Towards Sustainable Consumer Finance: In Search of a Missing Link between EU Financial Regulation and Contract Law
06 Dec 2018, 12:30 to 06 Dec 2018, 13:30
Institute of Advanced Legal Studies, 17 Russell Square, London WC1B 5DR
Professor Olha O. Cherednychenko, Chair in European Private Law and Comparative Law / Director Groningen Centre for European Financial Services Law, University of Groningen, the Netherlands; IALS Visiting Fellow 2018-2019.
Abstract: The post-crisis era presents major new challenges for legislators, courts, financial regulators, and other actors at the EU and national level in terms of effectively safeguarding public and private interests in the realm of consumer finance in an increasingly digital environment. New and innovative ways of addressing tensions and contradictions between the common good and individual preferences of market actors in the retail financial markets are needed in order to be able to close the gap between consumer finance and society. However, at present, the efforts to develop workable solutions are seriously hampered by the existence of another gap – the gap between financial regulation and contract law in the current European policy discourse and legal scholarship. This paper attempts to develop the contours of a holistic approach to financial contracting in the retail financial markets around the concept of sustainable consumer financial contracts. Such an approach fits into the EU’s sustainable development strategy and its Better Regulation agenda, which provide an opportunity to critically rethink the role of contract law in the current regulatory landscape and its relationship to financial regulation more generally.
Olha O. Cherednychenko holds the Chair in European Private Law and Comparative Law at the University of Groningen. She is also Founding Director of the Groningen Centre for European Financial Services Law (GCEFSL). Previously she was a Senior Lecturer/Researcher at the VU University Amsterdam and a Lecturer/Researcher at the Utrecht University (the Netherlands) where she obtained her PhD with a thesis on the interplay between fundamental rights and European private law, with emphasis on risky financial transactions (published with Sellier. European Law Publishers in 2007). She has held visiting fellowships at the European University Institute (EUI), Florence; the Institute of European and Comparative Law (IECL), University of Oxford; the Institute of Advanced Legal Studies (IALS), University of London; and the London School of Economics and Political Science (LSE). She is also a member of several centres of expertise in the Netherlands. As a project leader/senior researcher, she has been involved in a number of European research projects, most recently for the European Parliament and the European Commission (2016-2018). Currently, she leads the research project ‘Towards Sustainable Financial Practices’ at the University of Groningen. She has published widely on a variety of issues related to EU law, European and national private and regulatory law, and comparative law, in particular in the area of financial services. Her recent publications include i.a. ‘Public Supervision over Private Relationships: Towards European Supervision Private Law?’, European Review of Private Law (2014); ‘Freedom of Contract in the Post-Crisis Era: Quo Vadis?’, European Review of Contract Law (2014); ‘Contract Governance in the EU: Conceptualising the Relationship between Investor Protection Regulation and Private Law’, European Law Journal (2015); ‘Public and Private Enforcement of European Private Law in the Financial Services Sector’, European Review of Private Law (2015); ‘Cooperative or Competitive? Private Regulators and Public Supervisors in the Post-Crisis European Financial Services Landscape’, Policy and Society (2016); ‘Irresponsible Lending in the Post-Crisis Era: Is the EU Consumer Credit Directive Fit for its Purpose?’, Journal of Consumer Policy (2019), forthcoming.
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