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"Persona, vulnerability and responsibility in the consumer credit relationship" [2019] ELECD 2503; in Brown, Sarah (ed), "The Regulation of Consumer Credit" (Edward Elgar Publishing, 2019) 122

Book Title: The Regulation of Consumer Credit

Editor(s): Brown, Sarah

Publisher: Edward Elgar Publishing

Section: Chapter 5

Section Title: Persona, vulnerability and responsibility in the consumer credit relationship

Number of pages: 33

Abstract/Description:

Law and policy traditionally treat business and vulnerable borrowers very differently, in effect at opposite ends of the spectrum. However, they are very much related, not only in terms of the potential imbalance in their relationship with the creditor, but also in the more nuanced arguments that surround vulnerability. This chapter considers how US and UK policy and regulation utilise the persona of the consumer as a means of measurement for protection. The particular case of the small business borrower is examined, exploring the connection with vulnerability. This in turn is discussed in more detail, revisiting arguments for a reconceptualisation of the vulnerable consumer through the lens of the vulnerability theory of Martha Albertson Fineman. It then goes on to explore the nature of responsibility in the context of the consumer credit relationship. The conclusion is drawn that a more integrated response to regulation and support is needed.