National Strategy for Financial Capability in The U.K.

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  • イギリスにおける金融能力のための国家戦略(統一論題「パーソナルファイナンスにおける新たな挑戦」)

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Issues of 'consumer protection', that Financial Instruments and Exchange Act has not adequately dealt with, still remain unsolved in Japan. First of all, 'National Strategy for Financial Capability' has not yet implemented, which is imperative to improve consumers' financial literacy of financial products and services. Secondly, alternative dispute resolution system, such as Financial Ombudsman is needed in order to compensate the losses consumers suffer from mis-selling of complicated products. Most imminent public policy is not only to compensate the losses incurred, but also to enhance financial capability of the general public about financial products. This paper proposes that 'National Strategy for Financial Capability' already implemented in the UK is also needed to be established in Japan immediately.

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