IMPLICATIONS OF THE FINANCIAL SECTOR ON THE CONSUMER PROTECTION ACT, 2019

Author – JAYALAKSHMI IYER VENKATRAMAN, Student at SASTRA DEEMED UNIVERSITY.

Best Citation – JAYALAKSHMI IYER VENKATRAMAN, IMPLICATIONS OF THE FINANCIAL SECTOR ON THE CONSUMER PROTECTION ACT, 2019, Indian Journal of Legal Review (IJLR), 3 (2) of 2023, Pg. 1-9, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

The financial sector plays a key role in economic life because it offers consumers a wide range of products and services. However, due to the complexity of financial transactions and potential harm to consumers, it is necessary to study the effects of the financial sector on consumer protection. The purpose of this study is to find out the effects of the financial sector on the Consumer Protection Act of 2019 and its effects on the welfare of consumers. The article begins with an overview of the Consumer Protection Act 2019, outlining its objectives, key provisions and scope of the financial sector. It also discusses special rights afforded to consumers in the financial sector, such as protection against misleading advertising, unfair business practices and product liability. The research also looks at redress mechanisms available to consumers, including the establishment of consumer commissions and dispute resolution forums. Case law and examples are analyzed to illustrate the application of the law in resolving consumer complaints and ensuring fair treatment by financial institutions.  In addition, the document discusses the role of regulators in overseeing the financial sector and enforcing consumer protection regulations. It discusses the importance of financial literacy and consumer education to enable people to make informed financial decisions and navigate the complexities of the financial industry. By examining the impact of the financial sector on the Consumer Protection Act 2019, this study contributes to a better understanding of the legislative framework and regulation surrounding consumer protection in the financial sector.

KEYWORDS: Financial Sector, Regulations, Consumer Protection, Redressal