The Effectiveness of Legal Regime and Challenges in Protection Of Consumer Rights in Uganda.
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Date
2016-06
Authors
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Journal ISSN
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Publisher
Kampala International University, School of law.
Abstract
A consumer protection framework generally includes the introduction of greater transparency
and awareness about the goods and services, promotion of competition in the marketplace.
prevention of fraud, education of customers, and elimination of unfair practices.
Consumer protection frameworks in the financial. service industry are evolving as products
become more complex and a greater number of people rely on financial services. An effective
consumer protection framework includes three complementary aspects. First, it includes laws
and regulations governing relations between service providers and users and ensuring fairness.
transparency and recourse rights.
Consumer protection and financial literacy can contribute to improved efficiency, transparency.
competition, and access in retail financial markets by reducing information asymmetries and
power imbalances between providers and users of financial services. Financial consumer
protection has gained significance in policy debates, especially since the onset of the financial
crisis in 2008. This paper presents the results of a survey on consumer protection regulations in
country.
Qualitative research is used in several academic disciplines, including political sc1ence,
sociology, education and psychology. According to Peshkin (200: 134) in Patton. it usually serves
one or more of a set of four purposes: description, interpretation and evaluation of a hypothesis
or problem.
The findings indicate that although consumer protection legislation is in place in the majority of
countries, these do not necessarily address the issues specific to financial services. There is some
evidence that enforcement powers and monitoring capacity are limited in many countries.
obstructing the effective implementation of the existing regulations. Furthermore, independent
third party dispute resolution mechanisms are ~ot widespread. The paper also compiles
comprehensive information on laws and regulations relevant for consumer protection and
discusses a number of challenges related to empirical analyses of financial consumer protection
to enable cross-country comparison.
Description
A research report submitted to the Faculty of Law in Partial
Fulfillment of the Requirement for the Award of
Bachelors Degree in Laws of Kampala
International University
Keywords
Consumer Rights, Effectiveness, Legal Regime, Challenges, Uganda