Financial consumer protection laws worldwide fail to address key issues in banking.
Consumer protection laws in deposit and loan services are important for fair treatment of customers. A study looked at regulations in 142 countries and found that while many have laws in place, they may not fully cover financial services. Enforcement and monitoring of these laws are often weak, making it hard to ensure they are followed. Also, there are not enough independent ways to resolve disputes between customers and financial providers. This shows that there are challenges in making sure customers are protected when using financial services.