Consumer credit code disclosure: Does it work?

O'Shea, Paul and Finn, Carmel (2005) Consumer credit code disclosure: Does it work?. Journal of Banking and Finance Law and Practice, 16 1: 5-16.

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Name Description MIMEType Size Downloads
Author O'Shea, Paul
Finn, Carmel
Title Consumer credit code disclosure: Does it work?
Journal name Journal of Banking and Finance Law and Practice   Check publisher's open access policy
ISSN 1034-3040
Publication date 2005
Sub-type Article (original research)
Volume 16
Issue 1
Start page 5
End page 16
Total pages 12
Editor Gerg Burton
Robert Baxt
Place of publication Sydney, Australia
Publisher Thomson Lawbook
Collection year 2005
Subject C1
390104 Commercial and Contract Law
750502 Consumer affairs
Abstract Since 1996 all consumer credit transactions in Australia have been regulated by the Consumer Credit Code. The principal means by which the Code purports to protect consumers and prevent market failure is a detailed and prescriptive disclosure regime. There has been little empirical work done on whether or not such disclosure actually improves consumers’ understanding of their credit contracts. By exposing participants to typical consumer credit documents, this research discovered quite poor comprehension of important features of the relevant transactions. Most significantly, there appeared to be little difference in comprehension when the consumers read contracts which complied with the disclosure requirements of the Code, and when they read contracts which did not. These results cast doubt on the effectiveness of the Code disclosure regime.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

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Created: Wed, 15 Aug 2007, 06:54:45 EST