Journal of Applied Finance & Banking
Consumer Protection in Banking: Investigating the 10 High Level Principles of G20 in Saudi Arabia
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Financial Consumer Protection has been in the top agendas of Financial System Regulators to improve consumer protection policies and regulations recently. These efforts were a direct consequent of the aftermath of the 2007-2009 global financial crises where consumer had been among those greatly affected. The adoption of the G20ís 10 High Level Principals is a timely effort to increase financial consumer protection. This paper tries to extract important components in consumer protection from the consumer point of view in order to ensure that the efforts exerted by the regulators will yield effective and capable consumer protection. Principle Component Analysis (PCA) is used in exploratory data analysis to 265 consumer surveys that were obtained from the customers of banks in Saudi Arabia. We found through PCA Varimax rotation that consumer protection can be achieved through banking services and privacy of consumers. Consumer enhancement of protection can be increased by three factors which are training, media and electronic means of communications.
ISSN: 1792-6599 (Online)