Addressing the challenges of post-pandemic debt management in the consumer and SME sectors: a proposal for the roles of UK financial regulators

被引：3

作者：

Chiu, Iris H-Y ^{[1
,2
]}

Kokkinis, Andreas ^{[3
]}

Miglionico, Andrea ^{[4
]}

机构：

[1] UCL, UCL Fac Laws, Bentham House,4-8 Endsleigh Gardens, London WC1H 0EG, England

[2] UCL, European Corp Governance Inst, Bentham House,4-8 Endsleigh Gardens, London WC1H 0EG, England

[3] Univ Birmingham, Birmingham Law Sch, Birmingham B15 2TT, W Midlands, England

[4] Univ Reading, Reading Sch Law, Whiteknights Rd, Reading RG6 7BY, Berks, England

来源：

JOURNAL OF BANKING REGULATION | 2022年 / 23卷 / 04期

关键词：

Bank regulation; Prudential regulation; Consumer debt; Covid-19; pandemic; Consumer protection; Tailored arrangements; HOUSEHOLD DEBT; LEGAL THEORY; CREDIT; STABILITY; GROWTH;

D O I：

10.1057/s41261-021-00180-2

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Regulatory actions for short-term debt-relief during the Covid-19 pandemic are facilitating a significant level of indebtedness. We argue that regulators, in leaving the banking sector to manage small business and consumer debtors in 'tailored arrangements', risk allowing financial welfare goals to be unmet. Financial welfare goals are important to the Financial Conduct Authority's (FCA) consumer protection objective and give substantive meaning to the long-term financial stability objective of the Prudential Regulation Authority (PRA). Although the struggles with debt on the part of small and medium-sized businesses and households are not capable of complete resolution by financial regulators, who are constrained by their statutory mandates, we argue that the PRA and FCA should establish a coordinated supervisory framework of 'tailored supervision' for banks' 'tailored arrangements' with their debtors. This proposal allows both regulators to address to an extent the needs of unsophisticated post-pandemic debtors and meet their objectives in a joined-up and holistic manner.

引用

页码：439 / 457

页数：19