Rethinking the Effectiveness of Consumer Protection Policies and Measures in the Financial Marketplace

Resumen

Este documento identifica y desafía la práctica frecuente de las instituciones financieras en el diseño y venta de productos financieros complejos a consumidores que no pueden comprender completamente y, por lo tanto, no pueden tomar decisiones informadas antes de consumir dichos productos financieros. Engañar a los consumidores para que compren inadvertidamente productos financieros complejos, hace que muchos de ellos sufran pérdidas financieras, y esta situación, en conjunto, tiene muchos efectos negativos en la sociedad. El documento analiza además por qué las instituciones financieras están motivadas para producir y vender con éxito productos financieros complejos; florecen, principalmente porque, se aprovechan de los sistemas regulatorios inadecuados, entre otras cosas. Del mismo modo, el entorno propicio creado por la ley de contratos, que exalta los principios de Pacta Sunt Servanda y Caveat Emptor, hace que el abuso de los consumidores financieros no sea completamente perceptible y apreciado por los reguladores, y deja que los primeros se enderecen en gran medida por sus propios medios. El documento señala las debilidades en las medidas de política contra la explotación del consumidor; las reglas de divulgación destrozadas que imponen a los consumidores la carga de la comprensión de productos financieros complejos a pesar de la forma en que se manipulan estas reglas de divulgación para disminuir la posibilidad de que los consumidores comprendan por completo los productos financieros; y el hecho de que la mayoría de los folletos de información financiera están salpicados en gran medida de terminologías financieras y se presentan en un lenguaje complicado sin dejar de satisfacer el requisito legal de divulgación.

El documento propone una nueva forma de regla de divulgación basada en los conceptos de proveedor de advertencia y contra proferentem, que respectivamente deben requerir la presentación de información por parte de las instituciones financieras contra el interés propio, y la presentación inequívoca del mismo número de desventajas junto con las ventajas de productos que ofrecen a los consumidores. Además, la función principal de los reguladores y los tribunales en esta circunstancia debe ser supervisar y evaluar el nivel de cumplimiento y, en consecuencia, emitir un certificado de calificación anual de desempeño que todas las instituciones financieras deben publicar de manera notable en sus lugares de negocios y también incorporarlo en los folletos informativos en los que describen sus productos, para que los consumidores puedan conocer de un vistazo aquellas instituciones financieras que son o no tan amigables para el consumidor.

Palabras clave:

Protección al consumidor

Mercado financiero

Consumer protection

Financial marketplace

Citas

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