015). Comparison of financial consumer protection of public sector banks and private sector banks: Application of Mann–Whitney rank sum U-Test. Asian Journal of Managerial Science, 4(2), 14–20. https://doi.org/10.51983/ajms-2015.4.2.1194
Selvakumar, M., & Sathyalakshmi, V. (2016). Financial consumer protection and customer satisfaction. A relationship study by using factor analysis and discriminant analysis. EuroEconomica, 34(2), 71–94.
Sługocka-Krupa, E. (2017). Ryzyka w usługach finansowych i ich wpływ na bezpieczeństwo ekonomicznych interesów konsumentów – wybrane aspekty. In E. Rutkowska-Tomaszewska (Ed.), Ochrona klienta na rynku usług finansowych w świetle aktualnych problemów i regulacji prawnych.. C.H. Beck.
Strömbäck, C., Lind, T., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2017). Does self-control predict financial behavior and financial well-being? Journal of Behavioral and Experimental Finance, 14, 30–38. https://doi.org/10.1016/j.jbef.2017.04.002
Tereszkiewicz, P. (2015). Obowiązki informacyjne w umowach o usługi finansowe. Studium instrumentów ochronnych w prawie prywatnym i prawie unijnym. Wolters Kluwer.
Tfaily, A. (2017). Managing information asymmetry and credit risk-a theoretical perspective. In Proceeding of the 11th International Management Conference (pp. 652–659).
Tsindeliani, I. A., & Mikheeva, I. E. (2022). Review of information asymmetry in banking in the Russian Federation. Journal of Money Laundering Control, 25(4), 779–791. https://doi.org/10.1108/JMLC-09-2021-0092
Węgrzyn, J. (2013). Prawo konsumenta do informacji w Konstytucji RP i w prawie unijnym. Prawnicza i Ekonomiczna Biblioteka Cyfrowa.
Wilhelmsson, T. (2018). The informed consumer v the vulnerable consumer in European unfair commercial practices law – a comment. In The Yearbook of Consumer Law 2007 (pp. 211–227). Routledge. https://doi.org/10.4324/9780429430862-8
Wojciechowska-Filipek, S. (2014). Zniekształcenia informacji a bezpieczeństwo decyzji finansowych [Distortion of Information and the Security of Financial Decisions]. Teoria stabilności finansowej. Test praktyki XXI wieku, 55.
World Bank (2012). Good practices for financial consumer protection. https://doi.org/10.1596/26861
World Bank. (2017). Good practices for financial consumer protection, 2017 edition. https://doi.org/10.1596/28996
Wu, S., Chen, Z. S., Pedrycz, W., Govindan, K., & Chin, K. S. (2023). Nonparametric numerical approaches to probability weighting function construction for manifestation and prediction of risk preferences. Technological and Economic Development of Economy, 29(4), 1127–1167. https://doi.org/10.3846/tede.2023.18551