Abdulrahman Ageeli

M Le Doyen Honoraire

Professeur Christian Vallar

Devant Le

Président Du

Maître de conferences, HDR Mme Florence Nicoud

M Abdessatar

Les associations de défense des usagers des banques Analyse comparative des pratiques françaises et saoudiennes

Keywords: Consumer right, abusive contract, monetary and financial code, association law, social responsibility of banks

Defense associations for bank users: comparative analysis of French and Saudi practices.

The consumerism was born in the United States at the end of the 1960s with the aim of ensuring protection of consumers against insecurity and to defend their rights. What about domestic bank? The consumers' questions are not only based on the deficiency of the law but also on the application of the laws. the application of existing legislation, since despite the existence of some consumer protection the existence of a few texts relating to consumer protection, it is noticeable that in a country such as ours where the political like ours where political crisis and governmental instability persist, the application of the law is a challenge. On the subject « variations around consumer law », the question which is composed is intended to overtake a little Manichean analysis of the right of the consumption, made sometimes by the jurists close to theses of the producers or the distributors, sometimes by the jurists close to those of the consumers The social responsibility of companies implies for them, and its relationship with ethics within companies and particularly banks. It turns out that these criteria are not always established by law but are nevertheless necessary for the bank in order to be defined as social or ethical. This is to important, specially there is a certain inconsistency between the desire to protect the consumer protection which competition law sometimes claims on the one hand, and the impossibility of action by the unfair competition or the refusal to set up a real group action.

Résumé

Les associations de défense des usagers des banques : analyse comparative des pratiques françaises et saoudiennes.

Le consumérisme est né aux États-Unis à la fin des années 1960 dans le but d'assurer la protection des consommateurs contre la précarité et de défendre leurs droits. Les interrogations des consommateurs ne portent pas seulement sur la carence de la loi, ni sur l'application de la législation en vigueur. En effet, malgré l'existence d'une certaine protection des consommateurs et de quelques textes relatifs à leur protection, force est de constater que dans la pratique, l'application de de telles lois par les banques n'est guère systématique. La question du droit des consommateurs est appelée à dépasser l'analyse un peu mécaniste du droit de la consommation, prônée, soit, par les juristes thuriféraires des thèses des producteurs et/ou des distributeurs, soit, par des juristes défendant les consommateurs. La responsabilité sociale des banques implique à ce niveau, un engagement des banques à se conformer à l'éthique et au respect des droits de leurs usagers. Il s'avère que ces critères ne sont pas toujours bien délimités par la loi alors qu'ils sont nécessaires pour établir des rapports de confiance et de sérénité entre la banque et sa clientèle. Ceci est d'autant important qu'il existe une certaine incohérence entre la volonté de protéger les consommateurs que revendique parfois le droit de la concurrence d'une part, et l'impossibilité d'action de la concurrence déloyale ou le refus de constituer une véritable action collective en droit.

Mots clés

Droit du consommateur, contrat abusif, code monétaire et financier, droit des associations, responsabilité sociale des banques.

Introduction

The bank is a trap for accounts", said Jacques Pater, a famous French actor. Doesn't he evoke distrust and lack of confidence in his words? Yes, he does, some people believe that the bank is an efficient way to make business or personal or personal business. However, others do not believe this and prefer to However, others do not believe this and prefer to manage their money themselves and not to use banking services. This mistrust can be caused by different reasons. It can be mainly caused by caused by two factors: on the one hand, it can be caused by the price and costs of banking services and on the other hand, the and on the other hand, the fear of insufficient protection against the professionalism of bankers and the lack of protection from the law.

As early as the beginning of the 2nd millennium BC the Babylonian kingdom, through the code of King the code of King Hammurabi, the determination of prices was monitored and penalties were imposed on those accused of negligence. Then, centuries passed and the protection of users was protection has been increasingly reinforced by government intervention in economic sectors after economic sectors after the negative consequences of liberalism were realized, for in effect not only did the negative impacts affect businesses but they also involved users. but also involved users. Hence, the enactment of the Sherman Act by the US government in the late the American government in the late 19th century in order to limit anti-competitive practices by practices of companies 1 .

From the 20th century onwards, innovations and inventions in various fields were carried out as a result of scientific and technological development, including in the banking sector.

Banking operations and services have undergone considerable reform. From traditional trade to a more modern trade. In addition to the development of payment methods and advertising methods, users have found themselves in the difficult position of not being able to choose between all the products and services on offer, especially as they may sometimes lack the experience or information to make their decision. Given contemporary marketing methods such as credit sales and other payment facilities, consumers today are being asked to buy without considering the importance of the service being offered to them or the effects of the contracts they are being asked to enter into. Thus, they expose themselves to the difficulties of banking innovations.

Since 2008, when the crisis began, the Malagasy people and especially the companies have not seen much of a boom until now because of the political, economic and social instability, economic and social instability that this crisis has brought. "The economic crisis the economic crisis and the resulting unemployment are latent and endemic diseases of our societies2 . Our societies" that about the banker? Is he as much a victim as banks nationals and companies? The answer is yes. He is as much a witness as he is involved in financial crashes since he is a factor of economic development. Being a credit institution, it follows then the great questioning for the banking users to know on the security of the circulation of currencies resulting from the banking activities facing financial and economic turbulence in the country. This raises a series of questions, the first of which is to know what "shields" are granted to bank users, and consequently to consumers; secondly, whether the legislative texts are adapted to the banking reform, and thirdly, whether these texts are really applied.

In addition to the common law which favors the law of the parties and which attempts to protect the interests of both parties, it is clear that the texts relating to the protection of users are minimal. Nevertheless, in the banking sector, in addition to this means of legislative protection, there is the possibility of collective protection, with which they are legally authorized to form an association to defend their interests. This is, in effect, "consumerism since when we speak of users, we are speaking of consumers. The consumerism was born in the United States at the end of the 1960s with the aim of ensuring protection of consumers against insecurity and to defend their rights. What about What about Domestic bank? 3The second concern is that, despite the rapid development of banking services, legislation is not the second concern is that, despite the rapid pace of change in banking services, legislation is no longer keeping pace. Commercial law has the commercial law has, for example, provided for rules on transparency, information and pricing; however, this is not enough.

Institutions operating in the banking sector have adapted existing laws such as the Banking Act or the general law of obligations (the law of parties).

However, these different texts could not have the same regulatory effects because the fields of exercise differ in principle. Unfortunately, bank legislators seem to be reluctant to deal with legislative gaps in different areas, including that of banks. Professionals in the banking sector as well as consumers are wondering what is at stake with these gaps. On the consumer side, they wonder about the guarantee of the exercise of their rights and the freedom of their consent.

The consumers' questions are not only based on the deficiency of the law but also on the application of the laws. the application of existing legislation, since despite the existence of some consumer protection the existence of a few texts relating to consumer protection, it is noticeable that in a country such as ours where the political like ours where political crisis and governmental instability persist, the application of the law is a challenge. of the law is a challenge.

It took years for a law strengthening the protection of consumer rights to be put into force and which has not yet been implemented. It took years for a law strengthening consumer rights protection to come into force, which was only published in 2015. This is Law No. 2015-014 of 10 August 2015 on guarantees and consumer protection. However, the question remains as to the effectiveness of its application.

In France, the protection of users is a very frequent topic. The government and the judges try to ensure consumer protection as best they can by drafting legislation on the subject and reinforcing it with heavy penalties. For example, there is the law known as the "Scriven Law" which allows consumer associations to support bank customers in asserting their rights, for example in the case of overdrafts without warning and non-compliance with procedures.

However, in most countries this is not the case at all as consumers adapt to.

However, in our country, this is not the case at all as consumers adapt to the detriment of their rights. Indeed, many of the rights that are supposed to be acquired by citizens are ignored.

The protection of users of banking services is of primary interest to us because it is protection of banking users is of primary interest to us because it is through a concern to protect the least experienced and vulnerable part of the population, including consumers, that we realize that even if consumers that even if we try to regulate consumption, it is difficult for and the government to put rigor on the creation and implementation of the enforcement, especially in a country where there is no political balance, when "We are all consumers. Consumers are the largest economic group, influencing and being influenced by almost all public and private economic decisions. public and private economic decisions. They are the most important group... but their voice is often not heard 4 " We are all affected. Hence the need to raise the issue of consumer rights. By definition, "banks are those enterprises or establishments which are in the habitual business of receiving money from the public, whether in the form of deposits or otherwise, which they use, on their own account, in discounting, credit or financial transactions 5 ". Given this description and the circulation of money that they carry out, In our country, the bancarisation rate is 3%. This implies that only 3% of the population uses a bank. Compared to other African countries, this rate remains low. level, as the bank targets important businessmen and large companies as clients. and large companies. Thus, for example, it takes into account a client's financial situation of a client before granting a loan and accepting to invest in it. It also the opening of a bank account requires a certain minimum amount of money.

With regard to the issue of banking reform, the money business seems to have been known to the ancient Babylonians6

Operations were limited to loan sharking and the deposit of value that was not yet monetary, including the purchase and sale of land and slaves, but which land and slaves, but which adopted the conventional practice of a bank. As early as the 5th century, Greek bankers were opening current accounts and issuing bills of exchange, so they had already and issued bills of exchange, so they had already achieved a system of transferring and offsetting debts and comparable to what we call today: account transfers.

Is user protection in the banking sector guaranteed? This is the question that needs to be raised, given that the economy has been in a slump since the crisis of 2008 and that legislation is only just beginning to develop. Indeed, the main idea is to understand the importance of the protection of users of banking services, some clarifications are needed on some concepts to better advance in our study. Then, two main concepts will be dealt with: first, banking services are considered as being only incentive factors because even if banking activities contribute to economic development, the bank In some cases, banking services are seen as mere incentives because, although banking activities contribute to economic development, the bank's sole objective is to make a profit and thus encourage consumers to use its services. At other times, the various banking practices and customs appear to be inescapable disruptive factors because of the potential conflict of interests created between those of the bank and those of its users and because of the rapid evolution of banking activities.

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The evolution of consumer protection

From the beginning of the second millennium BC, in the kingdom of Babylon, the Code of King Hammurabi took a remarkable interest in the methods used to fix prices either on the basis of money or in relation to another product such as wheat and barley by inflicting all sorts of penalties on all those accused of negligence, even going as far as the major penalty in the event of the death of a consumer as a result of negligence even to the point of major punishment, in the event of the death of a consumer as a result of negligence.

During the ancient Egyptian period, the Pharaohs also experienced the intervention of the ruling class in various aspects of economic life and its organisation, especially in the control of weights and measures, considering that fraud in the weight of goods brings punishment in the lower world and in the eternal world to protect the consumer 7At the beginning of the 20th century, as a result of the scientific development that led to innovations and inventions in various fields, in addition to the development of advertising methods, the consumer found himself in a very difficult position, not being able to choose between all the products or services offered to him, especially as the market was not yet open. not being able to choose between all the products or services offered to him, especially as the consumer may sometimes lack the experience or information to make decisions. decisions. This has led the states concerned to extend the limits of protection to cover the consumer not only against the physical risks involved in the various stages of the process, but also to ensure the freedom of consent. consent.

In view of contemporary marketing methods such as credit sales and other payment facilities, the and other payment facilities, the consumer today is called upon to buy, regardless of the importance of the service offered to him, or the effects of the contracts he is called upon to sign up to.

Consequently, governments, legislators and judges have been called upon to and procedures to protect the consumer in this respect, starting with the product or the consumer in this respect, starting with the consumer product or service in terms of quality, price and specifications, through the contracts signed to obtain these products and services, and finally to the legal guarantees of the quality of the service after the sale.

It was around 1960, a period of economic development and the advent of the Consumer society, that the need for consumer protection was increased. No not only did we see the diversification of goods and services, but the size of companies are becoming larger, allowing them to offer the consumer a greater choice of goods and services. choice of goods and services. We are also seeing the development of credit, insurance, advertising and marketing, in a system where the suppliers of goods and services are in a strong position, while the services are in a position of strength, while consumers are in a position of weakness, tending to "become mere objects".

tending "to become mere objects manipulated by marketers. They are both They are both the kings and the slaves of this consumer society that characterises the developed countries 8 ".

It was in the late 1960s that "consumerism" was born in the United States, advocated by the American lawyer and politician of Lebanese origin, Mr Ralph Nader, who publicly denounced the defects of the General Motors "Chevrolet Corvair" (a model in which the safety of the vehicle was neglected in favour of its appearance). Consumerism, according to Dimitri Weiss, covers "all individual, group and collectively organised initiatives, efforts and actions aimed at the defence and promotion of consumer interests. This does not exclude This does not exclude individual and group demonstrations, while including, in their proper place, consumer organisations, the action of the public authorities, the legislative movement for consumer protection, the training of consumers and their advisers, as well as the effects on the behaviour of on the behaviour of enterprises and their reactions and approaches (...) 9 " Indeed, John F. Kennedy was the first president to speak openly about it. " [START_REF] Terre | The problems of codification at the light of experiences and current situations[END_REF][START_REF] Terre | The problems of codification at the light of experiences and current situations[END_REF] a speech to the US Congress, he formulated four basic consumer rights In 1962, in a speech to the U.S. Congress, he articulated four basic consumer rights: the right to safety, the right to information, the right to representation, and the right to choice. to choice" 10 .

In the 1970s and 1980s, the formation of consumer organisations and the In the 1970s and 1980s, the formation of consumer organisations and the promulgation of consumer protection rules increased in France and in all other European countries. France and in all Western European countries.

1-The banking and insurance sectors in French systems

If the need for security is "the guiding thread in the history of insurance ", the banking system is the insurance of a country's financial security 11 .

Without wishing to present in this overview a table French consumer legislation or regulations for this sector, it is no doubt worthwhile examining the national context in which these matters are developed, before pointing out some particularly sensitive national laws in addition to the Codes, if they exist, bearing in mind that a more systematic and detailed commentary will follow in the body of our study.

Man has always been fragile and exposed to risks, either in his person or in his property, hence his property, hence his recourse to insurance, which would then guarantee any risk to his physical integrity (illness, death, retirement, etc.), on his assets (loss of property caused on the one hand by domestic, terrorist, natural or industrial risks on the one hand, and by civil liability (loss of property caused by domestic, terrorist, natural or industrial risks on the one hand, and by civil liability debts on the other) or on his legal status (assistance of the insured in court).

In order to prevent negligence on the part of insured persons who know they are covered; French legislation has a whole legislative system regulating this relationship: in addition to the rules of the law the Civil Code, which mentions the insurance contract among the random contracts, special French laws special French laws cover insurance such as the law of 13 July 1930 which instituted rules which instituted the rules relating to land and air insurance, most of which are of public order, and the two and the two Decrees of 16 July 1976 which led to the codification of the legislative and then regulatory texts in the field of insurance, grouped together in an Insurance Code which was itself the subject of various amendments, including the Evin law n° 89-1014 of 31 December 1989, Law No. 92-665 of 16 July 1992and Law No. 94-5 of 4 January 1994, which transpose into French law the 1994, which transpose Community directives into domestic law and reclassify numerous articles of the reclassification of numerous articles of the Insurance Code 12 -Banking service providers

In French law, a banker is a trader who speculates in money and credit. credit. Indeed, according to Article L. 511-1 of the Monetary and Financial Code, "credit institutions credit institutions are legal entities that carry out banking operations as a regular profession within the meaning of banking operations within the meaning of Article L. 311-1 of the Monetary and Financial Code13 . They may also carry out operations related to their activities, within the meaning of Article L. 311-2 of the Monetary and Financial Code. insurance of persons. But as we clarified in our introduction only general-purpose companies will be the subject of our study. It should also include all professionals involved in the distribution of insurance products, this means insurance intermediaries such as brokers and general agents 14 .

II-The United Nations Guidelines for Consumer Protection

On the subject « variations around consumer law », the question which is composed is intended to overtake a little Manichean analysis of the right of the consumption, made sometimes by the jurists close to theses of the producers or the distributors, sometimes by the jurists close to those of the consumers. Briefly having reminded some principles of community law which were at the origin of consumer law, the note is interested in the last document of the Commission tending to propose a regulation in the field of the commercial promotions. It is not so much the solutions which are examined by the Commission which are analyzed but indeed the way the Commission argues to support its project. The movement of the rule in its elaboration towards the expert as a guardian of validity of the text, is criticized. The democratic deficit is underlined there. In terms of conclusions, a narrower stake in connection with the facts, of consumer law is suggested. Tools for the protection of the collective interest of consumers

The banking and insurance sectors have recently undergone significant development and occupy a significant place in the French national economy. This development would not have been possible without the existence of an appropriate legislative framework from which derives a supervisory system built with a view to increasingly regulating the organization that has been imposed on the institutions concerned up to now. In addition to the protective theories of ordinary civil and commercial law, the strengthening of the security of the rules of positive law relating to relations between banks and insurance companies on the one hand and their customers on the other has been a major thrust of the consumer legislative policy, which is based on two fields, one more specific to each of the two areas and the other more general concerning the laws applicable to both areas at the same time.

2-Consumer Law

On the international scene, the Economic and Social Council of the United Nations stated that consumer protection was directly related to economic and social development and in 1977 asked the UN Secretary General to prepare a study on consumer protection organisations and legislation in member countries. In 1981, this Council reiterated its request to the Secretary General to draw up a basic document containing principles and guidelines for consumer protection in all member countries. After extensive discussions, such a document was adopted by General Assembly Decision No. 348-39 in 1985 under the title "United Nations Principles on Consumer Protection".

In France, from the beginning of the 16th century, consumerist texts were promulgated such as the decision to penalise anyone who buys a good beyond its maximum price. its maximum price. The French Revolution of 1793 continued this trend by sentencing to death any person who The French Revolution of 1793 continued this trend by imposing the death penalty on anyone who possesses a necessary product and refrains from selling it.

In 17 . Consumer law certainly arose out of the need to protect consumers. This need to protect buyers against abuse by merchants is not, contrary to a preconceived idea, contemporary with our consumer society.

It has always existed, and legal historians have found illustrations of it in the Code of Hammurabi, in 1700 BC (repression of falsifications of goods), in the law of the XII Tables in 15 Les lois dites Scrivener sont : L. n°78-22, 10 janv. 1978 relative à l'information et à la protection des consommateurs dans le domaine de certaines opérations de crédit : JO 11 janv. 1978JO 11 janv. , p. 299 et L. n°78-23, 10 janv. 1978 sur la protection et l'information des consommateurs de produits et de services : JO 11 janv. 1978, p. 301. 16 13 L. n° 93-949, 26 juill. 1993 Rome (obligation of information and guarantees in the sale), or even in medieval times with the market police. in other side it is true that this need was accentuated from the 1960.

Indeed, economic development after the war was unprecedented. Goods and services multiply, businesses grow, products become more complex, credit grows, advertising and marketing invade the market. The inequality between professionals and consumers is growing and manifests itself at two main stages. On the one hand, a structural inequality: the increasingly important distribution networks are crushing individual consumers. On the other hand, an intellectual inequality: advertising and marketing often encourage the misinformed consumer to conclude contracts which are not necessarily interesting for him. But, paradoxically, if consumers represent the most important economic group (in number), it is also the least listened to. Hence the idea of consumers to come together to defend their interests. It is consumerism, which first appeared in the United States in the 1960s, symbolized by President John F.

Kennedy's speech to Congress in 1962: "We are all consumers! From the 1970s, European countries became aware of the dangers of the consumer society.

Defense organizations and consumer protection rules multiply. In France, the 1993 codification protects the existence of consumer law. In addition to national legislation, Community policy for the protection of consumers has also asserted itself. The Treaty of Rome of March 25, 1957, prior to the development of consumerism in Europe, did not envisage consumer protection. It was not until the 1970, that Community consumer policy was put in place.

Several stages followed until the current Article 153 of the UE, which provides that a high level of consumer protection is ensured in the policies of the Union.

Consumer protection is now explicitly provided for in the EC Treaty and is a goal in itself of Community policy. From this first analysis, it follows that consumer law, both internal and Community, appears as a set of rules intended to protect the lay consumer in his relations with professionals. This first approach needs to be combined with the economic function of consumer law. The consumer is not only the individual co-contractor of a professional; he is also an economic actor, the recipient of goods and services circulating on the market. However, on this market, it will be necessary to find a fair balance between free competition and free consent of the consumer. If the market cannot be left to the sole freedom of competition between professionals, consumer protection must not constitute a brake on economic development.

Consumer law must make it possible to achieve this balance between economic liberalism and protective economic dirigisme. What is particularly noteworthy is that this economic function of consumer law has been applied by the European Commission to the internal market of the Union for the last ten years. The idea is that, in order to develop growth, it is necessary to promote consumption by ensuring the free circulation of goods and services within the Union.

Consumer law, at the service of this new policy, then changes register. It becomes an instrument for regulating the internal market, which must actively participate in the circulation of consumer goods by harmonizing national legislation. This harmonization must serve as a lever for free trade.

It is also the guarantee of healthy competition, beneficial to European consumers. The directive of 25 October 2011 on consumer rights 10 expressly states that " / 'the objective of this directive is to contribute, by achieving a high level of consumer protection, to the proper functioning of the internal market, by approximating certain aspects of the laws, regulations and administrative provisions of the Member States relating to contracts between consumers and professionals". This highlighting of the economic function of consumer law makes some people write that consumer law is a branch of business law, alongside competition law and distribution law. The implications are far-reaching.

A-The obligation to provide information

The law requires the customer to be informed about the essential characteristics of the product.

This notion is very broad and refers to the composition of the product, its origin (textiles, wines, cheeses...) its price, or by marking. The information must be provided in French language and in euros (price including all taxes). The professional must also inform the consumer of the particular conditions of the contract (payment terms, delivery times, liability limitation clauses, etc.). The professional must also provide the consumer with all the information that ensures his safety. Depending on the object of the sale (toys, domestic products, tobacco, alcohol, etc.), sometimes depending on the type of potential customer (child, pregnant woman, etc.). Finally, the law sometimes imposes a real duty of advice, which aims to make the consumer benefit from the experience and skills of the professional (in the fields of health and banking in particular).

B) The right of renonciation

According to article 1134 of the Civil Code: "legally formed agreements take the place of the law for those who have made them...". In private law, the principle of freedom of contract entails the binding force of conventions: each contracting party must respect the word given.

Consumer law, for its part, realistically considers that there is an inequality of situation between the professional and the consumer. Often, the client enters into the contract under influence.

The right of withdrawal appears to call into question one of the major principles of civil law. It consists indeed in the faculty, for the consumer, to go back on his consent, without particular justification, without penalties, and this during a certain period (7 days). This faculty is offered in 3 cases:

-The sale at home (following a canvassing).

-The remote sale (Internet or telephony).

-The sale on credit (to be sure that the real cost is well seized by the borrower).

C) Abusive clauses

The law describes prejudicial terms as those that create a significant imbalance between the professional and the consumer or the non-professional. The consumer takes the matter to court (TI or TGI). The court seized may request its opinion from the Unfair Terms Commission. If a term is recognized as unfair, it will be deemed to be unwritten (sanction), i.e. it will be considered as never having existed.

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Means of protection

The Protection of the collective interest of consumers is composed of Two basic branches ensure the protection of consumers of banking and insurance services. It is therefore important to build this part from a subjective perspective, focusing on the parties to the act, the two unequal subjects (first section), and from an objective perspective, capturing the two unequal subjects, and on the other hand, from an objective perspective, capturing the act as such, with its constituent 'objects'18

-The subjects of protection

The aim of this section is to lift the curtain on the two characters of our research, in order to analyse the need for protection of "weak" consumers in the face of the attitude of professionals, both in banking and in protection.

"The definition of these two notions is, in France, a matter of doctrine and case law... Both definitions were included in the draft Code proposed in 1990 by the Commission of consumer law.

II-The illegality of certain methods: misleading advertising

The law prohibits any message containing false or misleading claims, indications or presentations of the object or service offered to the customer. Confusion resulting from deception may relate to the price, origin, nature, composition, substantial qualities of the subject matter of the contract, or any other element that led to the conclusion of the contract. However, it is the "average consumer", reasonably critical, who is protected: indeed, case law admits humour and exaggeration in certain advertising messages. Penalties for misleading advertising are both civil and criminal.

A-Action by consumer associations

In principle, associations can help a consumer in conflict with a professional in two ways: either they initiate a lawsuit with him, jointly, to support his claim, or they act on his behalf, to represent him before the court. The law recognizes the right of registered consumer associations to take legal action sometimes by main action. This is a specific type of action. The associations are entitled to request, as a preventive measure, the deletion of certain clauses in the standard contracts of professionals that they consider to be unfair. If the action triumphs, the contract in question is cleaned up for the future.

Consumer protection measures are intended to address the imbalances inherent in the relationship of power, knowledge and other resources.

Consumer protection measures are intended to address the imbalances inherent in the relationship of power, knowledge and other resources.

If inferior products are available to consumers, if prices are exorbitant, if drugs are unsafe or ineffective, if consumers are unable to make informed choices, it means their dollars are being wasted, their health and safety is being threatened and the national interest is being compromised.

Placing on the market of dangerous products for information, advertising, labelling and any other dishonest or misleading practice and receive the information required to make a choice in full knowledge of the possibility, access to a variety of products and services at competitive prices, with the assurance of satisfactory quality at fair prices in industries where competition is not an option and is replaced by a more competitive market, the interests of consumers are given full and sympathetic consideration in the development of public policy, and will be treated fairly and expeditiously in administrative tribunals.

Consumer advocates have built on this consumer bill of rights. Their efforts paid off when, on April 9, 1985, the United Nations General Assembly unanimously adopted the United Nations Guidelines for Consumer Protection. These are a set of internationally recognized minimum objectives that have become a benchmark for the rights available to all consumers worldwide.

The best known section of this text lists a number of points to watch which has contributed greatly to the recognition of consumer rights. Nations around the world have enacted laws and even new draft national constitutions to enshrine these rights.

Economic efficiency '.

In the economic case is a prerequisite for the optimal functioning of all systems. In an ideal market economy, market equilibrium is perfect when the balance of power between supply and demand is equal. On the supply side, suppliers compete fairly, give consumers all the information they need about their products, comply with all laws regarding safety and quality standards, and compensate consumers for any problems caused by their products or services.

On the demand side, consumers behave reasonably and buy only products of the desired quality at the best price, thus eliminating non-competitive suppliers. Consumers should be wellinformed about a product or service before seeking recourse and should be able to actively defend their rights. To ensure that suppliers behave responsibly and that consumers whose rights have been violated have the opportunity to be compensated. Today's markets are characterized not only by private economic relationships between suppliers and consumers, but also by the responsibility to enact and enforce consumer protection laws that address both private rights and legal obligations in the marketplace in the interests of consumers.

In general, consumer protection policy aims to ensure the optimal functioning of demand in a market economy and is complemented by competition policy, which aims to ensure the equally optimal functioning of consumers governing, inter alia, fair trade practices, information, redress and access to essential goods and services. Administrative consumer protection measures".

B -Individual rights

Consumer rights are part of a set of rights that the individual can enjoy in any modern society.

These rights, often non-binding, have been enshrined in the constitutions of some countries.

Other rights are set out in United Nations resolutions and other authoritative texts, such as the Millennium Development Goals for sustainable development. Consumer protection measures contribute to equity and social justice, as they improve the balance between the interests of consumers and producers and make the market more responsive to the needs of consumers, such as children, the poor, and people who are illiterate or have special needs, such as the disabled.

Power relations are unequal in most consumer transactions, especially when it comes to complex products, such as those in which standard contracts are the norm and are encouraged by the development of large companies practicing mass marketing.

The disadvantages of model contracts can be summarized as follows:

In reality, the consumer does not generally analyze the terms of these contracts, especially since they are sometimes filed with a chamber of commerce or the head office of a company (or, in some countries, with a court).

In any case, the length and typography of the complete text of the general terms and conditions of the contract do not encourage the consumer to read all the clauses.

It often happens that the consumer does not grasp the general terms and conditions, even after reading them.

Even if the consumer understands that it is perfectly possible that he or she believes that the event mentioned will not occur or that the supplier will not invoke the "consumer rights" provisions of the contract but are very important, the consumer may not be able to understand the terms and conditions.

Consumer protection measures contribute to equity and social justice, as they improve the balance between the interests of consumers and producers, and make the market less burdensome, such as for children, the poor…ect.

B-The notions of "professional" and "reasonable expectations" of the consumer

This is a concept hitherto unknown in Quebec law. French law refers to the notion of legitimate or reasonable expectations of the consumer as a criterion of conformity. This legitimate expectation depends on the nature and destination of the good or service, the laws and regulations concerning the good or the service, the information given by the manufacturer or the distributor, and the terms of the contract.

B-Changes to consumer law

True integration of the regulation of consumer contracts in the Civil Code presents dangers as that of a restrictive interpretation as emergency provisions.

However, one can believe that the court will consider rather the philosophy of this particular area of contracts and the purpose of the protective regulations to give it its full effect.

Moreover, the Civil Code of 1'integration consumer contracts does not disappear all the difficulties of reconciling the Emergency Regulations with common law even if they were relaxed in the same perspective, such as the adoption of the principle of injury between adults Moreover, the Civil Code of 1'integration consumer contracts does not disappear all the difficulties of reconciling the Emergency Regulations with common law even if they were relaxed in the same perspective, such as the adoption of the principle of injury between adults

In French law, the term "professional" is used to designate someone who makes a profession of an activity or who exercises an activity in a professional state. This term is opposed to that of non-professional who is the consumer. In Quebec, the notion of professional refers rather to a person who practices a profession governed by the Professional Code. It is always a civilian activity as opposed to a trader whose activity is commercial.

In terms of legal guarantees for consumer contracts, the law imposes on the professional who places a product on the market the obligation to verify whether it complies with the legitimate expectations of the consumer in relation to this good.

However, this notion, unknown in Quebec legal language, is left to the discretion of the judge.

With regard to an unfair term, the law prevents depriving the contractor of what he is entitled to withdraw from the contract. This is a relaxation of the criteria to take into account the conditions under which the contract is concluded and it aims to ensure that the contract fulfills its purpose. The legislator therefore grants the court a very broad power of appreciation to ensure contractual justice. It is to be hoped that the courts will have enough initiative and imagination to give this new concept all that it entails for the development of consumer law and the protection of contractors. However, this notion, unknown in Quebec legal language, is left to the discretion of the judge. With regard to an unfair term, the law prevents depriving the contractor of what he is entitled to withdraw from the contract. This is a relaxation of the criteria to take into account the conditions under which the contract is concluded and it aims to ensure that the contract fulfills its purpose. The legislator therefore grants the court a very broad power of appreciation to ensure contractual justice. It is to be hoped that the courts will have enough initiative and imagination to give this new concept all that it entails for the development of consumer law and the protection of contractors.

Due to the new philosophy behind the law of obligations, there were no longer any grounds for allowing consumer law to evolve outside the Civil Code. Moreover, several of its rules have acquired a character of generality and permanence. The decision to integrate the contractual regulations of consumer contracts into the Civil Code may also be justified by the difficulties of applying the provisions of the L.P.C.

With regard to civil law, we could see the reluctance of the courts to apply regulations on the fringes of civil law and the practical difficulty of reconciling its rules with those of common law which oppose them. Integration has the advantage of making more accessible regulations that apply to an important economic sector affecting the legal relationships of traders with individuals for the acquisition of goods and services.

The inclusion of the regulation of consumer contracts in the Civil Code should allow a better understanding of the general rules governing consumer contracts and facilitate the link between the law of obligations and the law of consumption. Another advantage is that of standardizing remedies in the event of non-fulfillment of obligations. This will remove one of the difficulties encountered in the application of consumer law.

C-Integration of consumer contract regulation

L.P.C. The term "professional", even if precisely defined, will clear up the confusion? One can doubt it since this term used throughout Title 3 is unfamiliar in this sense and it conveys an already well-established notion which has always opposed the notion of trader.

This term is therefore likely to trigger further debate and could increase confusion. Among other things, one might wonder is the term "professional" as defined applies to a company of lawyers, dentists, doctors?

If they have employees, they are working in a business which they normally operate even if it has a civilian purpose. Did we really want to subject them to regulation? This would then be a significant extension of the area of protection. The definition of the term "service" could have alleviated the difficulty to some extent.

L.P.C. in fact an element of the consumer contract and the application of the definition of the term "consumer" is modified to make it more in line with the generally accepted notion of one who contracts for personal, family or household purposes.

This definition has the advantage of excluding the reference to the concept of trader that the definition includes in the current law to which not only is generating confusion, but could make benefit from the protection of the law a natural person acting for a purpose. commercial without acquiring the quality of commercial-Want 'S. The new definition is therefore more acceptable because it is more in line with the objectives of the law to protect the end user, who is not an expert in the product or its use, because he is inexperienced '.

Moreover, it is in agreement with what various authors propose '7 and it is found in several foreign legislations''.

The first question that arises in relation to this major reform is that of the objectives pursued by integration and that of the relevance of doing so rather than leaving the L.P.C. current which forms a whole, a sort of consumer code, governing these contracts in parallel with common law. Moreover, it is in agreement with what various authors propose '7 and it is found in several foreign legislations''.

The first question that arises in relation to this major reform is that of the objectives pursued by integration and that of the relevance of doing so rather than leaving the L.P.C. current which forms a whole, a sort of consumer code, governing these contracts in parallel with common law. We note the disappearance of Article 4 L.P.C. which made applicable to the government and its agencies the provisions of the L.P.C. This became superfluous, however, by the general provision which subjects the State, its organizations and companies to the provisions of the Title of Obligations (a. 1420). We note the disappearance of Article 4 L.P.C. which made applicable to the government and its agencies the provisions of the L.P.C. This became superfluous, however, by the general provision which subjects the State, its organizations and companies to the provisions of the Title of Obligations (a. 1420).

The consumer contract is not necessarily a private law contract, it can be the use of a public service, and the consumer facing a government agency finds himself in the same inequality of power as facing a commercial enterprise. However, we note that under the L.P.C. the majority of consumer contracts of state-owned enterprises are regulated by the governed and excluded from the application of the lot. The notion of "reasonable expectation" is found in Title on obligations and in Title 3 on consumer contracts. In terms of legal guarantees ("essentially in accordance with what the consumer is legitimately entitled to expect" a. 2759) and in terms of unfair terms ("deprives him of his legitimate expectations" a. 1484 para. 2).

A person who offers goods or services in the course of a business that he or she normally operates, even for profit. However, one can wonder about the meaning which will be given to the expression "personal purpose". The concept of consumer has enjoyed a broad conception so far. Since the first, consumer protection law, the courts have interpreted the term consumer to understand the person who obtains a good for the exercise of his art, trade or profession, it is to be hoped that the courts will give the personal purpose a sufficient meaning. wide to include the professional purpose even if it is observed that in other countries, this purpose is not protected.

D-Consumer protection agencies

Consumer law certainly arose out of the need to protect consumers. This need to protect buyers against abuse by merchants is not, contrary to a preconceived idea, contemporary with our consumer society. It has always existed, and legal historians found illustrations of it in the Code of Hammurabi, in 1700 J-C. (repression of falsifications of goods), in the law of the XII Tables in Rome (obligation of information and assurances in the transaction), or even in medieval periods with the market police.

On the other side, it is true that this need was accentuated from the 1960s. Indeed, post-war economic development was unprecedented. Goods and services are multiplying, businesses are growing, products are becoming more complex, credit is growing, advertising and marketing are invading the market. The imbalance between professionals and consumers is growing and manifests itself at two main stages. On the one hand, a structural imbalance: the increasingly important distribution networks are crushing individual consumers. On the other hand, an intellectual imbalance: advertising and marketing often encourage the ill-informed consumer to conclude contracts which are not necessarily interesting for him. The Châtel law therefore worked to increase the purchasing power of consumers by modernizing commercial relations between suppliers and distributors, but this competition law also sought to improve consumer protection in various sectors.

Measures relating to the electronic communications sector The law of August 3, 2008 introduced new measures to protect consumers and non-professionals from providers of electronic communications services. The main measures focused on the length of the notice of termination which can no longer exceed 10 days after receipt of the termination request or on free waiting times for after-sales services, technical assistance services. or any other service responsible for processing complaints relating to the performance of the contract.

-Measures relating to the banking sector The Châtel law also addressed the issue of consumer protection in the banking sector. In particular, this text required credit institutions to appoint one or more mediators responsible for recommending solutions to disputes with natural persons not acting for professional needs, relating to the services provided and the execution of contracts concluded.

-The Châtel law also required credit institutions to bring to the attention of individuals a separate document summarizing the total of the 48 sums received by the credit institution during the previous calendar year for products or services including these people benefit as part of the management of their deposit account, during the month of January of each year.

-Measures relating to the sale of goods and provision of services at a distance

The legislator has therefore provided for measures to protect the cyber consumer. Indeed, with regard to contracts not relating to financial services, the Châtel law established that the supplier had to indicate, before the conclusion of the contract, the deadline by which he undertakes to deliver the goods, or to perform service delivery. Failing this, the supplier is deemed to have to deliver the goods or perform the service upon conclusion of the contract. In case of non-respect of this date, the consumer will be able to obtain the resolution of the sale but also his refund.

With the objective of putting an end to the abuses of access providers and e-merchants, the legislator intervened through the important "Chatel" law of January 3, 2008.

Under the official name of the law for the development of competition in the service of consumers, the law known as "Chatel" is part of the new political will to promote purchasing power. Two major themes concerning the Internet are developed in this law:

Contracts with supervised Internet access providers

This framework for contracts is characterized by three essential changes:

First of all, the "Chatel" law puts an end to premium rate calls to remote services (the famous "hotlines"), a source of numerous disputes in the past. Henceforth, Internet Service Providers (ISPs) are forced to offer their services through a fixed number and not overcharged.

However, only so-called forced calls are concerned, that is to say calls related to the execution of the contract, to after-sales services, technical assistance or complaints.

Conversely, this means that Internet Service Providers will always be able to surcharge calls to obtain information of a commercial or administrative nature.

Then, two measures are put in place to limit the duration of contracts with Internet Service Providers: However, only so-called forced calls are concerned, that is to say calls related to the execution of the contract, to after-sales services, technical assistance or complaints.

Conversely, this means that Internet Service Providers will always be able to surcharge calls to obtain information of a commercial or administrative nature.

Then, two measures are put in place to limit the duration of contracts with Internet Service Providers:

• ISPs can no longer impose a minimum performance clause on the consumer of more than 24 months.

• The supplier, proposing a contract with a commitment period greater than 12 months, must offer the possibility of terminating the contract after one year against the payment of a sum not exceeding "a quarter of the unmatured fraction. of the minimum period of execution of the contract ".

Finally, the "Chatel" law seeks to facilitate breaches of contract with ISPs. To this end, three important measures are introduced by law:

• The duration of the notice of termination of the contract cannot be more than 10 days (unless the consumer requests otherwise).

• The Internet access provider must return the sums paid in advance by the consumer within days of payment of the last invoice. And the sanction of non-compliance with this obligation should dissuade more than one ISP since in the event of delay of the latter, the sums due are increased by half. Finally, the "Chatel" law seeks to facilitate breaches of contract with ISPs.

To this end, three important measures are introduced by law:

• The duration of the notice of termination of the contract cannot be more than 10 days (unless the consumer requests otherwise).

• The Internet access provider must return the sums paid in advance by the consumer within days of payment of the last invoice. And the sanction of non-compliance with this obligation should dissuade more than one ISP since in the event of delay of the latter, the sums due are increased by half.

• The service provider may only invoice the consumer for the termination costs provided for in the contract, duly justified and which he has actually incurred in connection with the termination.

It should also be noted that the current practice of Internet service providers, consisting in charging for a service previously provided free of charge without the agreement of its subscriber, is now regulated. Indeed, it will now require the express authorization of the customer before continuing for a fee a service previously provided free of charge. • The service provider may only invoice the consumer for the termination costs provided for in the contract, duly justified and which he has actually incurred in connection with the termination.

It should also be noted that the current practice of Internet service providers, consisting in charging for a service previously provided free of charge without the agreement of its subscriber, is now regulated. Indeed, it will now require the express authorization of the customer before continuing for a fee a service previously provided free of charge.

New e-commerce provisions

Still with the aim of protecting cyber consumers and encouraging them to have confidence in electronic commerce, the "Chatel" law has made substantial changes to the practice:

• online merchants must now "indicate, before concluding the contract, the deadline by which they undertake to deliver the good or service. Failing that, he will be deemed to have to provide the good or the service as soon as the contract is concluded".

• Following the example of Internet Service Providers, the "Chatel" law requires online merchants not to overcharge calls to their services allowing them to follow the execution of orders, exercise their right of withdrawal or exercise their right of withdrawal. guaranteed »However, unlike ISPs, free waiting time is not required.

• The "Chatel" law specifies the conditions for exercising the right of withdrawal of the cyber consumer. Indeed, the online merchant is now required to reimburse the consumer "all sums paid" by any means of payment or according to other reimbursement methods chosen by the customer. In other words, the shipping costs incurred by the consumer to receive the good will now have to be reimbursed by the online merchant. On the other hand, the costs of returning the good remain the responsibility of the consumer.

In addition, this new provision offers online consumers an alternative to reimbursement in the form of a credit, a practice previously excessively used by online merchants.

Consequently, the "Chatel" law of January 3, 2008 fulfilled its objective of reinforcing the protection of cyber consumers against the various suppliers of services or goods on the Internet (Internet access providers, e-merchants). But this does not prevent us from remaining vigilant in the face of certain practices, in which the judge sanctioned the cybermerchant for having inserted thirteen unfair clauses in his general conditions of sale. The use of a competent lawyer is still the best protection for the online consumer.

Are consumers sufficiently involved in the regulatory process?

At the time of the monopolies, consumers were not asked for their opinion, but today, with the reality of competition, we are more concerned with the well-being of consumers who, however, as the study shows, " believe that they were excluded from the initial decisions which led to the radical changes that are known in the provision of telecommunications services.

for example of market structure, capital structuring and tariff regulations, and who thus feel that their late arrival in the regulatory sphere limits their ability to influence the fundamental decisions taken in the early days of the reform of the sector -not to mention a possible questioning of these decisions ".

So the perception that consumers have of the new market situation and the opinion that they may have of it are not particularly encouraging. "A large number of consumer issues remain on the agenda, and if they ignore consumer opinion, regulators may well find that their efforts to promote competition and institute sound regulatory structures are not sustainable.

Consumer claims

The report lists a number of the main issues that consumers complain about. We will cite, for example, the impossibility of choosing the service provider when an operator has a dominant position in the market and consumers therefore depend on him. The study shows that consumers are more likely to ask for intervention when operators in a dominant position are protected by the public authorities, when regulators do not have the means to enforce the legislation, when there is no obligation of quality of service or when operators in a dominant position on the market are authorized to practice loss-based pricing which has the effect of eliminating competition. Conversely, intervention is less often necessary when operators are incentivized, through well-designed measures, to meet the needs of consumers.

When a new service or a new way of delivering existing services is not properly explained to consumers, they are not always able to make informed spending decisions.

When a new service or a new way of delivering an existing service is not properly explained to consumers, consumers are not always able to make informed spending decisions. In addition, insufficient information on the pricing of value-added services can also be a source of dissatisfaction. For example, in the case of value-added voice or information services such as Small Office and Home, SOHO or entertainment services, consumers often complain about the complexity of the tariffs and a lack of information on the market. share of service providers.

Complaints may be motivated by the insufficiency of the information provided regarding prices, caused by disputes concerning the telephone calls actually requested or the duration of the communication billed, or even relate to the quality of the service. In some countries, consumer associations, which bring such cases to the attention of the regulator, play an important role. In El Salvador, the CDC (Centro para la Defensa del Consumidor) thus obtained reimbursements of 80% in cases of excessive invoicing of certain entertainment services, after the establishment of a special tripartite commission composed of consumer representatives, operators and public authorities -specific solution in the absence of procedures and institutions to deal with this type of situation.

Another problem is the high level of spending on telecommunications services relative to household income, and the unpredictability of monthly bills. Statistics on household expenditure show that telecommunications services represent between 2 and 6% of the total.

The introduction of new services such as Internet services, mobile telephony and voice information services has resulted in an increase in the relative share of communication services in household spending. The fact that telecommunications account for an increasing fraction of gross domestic product confirms the trend. The high variability of household bills -especially when consumption is measured over time or when different scales are applicable according to the time bands -poses a problem for consumers whose income is fixed (in terms of the resources available to others. purchases). Consumers tend to compare their phone bills to water and electricity bills, which are often much more constant.

It is rare for private facilities to have a traffic measurement system to verify invoices issued by the operator. This fact can be at the origin of certain types of opportunistic behavior both on the part of users and on the part of operators: it can then happen that a valid request is rejected or an unjustified claim is accepted.

In some countries, the system has been changed, and the burden of proof is now on the operator, who must document the claims files.

Certain practices also explain the dissatisfaction of consumers, for example those which consist in "diverting" the user or "inflating" his bills. Even with the onset of competition, the transition to full competition may give operators the opportunity to abuse consumers by resorting to the illegal practice of 'hijacking' them, i.e. switching telephone service without its authorization, to "inflate" the invoices in various ways (unauthorized taxes, obscure or misleading indications),

or by resorting to other means (fraud, non-respect of confidentiality, absence of consumer security, false advertising or misleading).

"Paid" voicemail services have already given rise to a number of complaints in several countries, particularly from users who innocently used the service without knowing the cost or to whom the service was provided when they were not. had not asked for it, and without their consent. These complaints show that it is imperative that operators give both the regulator and the consumer all useful information about the impact of the introduction of new services.

Moreover, the report shows that the adoption of improved services at the end-user level, for example the move away from per-minute billing and the adoption of per-second billing, often involves active engagement. of the regulator.

Countries where competition has been introduced and where private operators and national regulators are separate from the incumbent or even not under a line ministry, seemingly score higher but, according to the report, do not respond. still not up to consumer expectations.

For Willy Jensen, Director General of the Norwegian Post and Telecommunications Authority (NPTA), regulators should not forget the essence of their mission, which is to ensure that the end user gets quality service and little expensive. "Regulators need to rethink their approach and focus on the demand side rather than the supply side. Norway is striving to focus on demand, as evidenced by the introduction of number portability and per-second billing for mobile services.

An informed consumer is a consumer who can defend himself. Regulators should spare no effort to empower consumers to defend themselves. The NPTA has created under the name "Interactive Price Guide" a website on which all operators are required to display a certain amount of data on the pricing of the services they offer, so that consumers can compare the price. cost of the different offers and choose the supplier that best meets their needs. "

Consumer protection policies and rights

Consumer associations take a relatively critical look at the consumer protection policies adopted in the field of telecommunications services. Generally, they find that these policies are poorly defined and that their application leaves something to be desired. Countries where competition has been introduced and where private operators and national regulators are separate from the incumbent or even not under a line ministry, seemingly score higher but, according to the report, do not respond still not meet consumer expectations.

With regard to telecommunications services, specific consumer rights most often derive from national regulations relating to consumer protection in general or from guiding principles defined by the United Nations. The United Nations has defined the following general principles with regard to the protection of consumers and their legitimate needs:

• protection of consumers against risks to their health and safety;

• promotion and protection of the economic interests of consumers;

• consumers' access to the information they need to make an informed choice, according to their wants and needs;

• consumer education, especially regarding the socio-economic and environmental impact of the choices they make;

• possibility for the consumer to obtain concrete redress;

• the right to establish groups or organizations of consumers and other relevant groups and the possibility for these organizations to make their views known in decisions affecting them. The most widely adopted policies in a number of countries relate to complaints handling methods and the power to impose financial penalties on operators. Figure 1 shows the responses of regulators and consumers to the question of whether various consumer rights are appropriately defined in legislation or standards in their respective countries. Figure 2 shows whether the enforcement of these rights is considered to be genuinely effective, the impression of regulators and consumers.

Consumers consulted demand improvements in their participation and representation of their interests both in referral processes and in dispute resolution, training and financial sanctions.

Figure 3 -Specific rights of consumers of telecommunications services

As Figure 3 shows, consumers and regulators seem to agree on certain issues: the need to block access to unsolicited services, the need to bill on time, and the right to suspend telephone service. However, there are significant differences of opinion regarding the compensation of consumers who have suffered harm and the confidentiality of communications. The extent to which consumer protection policies should be codified is fueling the debate. In some countries, an official, legal codification of consumer rights is advocated. In others, it is argued that it is more appropriate to define general principles in the form of guidelines and to leave it to the bodies dealing with legal cases or other bodies responsible for settling disputes to decide on more specific claims. Consumer associations have found that a large number of problems are common to various countries. Some of them -for example Consumers International -then set out to establish a network of links, both through physical seminars and through the Internet, to facilitate the exchange of experiences. and reduce the problem of informational asymmetry that appears depending on whether they deal with international operators or with regional operators. Figure 5 shows the means used by consumer associations to participate in the various regulatory development procedures. Consumer associations know that they need to prepare more technically to be able to negotiate and comment, and therefore promote consumer interests.

Sensibiliser les consommateurs

Transmobilité (itinérance)

An excellent example of consumer awareness is given by the study carried out jointly in April 2002 in the United Kingdom by the Irish ODTR (Office of the Director of Telecommunications Regulation) and the British Oftel (Office of Telecommunications), it that is to say, the regulator, on transmobility, or even roaming, and on the cost of using mobile phones abroad. ODTR had received a large number of inquiries and several complaints from consumers regarding the pricing of transmobility. In addition, studies carried out by other European countries have shown that consumers are generally quite unfamiliar with the pricing of roaming mobile telephony.

The ODTR cannot exercise any direct control over the prices charged to traveling consumers, but the regulator has seized the opportunity to supplement the fragmented consumer information by issuing a number of tips for them. general on how to manage expenses. As mobile phone users travel frequently between Ireland and the UK, ODTR and Oftel have decided to release the results of a joint roaming study. It is difficult to quantify the exact impact of this type of joint effort on the level of consumer awareness without further research, but the report has generated significant interest from consumers, industry and consumers. media in Ireland. The coverage given to this document in the national press and broadcast media has had the effect of raising the awareness of a significant proportion of consumers. It may be necessary to plan specific wide-ranging campaigns through the media to educate consumers about the main innovations introduced in the telecommunications market -the generalization of billing systems in which the cost of communication is systematically borne by the customer. applicant, new numbering plans, opening up of the long-distance services market to competition. As shown in Figure 6, textbooks can be an excellent tool for educating consumers about their rights, and this vehicle is often underutilized. Education is a powerful lever for teaching consumers to change their behavior and claim their rights, but the effect of this is only evident in the long term. In their consumer information programs, regulators should consider a number of activities: setting up "customer services" through, for example, call centers, general consumer rights information programs, measures to guarantee respect for these rights, establishment of national centers for handling complaints and resolving disputes.

The conclusion of the report shows that the issues to be resolved are very numerous, so that decision-makers and regulators must carefully define the respective roles and responsibilities of the public and private sectors to avoid any transfer of responsibilities between operators and regulators. and to isolate the specific functions (telephone complaints centers, etc.) that it would be beneficial to entrust to the private sector (outsourcing). A detailed analysis is absolutely essential to avoid putting in place consumer protection policies which would be excessively costly for the market as a whole and which, in the end, would therefore be contrary to the interests of consumers.

Consumer measures

Beyond the flagship measures concerning the telecommunications sector, the financial sector and the distance selling sector, Law n ° 2008-3 also provided details relating to the canvassing of insurance products and compliance some products. This law also introduced new provisions to the Consumer Code relating to unfair commercial practices (new article L.120-1), which prohibit practices contrary to the requirements of professional diligence and which are liable to substantially alter the consumer economic behavior.

Article L.121-1 of the Consumer Code, relating to misleading advertising is also amended and qualifies as misleading the commercial practice which creates confusion with another good or service, a brand, a trade name or another sign. of the competitor, thus incorporating the elements retained for unfair confusion. Deception can also result from the omission, concealment or unintelligible character of substantial information, such as the characteristics of the good or service, or the identity of the professional.

2-

The consumer protection office.

The goal of this office is to protect consumers from unfair and deceptive practices. With the consent of the Commission, Bureau attorneys are responsible for enforcing federal consumer protection laws and rules promulgated by the Federal Trade Commission (FTC).

The primary concerns of this office are in the areas of advertising and marketing, financial products and practices, telemarketing fraud, and consumer privacy and identity protection.

Its prerogatives are multiple. Indeed, it can be investigations, enforcement actions, and consumer and business education. If the results of the investigation reveal illegal behavior, the FTC may reach a compromise with the offending company on the basis of voluntary compliance, or file an administrative complaint. According to the FTC Act, the Commission has the power, in most cases, to bring its actions to federal court through its own attorneys and is empowered to seek civil penalties or redress for consumers for violation of the provisions.

trade regulation.

The office also takes part in the development of trade regulations that it is responsible for enforcing. The most important tool at the FTC's disposal remains its power to issue regulations: the best-known examples are those of the "Cooling-off Rule for Sales made at Homes or at Certain other Locations" enacted in 1972 which mainly regulates door-to-door sales and the 1975 holder in due course rule which protects consumers against the loss of their rights of defense against a creditor in cases of sales related to a credit agreement.

A Consumer Financial Protection

While the creation of new standards is an important step in protecting consumers from mortgage abuse, the Obama administration and Congress have created a comprehensive new regime to protect consumers from all types of financial products. The CFPB was created to "implement and, where appropriate, enforce federal consumer law in a consistent manner, to ensure that all consumers have access to and that these markets have access to financial products and services.

are fair, transparent and competitive " While the creation of new standards is an important step in protecting consumers from mortgage abuse, the Obama administration and Congress have created a comprehensive new regime to protect consumers from all types of financial products.

The CFPB was created to "implement and, where appropriate, enforce federal consumer law in a consistent manner, to ensure that all consumers have access to and that these markets have access to financial products and services. are fair, transparent and competitive"

Recognizing that markets move faster than legislation, the Dodd-Frank Act empowers the CFPB to speak out against broadly defined "abusive" practices rather than relying on Congress to address and define each new potential harm. By intentionally choosing a term that is still poorly defined in legislation and associated case law, the legislation gives the CFPB some leeway to interpret the qualifier "abusive" in the context of the provision of financial products to consumers.

The CFPB has been given powerful tools and a broad authority to seek to eliminate prejudice:

it has the supervisory authority of banking regulators, powers of establishment and application of rules greater than those of regulators. , the freedom to investigate and the broad jurisdiction of the FTC, and an independent funding source, the financial services industry has generally been concerned about the extent of this authority and has used the strength of its lobby to weaken it. . Even with the arrival of a director, time will be needed to take stock of the new regulatory and supervisory regime created by the establishment of the first federal agency dedicated exclusively to the protection of consumers of financial products. While the CFPB must consult prudential supervisory authorities, it is free to prioritize consumer-related issuesunless its rules are considered to jeopardize the safety and security of the banking system.

As the sole author of consumer protection rules, CFPB should avoid, in its regulatory processes, the obstacles inherent in a system based on the joint action of multiple agencies.

And, for the first time, a single agency can control and supervise providers of consumer financial products and services, regardless of their legal form or charter.

With supervisory powers similar to those of banking regulators over banking institutions or not, the CFPB also has the power to eliminate historical disparities in the treatment of these entities, thereby guaranteeing fair competition between them. Finally, while states have the ability to enact stricter rules than those promulgated at the federal level, the existence and actions of the CFPB could prevent the need for new state laws and harmonize practices between jurisdictions.

In fact, the CFPB has already taken steps to involve state regulators and attorneys general. The CFPB and prosecutors hope to cooperate and coordinate significantly their efforts on consumer protection issues, in a way never before seen on financial matters between federal and state entities. In fact, the CFPB has already taken steps to involve state regulators and attorneys general. The CFPB and prosecutors hope to cooperate and coordinate significantly their efforts on consumer protection issues, in a way never before seen on financial matters between federal and state entities.

In a joint statement, the CFPB and the National Association of Attorneys General (NAAG) agreed to consult regularly on enforcement priorities and share information and consumer complaints, among others. In July 2011, the CFPB signed memoranda of understanding with the Conference of State Bank Supervisors (CSBS) and thirty-nine banking and financial regulators in thirty-two states.

These agreements establish mutual consultation during assessments and guidelines for sharing information, including consumer complaints and assessment data, with both state and federal regulators.

The CFPB has issued rules regarding state notification obligations that should allow for more consistent implementation of the Dodd-Frank Act rules across jurisdictions.

In reality, governments are likely to find the CFPB more active in its approach to consumer protection than bank branches. The Structure of the CFPB While initially envisioned as an independent agency, the CFPB eventually found itself structured as an independent office within the Fed system.

Despite the political compromises made, it maintains most of the attributes of an independent agency: budgetary autonomy, total freedom for the hiring and dismissal of its employees, control and enforcement authority free from any intervention by other agencies, and rules and orders not subject to review by a parent agency, the Fed in this case. The CFPB is intended to be managed by a director appointed for a period of five years by the president and subject to the approval of the Senate.

As is the case with other banking regulatory agencies, its budget is not allocated by Congress, which protects its funding from the political process. However, its activities are subject to regular scrutiny by Congress through a mandatory semi-annual hearing of its director before appropriate committees.

In addition to this constraint, the CFPB faces a second supervisory obligation of its authority, unique in its case: the Financial Stability Oversight Council (FSOC), a regulatory council established by the Dodd-Frank Act to manage systemic risk, is entitled to overturn CFPB regulations that "would endanger the safety and security of the US banking system or the stability of the US financial system".

While the bar is set very high, no other independent US agency sees its regulations subject to review and overturn by another agency; such powers have always been the exclusive property of the courts.

The CFPB will oversee non-bank institutions engaged in mortgage issuance, negotiation or management, as well as payroll or student loans. Through rule making, it will also determine which other actors offering financial products or services to consumers will fall under its jurisdiction.

As a priority, it has set itself the mission of overseeing institutions involved in debt collection, production of consumer reports, consumer credit and related activities, fund transfer operations, check cashing. and related activities, prepaid cards and debt relief benefits. Its authority over these non-bank operators is limited to activities constituting the provision of financial products and services to consumers.

These activities include the granting, sale or negotiation of loans or leases, real estate transaction settlement services, valuation, receipt of deposits, transmission or exchange of funds, provision of cards. prepaid bills, cashing or collecting checks, processing payments, advice on credit or debt settlement, credit checks, collections, among others.

The Dodd-Frank Act explicitly excludes certain institutions and activities from the jurisdiction of the CFPB for pragmatic and political reasons: bodies regulated by the SEC (Securities and Exchange Commission), the CFTC (Commodity Futures Trading Commission), real estate securities commissions or state insurance supervisory authorities, traders and retailers, including car dealers, real estate brokers, accountants and tax specialists, lawyers and legal advisers, vendors of employee benefits and other plans , and insurance2. The CFPB therefore has six divisions:

-consumer engagement and education;

-supervision, fair loan, enforcement;

-research, markets and regulation;

-legal department (general counsel)

1-The competition office

The Competition Bureau is the division of the FTC committed to the elimination and prevention of anti-competitive practices. It accomplishes this mission by applying the rules laid down by antitrust laws. This office also examines proposals for company mergers and investigates other practices that may harm competition such as horizontal cartels, involving direct competitors, and vertical cartels, involving companies located at different levels. in the production or marketing chain. When it comes to the enforcement of antitrust rules, the FTC works in partnership with the Department of Justice. However, while the FTC is responsible for the civil enforcement of antitrust laws, the Antitrust Division of the Department of Justice has the power to conduct civil as well as criminal actions.

A report for the third annual meeting of non-governmental consumer associations had considered the question, in the 2000s, of whether the US Federal Trade Commission could serve as a model for effective consumer protection in the European single market. Indeed, its long experience concerned Community law and European consumer protection policy, given the dual mission it fulfills, that of safeguarding competition and that of consumer protection.

However, the comparative approach adopted had given rise to criticism: such a combination of centralized and decentralized application of the law presupposes a genuine federal-type regulatory system, which the European Union did not and still does not have.

The General Directorate for Competition, Consumption and Fraud Control (DGCCRF)

exercises, within the Ministry of the Economy, Finance and Industry, an essential regulatory mission with regard to all economic players, businesses, consumers and local elected officials.

As such, it ensures the fair and secure functioning of the markets, which involves the development of rules, controls and, where applicable, sanctions imposed by the courts. It plays a unique role within French administrations, being both design and field administration. It apprehends economic life in all its aspects because of its horizontal competence and a network of relations with a large number of other ministerial departments.

The DGCCRF is also an administration close to the public located throughout France, close to users, consumers, businesses and elected officials. The General Directorate for Competition, The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers thrive in a competitive and innovative marketplace.

Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labeling Act (except with respect to foodstuffs). Food), Textile Labeling Law and Precious Metals Marking Law.

That competition is good for both businesses and consumers is the main operational assumption on which the Competition Bureau is based.

Among other things, the Bureau investigates the following types of anti-competitive practices:

Pricing

Competitor companies agree on the price to be charged to customers.

Bid rigging

Following a call for tenders, one or more persons agree not to submit a tender or when two or more tenderers agree to make offers which they have mutually agreed upon in advance.

False or misleading indications

To give to the public in any way, knowingly and without regard to the consequences, false or misleading indications on a material point.

Misleading documentation (winning a prize) Send material in any way which gives the recipient the impression of winning a prize and which requires the recipient to pay a cost to obtain the prize.

Abuse of dominant position

A dominant firm engages in anti-competitive acts that significantly reduce competition in a market or is likely to do so.

Exclusivity, tied selling and market limitation

A supplier obliges or incites a customer to buy, exclusively or almost, certain products; a supplier compels or induces a customer to purchase a second product as a condition of supplying a certain product; a supplier forces a customer to sell certain products in a defined market.

Refusal to sell

A person finds it difficult to conduct business or cannot do so because he is unable to obtain a product in sufficient quantity under normal trading conditions.

Mergers

Situation where part or all of a business is acquired by another. The Bureau is authorized to examine any merger, regardless of its size. It must nevertheless be notified when the assets of the target company in Canada or its income from sales, in Canada or from Canada, and realized from these assets, exceed $ 96 million, and the assets or income combined of the parties and their respective affiliates in Canada, from Canada or to Canada exceed $ 400 million.

Deceptive telemarketing

A false or misleading indication of a material point during a person-to-person telephone communication for the purpose of promoting the supply of a product or a commercial interest.

Unfair trade practices

Offer at a second-hand price a product that is not supplied in reasonable quantities; offer a product at a price above the advertised price; advertise a product at a "regular price" without selling a significant volume or offering it at that or higher price in good faith for a significant period; organize a contest, a lottery, a game of chance or skill without proper and fair disclosure of the facts which significantly modify the chances of winning.

The Office has the ability to refer criminal cases to the Attorney General of Canada who will then decide whether to prosecute in court. The Bureau has the power to bring civil cases to the Competition Tribunal or other courts depending on the matter.

E-Economic protection and consumer safety

Beyond its missions aimed at establishing a better competitive balance, the DGCCRF is also a consumer protection body. It informs and protects consumers on a daily basis from abusive or illegal commercial practices.

In order to ensure the economic protection of consumers, the DGCCRF advocates clearer and fairer information on products and services. It is therefore uncompromising with regard to compliance with labeling rules and signs of quality. This administration speaks out and regularly denounces the disloyalty of certain commercial practices towards consumers in various fields such as electronic commerce, real estate, banking and insurance or even tourism.

Conclusion

Finally, the DGCCRF plays a watch role on prices when they experience or are likely to experience unusual variations, due to decisions of the public authorities or events which may have repercussions on prices. The DGCCRF also publishes the results of the Observatory of prices and brands online every month.

In addition to the economic protection of consumers, the DGCCRF also has the task of preserving their physical safety and health.

To achieve this objective, the administration ensures the prevention and assessment of risks by informing consumers, resorting to expert bodies or even informing the population of products considered dangerous. Finally, the DGCCRF, for this protection purpose, regularly carries out checks and inspections. These two prerogatives are among the most illustrious held by this administration.

The controls are generally carried out during the first placing on the market, however reinforced controls are carried out in the areas of risk, such as the food sector or the toy sector.

The DGCCRF, an organization for the defense of consumption and competition, could therefore be considered as the symbol of the union of these two matters. Two materials that complement and protect each other. Consumer protection also comes under competition law, and consumer law contributes to healthy and fair competition, as demonstrated by the policy and actions of the DGCCRF, which juggles the two areas.

Unlike the DGCCRF, which deals with both competition and consumer issues, the Competition Authority is a specialized authority that does not deal with the area of consumer law.

The reform of the law of obligations involves an adaptation of the rules of civil law to the social and legal context. While retaining the fundamental principles of contractual freedom, autonomy

A-The role of the consumer protection association

The consumer protection association is to advise consumers and support them in their consumer disputes. The consumer protection association (APC) brings together volunteers who wish to defend your rights when purchasing products, goods or services, or in any other situation where you need advice (dispute with a merchant, choice loan, advice on a purchase, credit, etc.).

She can represent you and assist you in the resolution of your disputes, related to the contractual relations between you and the supplier / or the lender.

Consumer associations are responsible for advising and helping consumers to settle everyday disputes, either amicably or through legal action. They can also act as a preventive measure, for example by requesting the removal of unfair terms in contracts. They represent the interests of consumers within national, regional and departmental bodies.

Missions focused on consumer protection

 To its members,

 Group action

 Consumer associations new window

It is a reception area that your consumer association makes available to you to respond to your consumption problems. This space opens its doors to you at fixed times. It is installed on the premises of a consumer protection association.

Consumer associations play an essential role in the protection of individuals. They have a dual mission (Nabec et al., 2015): disseminate information on the offer upstream of their purchases and, downstream, defend their rights in the event of litigation. Their independence vis-à-vis market players and their critical vocation with regard to the latter make them bodies that watch with vigilance over the symmetry of the forces present (Rémy, 2007). However, their position has weakened for several years in view of the drop in the number of their members (Insee, 2008;Novethic, 2006) and the tensions weighing on their subsidization. Their legitimacy in the area of consumer protection thus seems to have eroded in certain aspects (Nabec et al., 2015).

Three main factors help to explain this shortness of breath (Laurent, 2009): the aging of volunteers working in consumer associations and the insufficient professionalization of their executives, their lack of financial means due to a drop in their subscriptions and to the changes envisaged in the criteria for financing their activities (Laurent, 2009) and their difficulties in adapting to technological developments.

Consumer associations now operate in a consumerist landscape that has fragmented in recent years (Roux et al., 2015).

While market players, such as Leclerc or Fnac, have taken hold of the consumerist discourse (Rémy, 2007), the Internet and social networks have strengthened the capacity of consumers to self-organize in order to obtain information and defend themselves (Kucuk and Krishnamurthy, 2007).

1-Legal consultations

to stop illicit acts,

Legal defense of collective interests

Legal defense of individual interests

It can thus refer the matter to the judge in order to obtain compensation for individual damage suffered by a group of consumers: finding themselves in a similar situation, and having as a common cause, a failure by one or more professionals to fulfill their legal or contractual obligations.

They can thus ask the judge to order a professional, possibly under penalty:

They can also ask the judge:

-to order the trader to inform the consumers concerned at his expense by any means.

-on consumer issues related to its purpose.

Reception at the advice desks -Assistance: accompany you and support you in your decision, after receiving his advice.

-Education: inform you about your rights so that you can be a responsible consumer;

-Information: warn you about products and services posing risks to your health and safety;

Guidance: identify with you the most competent entity for resolving your dispute .

-Mediation: assist you in resolving your dispute by promoting an amicable resolution;

-Awareness: inform you to better understand health, nutritional, environmental and commercial issues, Group action by a consumer association is possible: within the framework of a contract for the sale of goods or the supply of services,

The association must be mandated by at least 2 consumers concerned.

Consumer advice: offer you the best solutions and guide you to protect your economic interests;

Approved national associations can become a civil party when facts cause direct or indirect damage to the collective interest of consumers.

-or to remove an illegal clause in the standard contract that it offers to consumers or in any contract in the course of execution.

-or when the damages result from anti-competitive practices.

Where to go?

That an unfair clause is declared deemed unwritten in all identical contracts being performed by the trader with consumers (in practice, this clause will be deprived of any binding effect, the trader will no longer have to apply it), Its action revolves around:

An advice desk provides a local service to guide you, inform you, advise you and assist you in resolving your disputes.

The main objective of a CPA is to ensure respect for consumers' rights, namely their right to information, to the protection of their economic interests, to representation, to withdrawal, to choose, and to listen.

An approved consumer association can give legal advice exclusively:

An approved national association may seek compensation for damage suffered by several consumers when the damage is caused by the same professional and has a common origin.

An approved national association can take group action.

Group action can only relate to compensation for property damage resulting from material damage suffered by consumers.

Consumer associations play an essential role in the protection of individuals. They have a dual mission (Nabec et al., 2015): disseminate information on the offer upstream of their purchases and, downstream, defend their rights in the event of litigation. Their independence vis-à-vis market players and their critical vocation with regard to the latter make them bodies that watch with vigilance over the symmetry of the forces present (Rémy, 2007). However, their position has weakened for several years in view of the drop in the number of their members (Insee, 2008;Novethic, 2006) and the tensions weighing on their subsidization.

Their legitimacy in the area of consumer protection thus seems to have eroded in certain aspects (Nabec et al., 2015). Three main factors help to explain this shortness of breath (Laurent, 2009):

the aging of volunteers working in consumer associations and the insufficient professionalization of their executives, their lack of financial means due to a drop in their subscriptions and to the changes envisaged in the criteria for financing their activities (Laurent, 2009) and their difficulties in adapting to technological developments.

Consumer associations now operate in a consumerist landscape that has fragmented in recent years (Roux et al., 2015). While market players, such as Leclerc or Fnac, have taken hold of the consumerist discourse (Rémy, 2007), the Internet and social networks have strengthened the capacity of consumers to self-organize in order to be informed and defend themselves (Kucuk and Krishnamurthy, 2007).

2-The consumer and business behaviour : User of the Bank

The main objective of consumer law is to defend consumers. The laws concern all fields of consumption and all sectors. What are the rules and protections in the banking sectors?

3-Consumer protection: in the banking sector

In particular, consumer law paralyzes the relationship between banks and consumers. The Consumer Code aims to protect and defend the interests of consumers against the sometimesopaque practices of banks. In particular, consumer law paralyzes the relationship between banks and consumers. The Consumer Code aims to protect and defend the interests of consumers against the sometimes-opaque practices of banks.

In particular, consumer law paralyzes the relationship between banks and consumers. The Consumer Code aims to protect and defend the interests of consumers against the sometimesopaque practices of banks. In particular, consumer law paralyzes the relationship between banks and consumers. The Consumer Code aims to protect and defend the interests of consumers against the sometimes-opaque practices of banks.

For example, it defines the right to a bank account. This right cannot be refused to the consumer, including those prohibited from checking.

Opening a bank account is free and must be accompanied by mandatory services from the bank (account maintenance, sending a monthly statement, cashing checks, etc.). Some banks charge for these services, including them in packages that include paid services, which is illegal. The law requires banking institutions to offer their services on a unit basis.

Since the beginning of the 1990s, there has been a sharp increase in paying services and banking tariffs.

The law also regulates the granting of credit and defines the rules concerning consumer credit, in particular with regard to consumer information. On this subject, read the "Consumer credit" sheet.

In the event of a dispute with your bank, you can contact a consumer law lawyer or a banking lawyer.

Customer protection in the banking and insurance sector First, after having defined this notion of customer protection and the regulatory body in charge of its implementation in the banking and insurance fields, we will present the various recent texts of the financial sector dealing with this topic and we end by presenting the advantages of implementing the most effective protection possible for its customers, a guarantee of loyalty and sustainability of the commercial relationship. In the event of a dispute with your bank, you can contact a consumer law lawyer or a banking lawyer.

4-Customer protection in the banking and insurance sector

First, after having defined this notion of customer protection and the regulatory body in charge of its implementation in the banking and insurance fields, we will present the various recent texts of the financial sector dealing with this topic and we end by presenting the advantages of implementing the most effective protection possible for its customers, a guarantee of loyalty and sustainability of the commercial relationship.

First and foremost, it is important to know who the customer protection is for. In fact, this concerns an uninformed person (natural or legal) (consumer or non-professional) who acts for purposes that do not fall within the scope of his commercial, industrial, craft, liberal or agricultural activity. Unlike the professional, natural or legal person, public or private who acts for purposes falling within the scope of his commercial, industrial, craft, liberal or agricultural activity, including when acting in the name or on behalf of 'another professional (Consumer Code, legislative part, introductory).

Customer protection in banking and insurance: what are we talking about and who should ensure its implementation?

the CMF specifies that in terms of canvassing, the rules of professional ethics imply that the direct seller makes an adequate discovery of the client, allowing him to offer him products suited both to his ability to understand them and to the purpose of his project. The direct seller must communicate to the person contacted all the clear and understandable information necessary to make his decision.

These include:

the written identification of the legal person offering the product or service and of the direct seller himself;

• the written characteristics of the product or service (notice or prospectus);

• risks associated with recommended products

• the contractual mechanism, price, deadlines, right of withdrawal or reflection

In conclusion, a proactive approach to protecting customers is not incompatible with a commercial approach, quite the contrary. It is to be placed at the center of the quality approach and this in the interests of loyalty. Thus, whether it is Lean management and / or the implementation of a management via Six Sigma tools, the approach of primacy of the interests of its customers constitutes a strong element of the value chain of the company. Today in a context of low interest rates, particularly in the banking sector, retaining customer loyalty is a major objective for strengthening its NBI (Net banking income). Also, each employee (from top management to operational staff) must be invested with this mission.

B-Banking law and user interests

Banks are credit institutions, bank card payment transactions, tax exemption etc. banking law has become increasingly complex over the years and especially over the past five years.

1-The sources of banking law

Banking law is professional law, it is all the rules concerning banking operations and those who carry them out in a professional capacity Banking law is defined by its purpose, which is all the rules concerning banking operations and those who carry them out in a professional capacity.

The definition of banking law Banking law is defined as the set of rules aimed at governing the activities carried out as a usual profession by credit institutions Banking law is therefore the law of banks and the law of banking operations.

Banking law is a branch of private business law, precisely a sub-discipline of commercial law.

It can be defined as the set of legal rules applicable to banking operations and credit institutions.

This conventional definition of banking law, which deserves special attention, makes it possible to trace the characteristics of this discipline.

The application of banking law to private credit institutions justifies its membership in the branch of private law. The latter is defined as the set of legal rules that governs relations "In particular, is a trader, anyone who, in a professional capacity, proceeds:

-the extraction of raw materials;

-the manufacturing and processing of manufactured products;

-the purchase and sale or rental of goods of any kind;

-warehouse operations or general store management;

-land, sea and air transport of goods and people;

-land, sea and air insurance operations, whatever the terms.

-foreign exchange, banking or stock exchange transactions;

-commission and brokerage operations;

-the operation of business agencies;

-the business operation of public shows;

-the operation of advertising, communication publishing or news and information transmission companies ".

Banking law is distinguished from two related disciplines of law, namely financial law and stock market law.

Financial law is the set of legal rules regulating the finance of public and private institutions.

As for stock market law, is the set of legal rules governing stock market activity carried out on a financial market such as the exchange of securities (stocks, bonds, etc.).

The scope of banking law as the law applicable to credit institutions and banking activities was Indeed, and in accordance with this article, banking law applies to credit institutions. A credit institution is any legal person who carries out banking operations as a usual profession.

From the terms of this article, it is possible to deduce the following findings:

-The credit institution can only be a legal person to which the law has required a particular legal form (public limited company). A natural person cannot therefore be a credit institution;

-The credit institution must make banking its usual profession, that is to say it must constitute the main, frequent (repetitive) and expensive activity of this institution. Conversely, a financial institution that does not engage in banking, its professional and lucrative activity, cannot be qualified as a credit institution (eg the public treasury or a financial consulting firm);

Banking law is defined as the set of rules aimed at governing the activities carried out as a regular profession by credit institutions.

Banking law is therefore the law of banks and the law of banking operations.

The banking activity has several characteristics which testify to its essential role in the development of economic exchanges.

Banks offer the usual deposit collection and loan distribution services, as well as securities investment and management services.

Banks no longer cater only to businesses but also to private customers.

The banker has become an essential partner in everyday life to the point that the lack of a bank account has become an exclusionary factor against which the legislator has reacted by imposing a right to open an account accompanied by minimum banking services. Access to credit was encouraged, which required specific consumer protection.

Banking law is therefore the law of banks and the law of banking operations.

Banking activity has several characteristics that testify to its essential role in the development of trade These services are not free, it is necessary to know the legislation and banking practices that govern the operation of an account as well as the services offered by credit institutions, so that they are best suited. to your own needs whether you are an entrepreneur or an individual.

Current features

Contemporary banking activity presents several characteristics which testify to its essential role in the development of economic exchanges: diversification of the banking offer, expansion of bank customers, increased social role, largely computerized activity which has become internationalized, close links with financial markets and insurance.

Diversification of the banking offer In addition to the usual deposit collection and credit distribution services, banks offer dematerialized payment instruments (thanks to IT) and new services, particularly in terms of investment and management of transferable securities. The banker is, it is true, a service provider (Book V of the Monetary and Financial Code).

2-Customer expansion

Banks no longer cater only to professional customers or wealthy people, but more broadly to individual customers. This is the phenomenon of household banking, noticeable since the end of World War II and which is now almost total under the influence of the legislator and practical necessities. According to a study by Credoc, the French population's banking rate is 99%.

An increased social role

The banker is an essential partner in all aspects of everyday life to the point that the absence of

The internationalization of banking activity

This is old, with French banks having (since the 19th century) established a network of branches and subsidiaries abroad. There are also many international banking operations which implement also international practices such as leasing (Sheet 29) or factoring (Sheet 25).

The establishment of banks on the European market (and therefore intra-community competition) has also been facilitated thanks to the progressive unification of banking laws within the framework of the European Union and the implementation of the Economic Union and monetary Banks are companies or establishments which make it their business to receive from the public, in the form of deposits or otherwise, funds which they use, for their own account, in discounting, credit or financial transactions.

Is the protection of users in the banking sector guaranteed? This is the question that needs to be raised knowing that since the crisis that has escalated since 2008, the economy has been at halfmast and legislation is only just beginning to develop.

Indeed, the main idea is to understand the importance of protecting users of banking services, details are needed on a few concepts in order to better advance our study.

Then, two main concepts will be treated: sometimes, banking services are considered to be only incentive factors because even if banking activities contribute to economic development, the bank's only objective is to pursuit of profits and thus encourages consumers to use its services.

Sometimes, the various banking practices and uses inevitably appear as factors of disruption because of the potential conflict of interests created between those of the bank and those of its users and because of the boom in banking activities. This is why consumers have the need to defend themselves and hence innovations must take the upper hand to better gauge the balance.

C-Definition of users

The term "users" is broader than that of "customers". Indeed, if on the contrary the clientele is limited by the existence of one or more bank accounts, the users are the people who have any kind of relationship with the bank and all those who use banking services. Because, by definition, "A user is a person who uses a service and who has a right of use" According to this definition, the keyword is "service". Thus, we can deduce that a clientele is always a user but a user is not necessarily a clientele since, in fact, a client can use a banking service without necessarily having a bank account. Banks offer many kinds of services.

The question arises: who are the users of the bank? The explanation lies in the fact that in the banking sector there are several products and services that banks can offer but which do not necessarily require opening a bank account to be able to access them. Banks can enter into contracts with third parties and they can also carry out transactions for the benefit of people who are not one of its customers20 but who need their services.

The users, as "consumers" The users are none other than consumers. The interest of this clarification lies in the fact that if the users of banking services have the status of consumers, they also enjoy all the rights of consumers. It turns out to determine which rights are enjoyed by consumers.

Under article 3 of Law No. 2015-014, the consumer is "any natural or legal person who uses goods, products and services for personal or collective purposes. ". From this definition, we can conclude that users of banking services are consumers with regard to the law because on the one hand, when they use the bank, they use "services" and on the other On the other hand, these services are either "for their personal purposes" (natural persons), or "for collective purposes"

(Companies or associations).

The rights of consumers are based mainly on information about the characteristics of products, that is to say, explaining their use and their dangerous aspects, if any. Users have the right to have accurate information about all matters relating to the products and services they are going to purchase. In the banking sector, this involves informing and advising clients before and during the contract of any risks associated with the contract. They also have the right not to agree to buy, that is, they have the freedom to choose and their consent is always required in any transaction. Finally, they have the right to complain when they feel their rights are being violated. Therefore, they can go to court to rule on it.

-Risks incurred by users A-Faced with professionals -Abuse by professionals

The objective of the law on consumers is to protect them against possible encroachment and abuse of their rights vis-à-vis professionals. So how are these abuses by professionals? They can be in different forms. They happen that, knowing that consumers lack experience compared to professionals, the latter take advantage of this vulnerability of users in order to benefit from it. This is the case with insertion abusive clause, false advertising, hidden risks and sudden breach of contract.

User associations and civil society In France, user associations are very active in the banking sector.

AFUB was created in 1987 and governed by the law of 1901. Its mission is to inform and defend the user rights of banks and credit institutions, whether they are individuals or SMI-PME companies, and these missions relate to all banking operations such as credit, savings, means of payment, etc.

To do this, AFUB ensures that legislation is effective and that users' needs are met. Thanks to delegations in a number of regions and departments, the association can carry out its actions and can help users in difficulty. In addition, the internet facilitates its mission of informing users because they find in the association's website an illustration of their rights through the hundreds of court decisions published there;

Users and difficulties related to banking operations -Insecurity In addition to the complexity generated by new operations and instruments, thefts and robberies are also topical issues in the banking sector. On the safety of deposited funds, customers will not have much fear. But thefts are generally presented on means of payment such as the internet, telephone, bank cards, checks, etc.

-Insufficient infrastructure and staff Bank users complain about the loss of time they suffer when withdrawing money from cash registers and from ATMs and ATMs because not only counters and cashiers are few in number, sometimes they also function poorly. And sometimes the failure creates a very long thread. Notwithstanding the objective of expeditiousness on banking services through ATMs and ATMs, it is not effective if the instruments are few and far between and poorly maintained. The employment of fewer staff is also a bad idea since even if the use of new instruments is encouraged, users think that the direct transaction through the cash registers remains the safest operation because it can follow the 'operation directly.

-false information Faced with stiff competition between credit institutions and in order to gain more customers, banks encourage them by all means to buy their banking services. For this, banks could go so far as to disseminate false and exaggerated information through advertisements by concealing the true characteristics of the service in question. Individuals and businesses that are easily tempted will thus be victims without knowing what to expect. That is to say, the price and other risks incurred by their heritage.

seizure of property

One of the rights of creditors in the event of non-payment of their debt is seizure. The customer's creditors can be his bank or creditors other than the bank. The client's assets will thus be the object of the seizure. Either it is an asset which has been the subject of a pledge, or it is the account where a pledge has not been entered.

-Account and credit closure (breach of contract) Account closure can be caused by many factors: the end of the term, unilateral termination of an indefinite account, legal modification of a party, receivership, seizure of the account, death.

The question is whether the bank can close its customer's account. Most accounts do not have a maturity date. Therefore, the accounts are indefinite contracts and each party can terminate the contract by its sole will according to general principles subject to notifying the other party.

This principle allows banks to unilaterally close their customer's account.

1-Discriminating relations

Prejudicial rapports are clauses inserted by one party into an agreement which creates a contractual imbalance between the latter and the other party to the detriment of the latter's rights.

Non-professional consumers may, without knowing it, be victims of unfair terms inserted by their professional co-contracting party (often traders). However, there are those who report the existence of the clause and who can report it to the judge. Unfair terms are prohibited by Law

No. 2015-01467 on consumer protection. In France, there is the Commission des clauses abusives which protects users and consumers against the inclusion of unfair terms in agreements and ensures a balance of rights between the parties.

-The responsibility of the bank -The questioning of the responsibility of the banker It is difficult to demonstrate and assess the responsibility of the bank, especially in the area of bank credit operations. Even so, the law, case law and doctrine offer answers. However, one can rely on article 138368 of the civil code and which was taken over by article 204 of the LTGO.

-Breach of duties and obligations by the bank towards users -The relevant provisions of the law -Before the conclusion of the contract with consumers Conditions must be respected by traders on pain of penalties.

The duty of information Law 2015-014 established lines in Title II on "consumer information".

Art.5: "Any professional seller of goods or service provider must, before the conclusion of the contract, enable consumers to explicitly know the characteristics and essential conditions of goods, products and services.

Prices and conditions of sale The law on consumer protection is very strict in terms of prices and conditions of sale since according to article 14 Law 2015-014: "Prices are freely determined by the law of supply and demand ".

-The ban on false advertising Advertising infringes consumer rights. They have the right to receive correct information without lies. Lying constitutes fraud because they would not have contracted if they knew the true characteristics of the product or service. False advertising is thus prohibited by the law70 on guarantees and consumer protection.

Assessment of the current situation in terms of consumer protection in banking -Control measures for banking establishments and operations A-CSBF and BCM

-The BCM The central bank is the institution which has the monopoly of issuing the currency of a country whose financial policy it applies.

-The Banking and Financial Supervision Commission or the CSBF According to art. 35 of the banking law, the CSBF is "responsible for ensuring the proper functioning of credit institutions, verifying that these institutions comply with the provisions applicable to them and penalizing any breaches noted. ";

The CSBF: regulatory body. Indeed, first of all, the CSBF controls banking activities, that is to say, the operating conditions of banks and credit institutions. It ensures that these activities comply with the law. Then, she checks their financial situation, which must always be positive.

It is in part for this reason that banks must always have minimum reserves. Therefore, banks must have a healthy and viable financial position. Insolvent or insolvent banks are withdrawn from the market. Finally, this body's mission is to monitor staff depending on whether or not they comply with internal regulations and bank rules of good conduct.

The CSBF: sanctioning body Pursuant to article 49, the CSBF is empowered to impose disciplinary sanctions on a credit institution in the event of non-compliance with a legislative or regulatory provision relating to its activity. The bank may also suffer financial penalties.

Thus, by being a sanction and control body, the CSBF contributes a lot to ensuring the protection of the rights of users and consumers.

Police and supervisory bodies: SAMIFIN It is an organ against money laundering. It has been operational since July 18, 2008 to accomplish its missions. SAMIFIN is competent in the Malagasy territory. Its objective is to prevent and eradicate money laundering by people, traders or non-traders, who want to deposit "dirty money" in financial institutions. Thus, it deals with cases that may be linked to money laundering following a deposition made by the banks and subsequently carries out related investigations.

2-

The legal nature of the bank's liability -Civil Liability: We know that the bank is contractually bound to its customers. And the contract creates obligations for each of the parties. The engagement of contractual liability is due to the poor performance or non-performance of these obligations.

In the agreement between the banker and his client, the fault is generally either on the side of the client who does not repay his debts to his bank (for example, the non-repayment of a loan at maturity), or on the side of the banker who did not follow the customer's order.

This liability to the customer results in the payment of damages (for example, the failure to make the transfer on behalf of his customer for the benefit of a beneficiary). But, it should be noted, damage must have existed in order to be able to engage civil liability.

Otherwise, it is not committed.

-Priminal responsibility is said to be penal. The defendants are generally the managers and third parties. Managers are held liable for criminal liability when they have not met equal obligations in terms of accounting and auditing. However, staff may also be responsible for crimes they have committed in the course of their duties. For example, offenses related to checks, consumer credit, financial advertising. Third parties other than banks or intermediaries can be condemned when they interfere in their activities.

Banks always aim to make progress in their financial affairs; hence they try to do everything possible to gain the trust of users and consumers by improving their services and expanding their activities. In addition, to face the fierce competition between financial institutions, each of them has its own techniques to attract more customers such as granting all types of loans, offering new payment methods and new services. , etc…

In the Big Island, there is still a lot of "bread on the board" to perfect the rights of users or the right of consumption.

Consumers are exposing themselves to the dangers of a loophole and poor law enforcement.

Many of their rights are ignored. This work aims to demonstrate that we are currently in the presence of troubles in all areas and an imbalance of rights between consumers and professionals. Faced with the scale of the perils and dangers faced by users, there is a strong need for reform. However, efforts must be spent.

Judges must take a closer look at the problems that seem to block our economy, because we know that banks and consumers are factors of economic development.

In addition, the government must encourage civil societies to participate in the search for common solutions to protect users. So, to fill the void in the laws and to better gauge the conflicts of interest between banks and consumers, it is time for us to take initiatives.

3-The social responsibility of banks

The social responsibility of companies implies for them, and its relationship with ethics within companies and particularly banks. Trying to define what ethical and social banks are has made it possible to highlight a whole series of criteria specific to them. It turns out that these criteria are not always established by law but are nevertheless necessary for the bank in order to be defined as social or ethical.

Banks will have to apply so-called responsible practices as part of their strategic management, in order to take into account relations with society and social issues. It was during the 1960s that the broader idea of corporate social responsibility clearly appeared in corporate language.

CSR is deployed not under the pressure of traditional actors in the salary relationship, but under the influence of a necessary expansion of the stakeholders to be taken into account (all actors influenced or having an influence on the company: suppliers, public authorities public, clients, NGOs, etc.) (Postel & Rousseau, 2008).

It appears as a potential response to the social questioning that companies face (de Serres & roux, 2006). The ambiguity associated with this notion still persists today and makes a single definition impossible. Nevertheless, the European Commission ( 2006) introduces CSR as "the voluntary integration by companies of social and environmental concerns into their business activities and their relations with stakeholders". It is developed through a threefold approach:

-The voluntary adoption of a CSR strategy that goes beyond the strict application of laws;

-The pursuit of financial performance, but without excluding social, environmental and economic matters;

-The need for greater transparency through accountability to stakeholders, and not only to shareholders (de Serres & Roux, 2006). Thus, CSR is an ethical approach given that it results mainly from taking into account the interests of all stakeholders and the consequences of the activity on the environment (Lelart, 2014).

Conferring to Carroll's (1991) analysis, CSR can be broken down into four different responsibilities that are not mutually exclusive, but which make it possible to reconcile economic and social orientation.

These responsibilities are economic responsibility, legal responsibility, ethical responsibility and philanthropic responsibility. The economic responsibility of the business, whose primary role is to produce goods and services to consumers who need them profitably and acceptably, is the core responsibility of any business (Carroll, 1991). Legal responsibility requires organizations to comply with the laws and regulations imposed on them. These two responsibilities are particularly linked and relatively inseparable (Carroll, 1991).

Second, ethical responsibility reflects the practices and activities expected or banned by members of society, without necessarily being codified in laws. The ethics and values applied generally anticipate the establishment of laws legislating good governance in future legislation.

These responsibilities are continually under public debate about their legitimacy (Carroll, 1991). Finally, philanthropic responsibility completes this trio. It encompasses actions that meet society's expectations for well-being or goodwill, to make "good corporate residents".

However, the firm will not be considered unethical if it does not meet this level of responsibility.

It can be deduced that CSR is therefore mainly based on the first three responsibilities (Carroll, 1991). CSR is increasingly taking on a mandatory nature. However, it can be observed that companies engaged in CSR initiatives are not necessarily ethical (de 17 Serres & Roux, 2006).

Indeed, ethics is not a conformity with an existing standard, but is part of the way in which the different actors agree to produce common rules allowing to assess the conformity of common actions with moral principles. common.

It is impossible to predict with certainty the consequences of an action decided within a company for the human community, but taking into account the "art of being careful" makes it possible to judge the fairness or not of this action. Thus, the will of individuals to act in a legitimate manner is highlighted. Ethics is therefore linked to CSR, since the latter aims to produce benchmarks common to legitimize the behavior of companies claiming to be socially responsible (Postel & Rousseau, 2008). Ethics will thus naturally apply to finance. Economics is not an exact science and therefore finance, an inherent part of the field of economics, is influenced by the organization of society and depends on the behavior of the men who compose it. Ethics must help the economy be at the service of men (Lelart, 2014).

This is an area where everything relies on trust. The actors, creditors and debtors of each other, for a period of time, must act not only with respect to the law, but also with account of their conscience. As we will see, financial operations are diversifying and becoming more complex, their impacts are more and more difficult to control. It is undeniable that the last financial crisis is due to the fact that finance has moved away from ethics (Lelart, 2014).

We hear about social, ethical, sustainable, responsible, united, alternative banking… Terms which can cover various financial practices and whose central point can vary more or less.

Composing a single definition incorporating all these terms and their specific nuances therefore seems difficult. This is because the different actors involved in the economy have a diverse influence, depending on their culture, their country, their history (Benedikter, 2011).

In the literature, the terms "ethical" and "social" are often used to refer to the same banks.

Although interest in this type of bank is growing, the lack of a legal framework at the international and national level does not allow a clear definition of what is an ethical bank either. In recent years, however, the creation of various networks that support social finance has brought to light some elements that they consider to be the founders of these banks.

The Financial Network (2014) considers that social finance must contribute to the development of people and society. Therefore, it should not be intended for a few to the detriment of others.

Contributing institutions operate under a responsible financial system, to enable agents to operate without their actions having a negative impact on others.

According to the European Federation of Ethical and Alternative Finance and Banking (FEBEA, 2015) 15, ethical finance is characterized from the origin to the destination of money.

It defines the role of an ethical bank as being: ... to work for the common good and to ensure the right to credit through a banking activity consisting in raising funds and reallocating them in the form of loans, to projects cultural, social and environmental.

Through their activity, ethical banks promote social inclusion, sustainable development, the development of the social and solidarity economy and social entrepreneurship (FEBEA, 2015, p.2). For James Niven, member of GABV16, social finance is also about having an indirect impact on others, showing that a different approach to banking and broader discussions on a future of the banking industry are both possible and necessary (cited by Weber and Remer, 2011, p.20).

De Clerck ( 2009), co-founder of Triodos Belgium and former director of the supervisory board of the Institute of Social Banks, succeeds in highlighting a common denominator in the various attempts at definitions: social finance is based on a set of non-monetary values, the fundamental objective being to use money to contribute to the common good and to economic, social and environmental development. Thus, a social bank, while ensuring the economic viability of its activity, does not aim only at maximizing its profit, which is the priority objective of conventional banks. It therefore highlights three elements to be taken into account in a fair manner, when judging investment and loan opportunities (cited by Benedikter, 2011, p49):

• Profit: although this is no longer its main objective, a fair profit is necessary to ensure the viability and economic sustainability of the bank.

• The environment: the bank takes this aspect into account, both in the way it operates and in the projects it finances.

• Society: primacy of the community and the balanced progress of society as a whole. The elements cited above encourage ethical and social banks to refocus their activities on a bank's core business, namely collecting deposits and providing loans, while defending their values.

If they succeed in respecting what they intend to defend, the main objective cannot be the unconditional pursuit of profit.

By their definition, ethical and social banks find themselves obliged to integrate a certain number of criteria of transparency, social inclusion, management of social, environmental and economic risks and taking stakeholders into account in their policy. management and their product and service offerings All intimately linked, each of these dimensions will impact the other dimensions. They help determine how the bank will operate. Indeed, including these different characteristics encourages the bank to opt for responsible management that specifies leadership in matters of ethics, and not to comply only with what is accepted by law (Carroll, 1991).

These banks will choose to do certain activities, not to do them or to do them differently (de Serres, 2008). To be socially responsible, banks must of course meet legal obligations, but go further by investing more in human capital, the environment and relations with stakeholders (European Commission, 2001, p.7, Art 21 .).

The increase in the number of activities in which many banks have started to invest, sometimes leading to the holding of questionable assets, has been a source of misunderstanding and mysteries, generating a lack of confidence among consumers and investors.

Some authors refer to the 2008 financial crisis as a crisis of confidence because it captured this basic truth: confidence is the bank's most important asset.

Indeed, a bank that enjoys the confidence of depositaries and creditors can calmly finance its loans and other investments. Conversely, in the event of a loss of confidence, the bank quickly encounters complications in terms of liquidity (Vranceanu, 2009).

An ethical bank must control where its money comes from, making sure that it does not result from illicit activities, from the arms industries or highly polluting for example. Most of the money must be made up of the savings of its clients, which is also created from carrying out real economy activities (FEBEA, 2012).

Next, an ethical bank must be transparent in the use and management of money, especially to customers. Its economic model avoids as much as possible opaque transactions, prevents speculation in short-term operations, favors the long term and the financing of the real economy.

Thus, according to the principle of selection in granting loans, trading activities and other derivative products give way to basic banking activity, namely direct intermediation (Cornée, Kalmi & Szafarz, 2016;FEBEA, 2012).

The profit of the bank comes mainly from the interest of its credit activity. Furthermore, in the event of the establishment of subsidiaries of ethical banks in countries with high financial discretion, the bank will play a role in disseminating and supporting transparent financial practices and will not participate in any speculative activities (FEBEA, 2012).

The publication of a social and environmental report responding, for example, to the GRI (global reporting initiative) guidelines or the publication of basic information on major customers and the effects of their activities also helps to maintain a certain level of transparency.

The following characteristics, specific to ethical banks, will constantly strengthen the maintenance of ever greater transparency and therefore help to fulfill this first fundamental requirement.

Banking exclusion is defined as "the process by which a person encounters such banking difficulties of access or use that they can no longer lead a normal life in the society which is theirs" by Gloukoviezoff (2009, p.10, §4.).

At present, accessibility to banking products and services to as many people as possible has become a real challenge. Globalization, leading to rapid changes in the strategies of various organizations and therefore of banks, intensifies competition, continually requiring a certain level of profitability. As a result, access to the banking sector is made more difficult for a part of the population considered less or not sufficiently profitable.

However, access to banking services is a necessary factor to guarantee social cohesion, its exclusion has serious consequences for citizens and society (de Serres and Roux, 2006) According to de Serres and Roux (2006), in practice, social inclusion translates into social and community commitments, through corporate social responsibility, which is part of the organization's relations with its environment.

The bank will then deal with various topics and put in place actions promoting social inclusion.

Over-indebtedness refers to a problem of excess debt resulting from the inability of a consumer or a household to cope with it. This phenomenon results in a circular effect which will worsen the financial situation of the people concerned.

It inevitably breeds social exclusion, especially as over-indebtedness is rarely a temporary situation but becomes structural (Fraselle, 1998). The bank can partially remedy this problem, in particular by setting up training courses and conferences or credit offers adapted to disadvantaged communities (for example, the interest rate reduction on loans in the event of repayment difficulties). (from Serres & roux, 2006).

The fight against banking discrimination targets access to credit and banking services for customers who are traditionally poorly taken into account. Microfinance, which is aimed at both businesses and households, is an example. It is seen as a way to fight poverty, mainly in developing countries (Weber, 2011).

This practice is applied through the setting up of specialized services for SMEs or through partnerships with non-profit organizations to support community initiatives.

It can also have a positive impact on the development of the territory. Banking discrimination can also be reduced by providing better access to information on various basic banking services, access to credit, how to build up savings, etc. (de Serres and Roux, 2006).

Management social, environmental and economic risks require a broad view of the impact that the bank and the practice of its business have on society as a complete. This characteristic of ethical banks is directly linked to their CSR policy. In ethical banks, the pursuit of financial performance can no longer exclude the social and environmental.

The application of a CSR policy is carried out by controlling the content of projects financed through the provision of responsible loans and financial services (Cheynel, 2010).

Ethical finance is defined by its destination of money and therefore by the use of its resources.

This is done by excluding certain sectors such as armaments, alcohol, tobacco, games or projects conducive to the abuse of human rights or environmental degradation (de Serres, 2008;Lelart, 2014).

Also, ethical banks promote sustainable development This involves imposing new criteria on customers and suppliers in financing policies. They also have a function of educating the public on the role of money and the dysfunction of the profit-based economy as the sole objective (de Serres, 2008;FEBEA, 2012). and the social and solidarity economy through a positive selection of the best performing companies in these areas.

However, these social and environmental values remain inseparable from the economic, forcing the bank to comply with financial requirements and keep a fair profit to ensure its viability and economic sustainability (Pudion, 2013;FEBEA 2012). As Olivier Pastré (2006), a French economist, reminds us, "for banks to be more civic in the future, they still have to be profitable" (cited by Gadioux, 2010).

Profitability, although it is no longer the essential motivation of the economic agents concerned, remains an important motivation (Lelart, 2014). However, most of these profits must be reinvested in the social and environmental objectives of the bank itself (FEBEA, 2012).

It is also important to note that the malleable and imprecise nature of the valuation methodologies used by banks makes it difficult to measure the real social and environmental impact of their activities (Lelart, 2014;Roux, 2006).

Although banks consume little compared to other sectors, social and environmental criteria also concern the internal practices of the bank and its staff, from which, for example, objectives relating to energy saving, are expected, water, waste management, travel, etc. (Cheynel, 2010).

Perhaps the most widely used definition, but also the broadest, is that of Freeman (1984) for whom a stakeholder is "any group of individuals or any individual who can affect or be affected by the achievement of organizational objectives" (cited by Mullenbach, 2007, p.111).

According to him, stakeholders are key elements essential to the sustainability of the company.

Thus, there is a double relationship between the company and its environment. Nevertheless, a stakeholder can affect the institution, without being affected by the decisions of the latter and vice versa (Mullenbach, 2007). Clarkson (1995) adds to this definition the voluntary or involuntary character of people who can potentially be affected by a risk related to the activities of the company.

Part of the definition of corporate social responsibility mentioned above, stakeholder management will enable the bank to understand the nature of its relationships with its environment. By reconciling its own objectives with their expectations and demands, it will privilege the role of its stakeholders in explaining responsibility and societal performance (Mullenbach, 2007). Always subject to the imperative of efficiency, the bank will be based more on a vision shared by all, more than on a statute or the simple respect of legal obligations (Roux, 2006). A real management tool that is both strategic and ethical, taking stakeholders into account makes it possible to balance the objectives of managers who are often eager for financial and extra-financial performance, while pursuing long-term interests (Carroll, 1991;Mullenbach, 2007). In this way, the bank will favor transparency, the quality of governance and financial profitability towards its stakeholders (Carroll, 1991;Pudion, 2013).

The bank will build its general policy in terms of compliance and responses to stakeholders, which will give it external validation (Pudion, 2013). It will most often be set up in a form18 allowing a large participation of employees, shareholders or members, so that they have a direct influence, through payment methods for example, on the strategies of the bank. (FEBEA, 2012).

From a perspective where profit is not the only element that guides the bank's actions, the latter will develop a set of means allowing stakeholders to express themselves and be informed (Pudion, 2013).

By maintaining this idea that profit is not an objective in itself but only a means of achieving an economic balance, it must be obtained with respect for the integrity of the various stakeholders and be distributed equitably between them (Cornée, Kalmi & Szafarz, 2016;Roux, 2006). The ethical bank also adopts a role of "dissemination" of its business model with stakeholders.

As a vector of economic activity, it is an incomparable means of propagation to filter and demand socially responsible behavior on the part of its clients and investors (de serres, 2008).

The difficulty lies in selecting the stakeholders to be taken into account in the decision-making process, especially when they have different expectations, values and interests (Pudion, 2013;Carroll, 1991). Three criteria can be taken into consideration to define their relevance and priority (Mullenbach, 2007).

1-Their power to influence organizational decisions. It will impact the strategy adopted by the bank towards its environment, in particular thanks to the resources that its stakeholders control and the degree of interdependence they have with the firm.

2-Their legitimacy. It is the activity of an entity: they must be desirable and appropriate to a certain socially constructed system of norms, values and beliefs.

1-Their urgency. It is linked to the bank's reaction time to them. (Mullenbach, 2007). In the case of banks, investors are a crucial stakeholder. By investing in ethical banks, they want society to use their savings to finance socially responsible projects and businesses.

2-It then appears that these investors do not expect to have as high a return on investment as in a traditional bank and are therefore ready to sacrifice part of their profit for the profit of the shares preferred by the bank.

As for so-called "motivated" investors, they obtain satisfaction when dealing with ethical banks and will favor these intermediaries as long as the contract conditions are affordable, compared to what traditional banks offer (Cornée, Kalmi & Szafarz, 2016). The rise of shareholders within firms, which we discuss in more detail in the next chapter, has given rise to powerful debates on corporate governance practices.

In particular, on the excessive remuneration of CEOs and bank managers. While executives consider maximizing shareholder profit as a priority, new financial indicators are being released to help better align managers' objectives with those of shareholders.

Thus, a remuneration policy is defined in relation to the return on investment of the shareholders. Companies have seen the establishment of compensation committees whose role is to formalize and adopt decisions related to this area. In the USA, in the 1980s, the executive compensation policy was the subject of much criticism because it was still too insensitive to changes in company performance.

To remedy this, two avenues were exploited. On the one hand, this involves asking executives to invest part of their compensation in the form of shares. On the other hand, some bonuses are awarded directly on the basis of stock market performance. This option poses a problem: how to isolate the performance that is directly attributable to the leaders themselves? (Mottis & Ponssard, 2000).

The allocation of variable portions (bonus) based on the results obtained has made executive compensation more volatile. Performance must be assessed over a predefined period, during which employees are committed. The more the commitment is made over the long term, the greater the incentives, to the detriment of an ability to adjust to deal with unforeseen events.

Remuneration policies have evolved considerably since the last years of the 20th century (Mottis & Ponssard, 2000). Within ethical and social banks, it is necessary that financial criteria leave a legitimate place for criteria that take into account non-financial aspects and long-term performance. These aim to respond to a more general objective between individual and collective incentives. However, when the criteria become too numerous, the development of a remuneration system can become very complex. Indicators can convey contradictory messages at the risk of diluting their effective impacts (Mottis & Ponssard, 2000).

Although ethics does not seem to find a clearly defined place in this financial capitalism, Friedman, ardent defender of liberalism and for whom the social has nothing to do with the businessman, nevertheless says that it is necessary: to do as much money as possible by following the ground rules, both those embodied in law and those embodied in ethical custom "(cited in Carroll, 1991, p.46).

The banking and financial management drifts mentioned above led to the financial crisis. These events had the consequence of reinforcing the challenges linked to banks and seem to have contributed to reinforcing consumers' enthusiasm for alternative finance and the banks which participate in it (Gadioux, 2010).

An ethical framework, specific to the banking sector, seems to have to be integrated into an overall risk management policy. CSR is an increasingly popular frame of reference with banks because it is increasingly emerging as an ethical approach, in particular since the 2008 crisis (Lelart, 2014).

Based on the principle of solidarity, a protection liable to limit the disruptive effects of the expansion of the market economy, the solidarity economy developed in the 19th century.

Despite an industrial revolution, reinforced by liberal ideology, which gradually blurs the solidarity economy, there are still some traces of it.

he solidarity economy in fact returned at the end of the 19th and beginning of the 20th centuries, taking on a political dimension towards "another economy" from the 1960s (Laville, 2001).

While social actors are proposing an alternative globalization, their ambition is to promote financial practice as a tool for social mobilization.

The ethical investments practiced by religious communities and which are limited to ruling out certain immoral activities, are gradually giving way to a movement of socially responsible investments whose central questions are those of human rights, labor law and the environment (Gendron & Bourque, 2003). As paradoxical as it may seem, it is in the United States that the first social banks appear today, following student protests and emancipatory movements that began at the University of California, Berkeley (Roux 2006, Benedikter, 2011).

Thus, during the 1960s, American activists of the civil rights movement who took a stand against the Vietnam War joined religious communities, quickly giving the criteria of financial management a more social character (Gendron & Bourque, 2003). Between the 1970s and 1980s, major concerns such as global poverty, gender inequality, financial exclusion, unfair international trade relations, and the impact of pollution on the environment and global warming made a difference. the object of social and environmental movements (Weber, 2012).

The question raised is then to determine the contribution of the financial sector on these concerns. The participation of banks in the financing of dictator regimes, and particularly that of apartheid in South Africa, allowed the development of international social finance to reach the European continent (Gendron & Bourque, 2003;Weber , 2012).

While ethical finance remains stuck in an exclusionary approach (don't invest in ...), Leon

Sullivan, an African American activist, offers an engagement approach. The placements must now be used to change the behavior of companies, in particular by being actors of reforms of the apartheid regime, through the voluntary application of non-discriminatory employment policies. At the end of this dictatorial regime in South Africa, it was the environmental cause that breathed new life into alternative finance (Gendron & Bourque, 2003).

In the 1990s, the SRI movement continued to grow in favor of a diversification of themes. One consequence of globalization is to report on working conditions in southern countries, including that of children. Social concerns are also added through the development of communities in difficulty in northern countries (Gendron & Bourque, 2003).

In recent years, we have also seen the opening of a few social banks with the aim of addressing these issues by providing financial and banking services to those who traditionally do not have access to them or to encourage investment in them. green energy, social housing, etc. (Weber, 2012). Capitalism produces periods of economic crisis whose roots are intrinsic to its functioning: it generates periods of exaggerated, invasive production capacity (Allen & Santomero, 2001). Social structure accumulation (SSA) theory tells us that when a particular form of capitalism enters a phase of crisis, the latter ends with a new form of capitalism or a transition that may go beyond capitalism.

As we have seen, ethical finance is necessary for the system of financial capitalism (Kotz, Mcdonough & Reich, 1994;Roux, 2006).

Therefore, one can expect to have a more profound change than the simple rescue of the financial system (Kotz, Mcdonough and Reich, 1994). It is when a recession is long and severe that a radical change can take place (Kotz, Mcdononough and Reich, 1994).

The arguments for a social alternative to capitalism can potentially hold true for millions of people. However, this first requires a proactive action to put banking activity at the service of society.

Recent initiatives prove that banks can still innovate to meet collective "well-being" and the expectations of the population (eg: SRI, microfinance, etc.). These, in the minority, cannot, on their own, counterbalance the abuses of the financial system that led to the 2008 crisis.

Transnational regulation is therefore essential in order to better control financial markets and anticipate crises (Barbot, 2010). The loss of legitimacy of conventional banks endangers the current dynamics of financial capitalism.

What made capitalism tolerable until now was the shared conviction that the development of finance served the common good. However, the last crisis shows the weaknesses of the financial sphere and its control. It cannot have the social utility that is given to it. It is this awareness that directly threatens financial capitalism (Barbot, 2010).

While the markets were claimed to be more efficient without government intervention or with limited intervention, banks still came to ask them for huge sums in order to get out of their Financial institutions have shown (too) risky and irresponsible behavior. Politicians, businessmen, academics and bankers understand that the bank would benefit from returning to its main function, which is intermediation. There is a growing demand for strong, sustainable, transparent and socially responsible banks (Sheire & de Maertelaere, 2009).

CSR, for its part, makes it possible to control an important issue for banks: reputation risk. The denunciation of certain practices is likely to damage their image, consequently the behavior of their consumers and ultimately the financial value. The level of reputational risk control can influence long-term shareholder value.

The risk of non-compliance previously mentioned is also linked to it (Gadioux, 2010). In a postcrisis situation, banks are trying to rebuild their reputation in the face of public opinion, the management of extra-financial risks makes it possible to better manage intangible assets such as the reputation and image of the organization (Pudion , 2013).

Conclusion

In addition to financial value, a bank's reputation and image give it social legitimacy, which largely guarantees the survival of an organization (Pudion, 2013;Roux, 2006).

Adopting ethical and responsible behavior can be a source of competitive advantage. There is a certain convergence between CSR and economic performance which means that CSR is no longer just a matter of values but is integrated more and more closely into the management of the company (Cheynel, 2010). The activities of recent years, allowing direct financing more accessible on the financial markets, seriously compromise the activity of so-called relational bankers.

Relationship banking has a distinct role to play and can be a rewarding intermediation activity (Boot, 2000).

Therefore, favoring a selective and transparent behavior allows the maintenance of a credit relationship with the borrowers. They then obtain a competitive advantage in lending and simple local intermediation relationships (Cornée, Kalmi and Szafarz, 2016). This close relationship between the bank and the borrower helps to solve the problems of information asymmetry between the actors, and therefore helps to strengthen this important role of banks (Boot, 2000). A customer who borrows long term from a bank allows the bank to observe the activity on his accounts and to deduce the behavior of the borrower, for example. If that same client wishes to continue working with this bank, their long-term relationship may encourage them not to invest too much in high-risk activities and will more easily comply with the bank's policies. This has the advantage of reducing the costs of collecting information (Mishkin, 2013).

Finally, banks are relatively active when it comes to evaluating company and staff practices, in terms of environmental and social consequences. They have all taken steps to save energy and protect the environment. Thus, banks post targets in relation to their consumption and aim to achieve a carbon neutral balance sheet which leads them to buy emission credits to reduce their CO2 emission quota. Banks obtain various certifications attesting to their efforts (ISO 140001

for their environmental management, for example).

Today, some so-called social or ethical banks are succeeding in establishing themselves in the banking system. The latter defend and respond voluntarily and with a high level of involvement to the criteria of transparency, social inclusion, management of social and environmental risks, and consideration of stakeholders. Conventional banks need to get involved in alternative experiments by drawing inspiration from models operated by social and ethical banks.

It should be understood that corporate social responsibility is indeed part of the strategic policies of banks, but they do not apply it in an ethical manner. In order for conventional banks to operate voluntarily and deeply towards more ethics, it is necessary that their clients orient their interests towards more sustainable development.

Introduction

To talk about consumer protection with regard to the Public Procurement Regulatory Authority (ARMP) 'it is necessary to consult article 2 d of April 25, 2007' which is responsible for "initiating the drafting and validating, in collaboration with the central entity responsible for the control of public contracts and public service 'the competent technical ministries and professional organizations and civil society' the application texts relating to public contracts and public service delegations 'in particular' the documents-types and manuals of procedures "

A: Product safety and product liability

1-Laws on Product safety

One of the most effective ways to enhance the safety of consumer products is to enforce general safety requirements for both domestic and imported products. In accordance with paragraph 17 of section V of resolution A / RES / 70/186, the general product safety obligation requires producers to provide a product that is safe, and generally that is "reasonably" safe.

-General Security obligations

This does not mean that the producer is supposed to provide a product that is risk-free -either the product will be risk-free or it will present only minimal risk. For example, the Malaysian Consumer Protection Act (1999) provides a general safety obligation which imposes obligations on companies with regard to the following aspects: the manner and objectives of the marketing of the product, the appearance and the '' appearance of the product, the use of any mark in relation to the product and any instructions or warnings concerning the storage, use or composition of the product

In 2011, the Group of Twenty developed the principles of financial customer protection to become a high level These principles are used by financial bodies around the world to develop their financial systems, especially those related to the customer.

Product safety laws are designed to regulate the designing, manufacturing, distribution, sale, and resale of products. The main purpose of such laws is to ensure that consumers are safe from dangerous products, and that they receive adequate warnings of potential dangers associated with the product. Product safety laws often change as the different types of products on the market also evolve.

In some cases, product safety laws also make mention of the consumer's duty to consider their own safety. The Consumer Product Safety Act of 1972 was created to provide a standard to prevent any risks and dangers that are associated with consumer products. The products are also recalled if they are found to dangerous or hazardous in nature.( Product Safety Laws, https://www.legalmatch.com/law-library/article/product-safety-laws.html)

The main purpose of Product Safety Laws are:

-To Protect the Public against unreasonable dangers and risks of injury associated with products used by consumers -To assist users of products to evaluate safety of consumer products -To develop a uniform safety standard for products to minimize state and local regulations involving products -To promote more safety regulations and promote research into the causes and prevention of product related death, injuries, and illnesses.

Principle 1: Fair and equitable treatment Banks should deal fairly, honestly and fairly with customers at all stages of their relationship, so that this is an integral part of the culture of the bank. Special care and attention should be given to clients with limited income and education, the elderly and people with special needs of both sexes.

Principle 2: Disclosure and transparency

Banks should update the information on services and products provided to customers, so that it is clear, concise, easy to understand, accurate, not misleading, and can be accessed without trouble, especially its main terms and features. This should include clarifying the rights and responsibilities of each party and details of the prices and commissions charged by the bank, fines, risks, the mechanism of terminating the relationship and its consequences, in addition to providing information on alternative products and services offered by the bank.

Principle 3: Financial education and awareness

Banks should put in place appropriate programs and mechanisms to develop the knowledge and skills of current and future customers, raise their level of awareness and guidance, and enable them to understand the basic risks and help them

In making informed and effective decisions, and directing them to the appropriate authority to obtain information in case they need to do so.

Principle 4: Business Conduct and Ethics

The bank should work in a professional manner in the interest of the customers throughout the relationship between them, as the bank is considered primarily responsible for protecting the financial interests of the customer. Banks should provide an appropriate mechanism for customers to submit their complaints so that the mechanism is fair, clear and effective, through which complaints are followed up and handled without delay in accordance with the relevant institution's instructions.

Principle 8: competition

Customers should have the ability to search and compare the best services, products and their providers, and to switch between them easily, clearly and at a reasonable cost.

Principle 9: Third parties Banks must ensure that the external parties that are assigned tasks comply with the requirements of these principles and that they work for the interests of their customers and bear the responsibility to protect them. In the attribution instructions issued by the institution.

Principle 10: Conflict of interest

The bank should have a written policy regarding conflict of interest, and it must ensure that the policies that help in detecting potential conflicts of interest are present and applied, and when the possibility of conflict of interest arises between the bank and the third party, such cases should be disclosed.

-consumer information and education

"Consumer education can be various methods of informing your customers about your products "Educating your customers will significantly increase your revenue and dramatically reduce your customer support costs," Smith said. That's because a lack of user resourcesespecially for complicated business softwarewill lead to misuse and other issues with the product.

"When customers are trained on your business tools and industry they are much more likely to adopt your product and become power users who have a longer customer lifetime value."

Consumer education is also a means towards achieving a harmonious and civilized society based on these principles of fairness to all, equity and truth. Through consumer education, consumers are taught not just their rights but also to be more responsible towards their own consumption and environment. This demand by the consumers in return will induce the manufacturers and marketers to be responsible for the products produced and services provided.

Education is to enable the consumer to function effectively and responsibly in an increasingly complex market place. Consumers have to not only understand the complexity of the market place but also the safety measures introduced for their protection and their role within it.

Earlier conceptions of consumer education emphasised its role in producing consumers who could act effectively, i.e. safeguard their own interest and that of their families. The paradigm was essentially 'Value for Money' and it focus primarily on household. By the end of the 1970s consumer education changed to reflect the growing influence of consumerism. The paradigm became 'Rights and Power to the Consumer' and the focus that of market structures.

The curriculum approach was to include it within social studies and emphasise the empowerment of consumer organizations, the development of consumer policy and legislation.

By the 1980s there was a significant value change in consumerism. Social and green consumerism emphasised 'Quality of Life' with a focus on society and environment (Cross, 1993).

According to Aziah Hashim et.al, (2002), consumer education is a means of providing knowledge to consumers so that the individual consumer would be able to develop or acquire the skills, aptitude and values needed to become a responsible and responsive consumer in market place as well as in the society.

Fazal & Singh (1991) stated that consumer education in four aspects which are related to four core reasons why consumer education is needed. They are Informed Choice (Consumers must have knowledge about goods and services by learning and getting more information about it),

Value System (Consumers must learn how to share and care as consumers are part of the society), Recognition of Responsibilities and Rights (There are three distinctive roles, as workers, consumers and citizens.

It is important to articulate and understand both responsibilities as well as rights as consumers)

and Catalyst for Action (Consumer education must catalyze action. They must become aware of the available avenues of consumer complaint and redress and learn to use them for their benefit). For example, Hartlieb & Jones (2009) emphasize the importance of ethical labelling for humanizing business images.

The function of ethical labelling is to saliently develop the ethical qualities into product features so that customers become aware and have knowledge on the critical aspect which is expected to influence consumers' decisions or behaviours. Meanwhile, Dommeyer & Gross (2009) examines the role of customers' awareness and knowledge in the area of consumers' private information invasion by direct-marketers. Their findings indicate that male and younger people have more awareness on privacy-related laws and practices. As a result, these groups have adopted specific strategies to protect themselves from the invasion syndicate. Another study by Donoghue & de Klerk (2009) had emphasized on the consumers' traits and psychological characteristic for explaining consumers complaining behaviours.

Chartrand (2005) stated that awareness is an element that appears in the human automatic process. The automaticity can involve conscious or unconscious course of actions.

The process is comprised of environmental features; automatic process and outcome.

According to Chartrand (2005) consumer's awareness (either consciously or unconsciously)

precedes the control, modification, elimination and change in human behaviours and decisions.

Thus, effective consumer education can only be materialized through awareness. Consumer education should also lead the consumers to the recognition of their rights as consumers.

They must be motivated to take action to protect as well as advance these rights therefore The International Organization Consumers Unions has articulated 8 basic rights of the consumers (Fazal & Singh, 1991). They are: x Basic needs:

The right to basic goods and services which guarantee survival: adequate food, clothing, shelter, health care, education and sanitation. x Safety: The right to be protected against the marketing of goods or the provision of services that are hazardous to health and life. x Information: The right to be protected against dishonest or misleading advertising or labeling. And the right to be given the facts and information needed to make an informed choice. x Choice: The right to choose products and services at competitive prices with an assurance of satisfactory quality. x Representation: The right to express consumer interests in the making and execution of government policy. x Redress: The right to be compensated for misrepresentation, shoddy goods or unsatisfactory services.

x Consumer education: The right to acquire the knowledge and skills necessary to be an informed consumer. x Healthy environment: The right to live and work in an environment which is neither threatening nor dangerous and which permits a life of dignity and wellbeing.

As far as consumers' rights are concerned, all form of knowledge can affect consumers' defensive behaviours.

Ignorance in any form of knowledge can deteriorate consumers' capacity to exercise their rights as well as unable to force traders to act in compliance with requirement of consumer protection act and vice versa.

For example, according to Thomas & Mills (2006), current legislation of the Truth-in-Menu

Laws has been established to protect American consumers from fraudulent restaurant practices in terms of nutritional content, health claims, serving size, geographic origin of foods, quantity and quality of food product, methods of preparation, representation of merchandising items and misbranding.

However, the law provides flexibilities to the restaurant operators to provide nutrition information upon request from customers. Due to American consumers' knowledge on the provision of Truth-in-Menu Laws, they have requested the restaurateurs to provide more nutrition information on the menu.

Such action reiterates the role of consumer knowledge and awareness in advocating effective consumerist behaviours as well as disciplining the traders.

Equipping consumers with:

-knowledge, attitudes and skills -ways of managing these Provided through education / instruction / information in widest sense Players: government, business community and consumer organisations Tool for influencing, improving consumer behaviour Help for consumers choosing products, handling information selectively and asking the right questions (Regular) consumer education will strengthen the link between consumer behavior and consumer concerns This will also strengthen the link between consumers and entrepreneurs (CSR)

3-Supervisory of Banking consumers

The Saudi Arabian Monetary Agency (the Corporation) is the monitor and supervisor of financial institutions licensed by it and authorized to operate in the Kingdom of Saudi Arabia (banks and finance companies, including financial leasing companies, real estate finance companies, insurance companies, exchange companies, and credit information companies)

Since the issuance of the Corporation's Articles of Association in 1952 and the Banking Control

Law in 1966, it has been working to protect the interests of the client and to ensure that.

Financial institutions deal with clients in a fair and professional manner. The role of the institution gradually evolved with the expansion of the financial sector, where in 2005 it became responsible for the insurance sector under the cooperative insurance companies control system, and in 2012 it also became responsible for monitoring and supervising finance companies, which expanded its role in the field of enhancing client protection.

Best practices in the field of financial services indicate that there is a tendency in a number of countries to follow up on the mechanism of developing new products and services by financial institutions and the mechanism of selling them to customers, providing them with advice and compensation when any problem arises or if a complaint is desired. Many studies have been conducted on these issues and the results indicated that fair treatment towards the customer leads to increased profit and contributes to raising the level of customer satisfaction.

In view of the growth and development of the financial sector in the Kingdom, the Corporation continues to review these developments and issue appropriate regulatory instructions to develop the principles of client protection. Among the strategic goals of the institution is for the client who deals with financial institutions to obtain a fair treatment with transparency, honesty and trust, as well as obtaining financial services and products with ease and ease at an appropriate cost and high quality

The bank is responsible for protecting the customer's data and maintaining its confidentiality, whether the data stored with it or with a third party. (Principles of Banking Client Protection, Saudi Arabian Monetary Agency, Customer Protection Department, June 2013).

To support this effort, the Consumer Protection Advisory Committee (CPAC) was established to engage and consult a wide range of stakeholders on financial consumer protection issues.

CPAC is a forum of public, private and non-profit organizations, as well as individual experts, with the following objectives: The bank must comply with the institution's instructions regarding the controls for handling complaints in accordance with the relevant institution's instructions, with an emphasis on documenting messages to its mobile phone. The complaint is received and the complainant is provided with a main reference number for use in following up his complaint. The bank shall place the complaint mechanism in a clear place in the bank's building and all its branches and include it on the bank's website and provide a copy -Written to customers if they wish to receive it in writing.


-The complaint mechanism should include the following:

. Procedures for submitting a complaint and the required documents (the client has the right to submit -Complaint directly to the branch, through the call center, or via Fax, through the bank's website, or through any channel Other appropriate to be determined by the bank. The department responsible in the bank for studying the complaint.

The name of the official and the phone number to which the customer calls when needing to follow up on the complaint.

The expected time period for informing the objector regarding his complaint shall not exceed ten working days from the date of submitting the complaint.

The bank shall communicate with the complainant and inform him of his complaint within a week from the date of receiving it. The bank should document the channel used to communicate with the complainant and keep its records. (Principles of Banking Client Protection, the saoudien investissement bank, June 2013).

4-Financial Consumer Protection in The Kingdom of Saudi Arabia

Banks and other financial institutions operating in any country of the world have to operate under some form of regulation and supervision enforced by a Central Bank, a Monetary Authority, or an independent regulator such as the UK's Financial Services Authority (FSA).

Given the importance of the financial sector to the economic wealth of nations and public confidence, one of the major objectives of bank regulations is to reduce the risk of failure, contagion and systemic risk in the financial system (Corrigan, 1985(Corrigan, /1986;;Rose, 1999).

This became self-evident during the most recent financial upheavals and the various responses of world financial regulators to contain the crises. Bank regulations are designed to prevent financial institutions from becoming too risky in their services. This is based on the need for such regulation and that banking, by its very nature, could be prone to market failure by assuming too much risk. If this were to materialize, the costs imposed on society as a whole by such a failure could exceed the direct and indirect costs of regulating the banking system (Spong, 1994;Peltzman, 1976;Hoening, 1997).

SAMA sees its main roles as follows: issuing the national currency the SR; acting as banker to This has resulted in SAMA adopting a basically Western central banking approach in terms of bank supervision and risk management (Dukheil, 1995). As such SAMA will, by and large, implement global regulatory supervisory policies that may be adopted following the financial crises of 2008.

Saudi banking regulation and supervision Independence of central banks to perform their mission without coming under political or other pressure from governments is critical to the success of central bank policies and retaining public confidence (Woodward, 2000;Alesina et al., 1993).

Some have defined two different types of independence of central banks -"instrument independence," or the ability of the central bank to set monetary policy instruments and "goal independence," or the ability of the central bank to set the goals of monetary policy (Fischer, 1993). The SAMA seems to possess both types of independence, but as will be examined later, it is restricted in "goal independence," given the fixed rate parity of the Saudi Arabian currency the SR to the US dollar (Jasser, 2002). Research seems to support the conjuncture that macroeconomic performance will be improved by making a central bank more independent (Friedman, 1982).

When central banks are ranked from least independent to most independent, inflation performance is found to be the best for countries with the most impendent of central banks.

Others (Posen, 1995) The global financial situation has brought a lot of attention on how the financial services industry develops new products and services, how these are then sold to consumers and how consumers are offered consultation and redress when they have an issue or complaint.

International bodies including 'G20', 'Financial Stability Board (FSB)' and the 'Organization for Economic Co-operation and Development (OECD)' are discussing new or revised standards and principles in the area of consumer protection. As the Saudi Arabian financial sector evolves and grows, SAMA will continue to review these developments and decide on appropriate legislative, regulatory and organizational changes to provide the level of consumer protection expected from a country that is a member of the world's main economic and financial organizations.

SAMA is now setting an objective that those consumers who have dealings with licensed financial institutions in the Kingdom of Saudi Arabia will receive the expected level of fair treatment, honesty and ease of access to financial products and services.

-Financial Consumer Protection Implementation Model

This figure is the financial consumer protection model that describes how SAMA is taking a leading role in promoting transparency, fairness and ease of access to financial products and services for consumers, especially in the resolution of consumer complaints.

SAMA sets out the conduct expected from financial institutions through various regulations, policies and issued instructions and by making sure of the commitment of the institutions to apply these requirements.

-Protecting banking customers in the Kingdom is a desirable strategic objective which SAMA constantly seek to achieve by urging banks to provide the required standard of fair, faithful and financial inclusive treatment.

The principles of banking consumer protection will assist in achieving the desired objectives because it will be applicable to all banking activities licensed by SAMA. Also these are applicable to any third party (external) hired by the banks to accomplish some functions.

The principles cover individual banking and customers (current and future), but for the other customers such as small and medium establishments, commercial companies and other legal entities, a specific instruction will be issued for them.

-These principles are binding for banks and complementary to the instructions and guidelines issued by SAMA and must be implemented for dealings conducted with individual customers maximum.

-Banks shall provide a free (free of charges) paper copy of these principles at all its branches and handover a copy thereof on commencement of a dealing or when the customer get a new product or service, and must also be displayed at the bank's website.

-The bank shall provide all records, documents required by SAMA in this regard -These principles were issued based on the powers vested in SAMA under the following laws and regulations: -Be honest with the information you provide: Always give full and accurate information when you are filling in any bank documents. Do not give false details or leave out important information -Carefully read all information provided by your bank: You will receive full details on your subsequent obligations when you obtain a service or a product. Make sure you have reviewed and understand the details of your obligations and that you can comply with them.

(i)
-Ask Questions It is important to ask questions to bank employees about anything that is unclear or a condition that you are unsure about. The staff will answer any questions in a professional manner to help you in your decision making.

-Know how to make a compliant Your bank will provide you with details on how to complain and the timeframe for their response. You can be proactive in using this service and knowing how to escalate your issue to higher levels, if appropriate.

-Use the product or service in line with the terms and conditions Do not use the product or service, except in accordance with the terms and conditions associated with them, and after making sure of your complete understanding.

-Avoiding Risk Some financial products or services carry varying risks and your bank should clearly explain these to you. Do not purchase a product or service where you feel the risks do not suit your financial situation.

-Apply for products and/or services that meet your needs When making a request for a product or service, you should make sure that is suits your needs. You must disclose all financial obligations with all parties to ensure the decision is based on your ability to meet your additional obligations after contracting for the product or service.

-Report Unauthorized transactions to your bank If you have discovered unauthorized transactions on your account, you should report this to your bank immediately.

-Do not disclose your banking information. Under no circumstances should you provide any bank account details or other sensitive personal or financial information to any other party.

-Talk to your bank if you are encoun tering financial difficulties. Talk to your bank and seek advice if you face financial difficulties and you are unable to pay the minimum required installments (such as personal finance and credit cards).

When talking to your bank, you can discuss available alternatives for rescheduling that will enable you to fully discharge your obligations.

-Updating Information. You should update your personal information, including contact information, so that it is updated continuously and also when so requested by the bank. You are responsible for failing to provide all relevant information to the bank.

-Your mail address. Use your own mail address (regular mail and e-mail) and contact numbers when giving these informations to your bank. Do not use other addresses that are not belong to you such as friends or relatives mail addresses which can expose your financial information to others.

-Power of Attorney. Be careful when you give Power of Attorney for completing your financial dealings. Know what information that you are giving access to and to whom you are giving power over your financial matters.

-Do not sign uncompleted forms. Make sure all of the required fields and numbers are completed in a form that is presented to you for signing. Do not sign empty or partially completed forms.

-Review all of your information. Review all the information recorded by you in the operation forms to ensure that no errors are made in the account number, amount, or the beneficiary details. Your signature is an approval and agreement of the document content.

-You have right to Keep copies of your documents. The bank should provide you with a copy of signed contracts and other relevant documents and papers. Keep all docu ments in a safe place.

-Main Obligations This section includes details of the obligations and banking service regulations which support the general principles for protecting consumers.

-Updated Terms and Conditions shall be available to consumers through the bank's channels preferred by themsuch terms and conditions may be included in a booklet or a brochure and to encourage consumers to peruse it before obtaining a product or services.

-The Bank shall advise consumers of any changes in the terms and conditions at least within 30 business days before implementing any changes.

-All terms and conditions must be included in the application form of the product or service.

The consumer shall fill in the form in Arabic Language and the form must be clear and not

misleading. An English copy may be provided to the consumer upon request.

-Terms and conditions and the application form must include cautionary statements indicating clearly the possible consequences on the consumer if the product or service is used in violation of the terms agreed upon in the application form. (Banking Consumer Protection Principles)

B-The settlement of consumer disputes and their repair

1-Electronic commerce

In an increasingly digital environment for financial products and services with the potential to support greater financial inclusion and inclusive growth, the need for effective financial consumer protection is more important than ever.

At the same time, the policies and approaches developed and adopted by financial consumer protection authorities need to evolve and adapt in line with the environment. In light of this, a key workstream of the G20/OECD Task Force on Financial Consumer Protection ("the Task Force") is to consider the implications for policy makers, oversight bodies and financial consumers of ever greater digitalisation of financial services in terms of financial consumer protection policy and the regulatory challenges and opportunities arising from financial innovation.

Among other things, the Task Force is responsible for the High-Level Principles on Financial Consumer Protection ("the Principles"), which set out the foundations for a comprehensive financial consumer protection framework.

The principle has been adopted by the OECD and endorsed by the G20 The finance company shall communicate with consumers by using at least two preferred means of communication for example, but not limited to, e-mail, registered mail, SMS and telephone.

The company may also use its main channels (branches and website) as well as the media (audio, visual, printed, etc.) for marketing its financing products and services by using advertisement and marketing methods it deems suitable for the targeted segment of the public, in accordance with rules, regulations and instructions issued by SAMA and having regard to the other relevant rules.

-The finance company shall ensure that the notice sent does not contain any personal information of other consumers when sending notices or advertisements to more than one consumer by e-mail or any other means of communication.

-The finance company shall ensure that advertisements or promotional materials using promotional prices or introductory prices indicate the expiry date of these prices and offers.

-The finance company shall ensure that advertisements which include abbreviations such as

The Annual Percentage Rate (APR) are explicitly explained.

-The finance company shall not send any marketing materials on financing products that contain unsuitable risks for individuals under the age of 18.

-The finance company shall grant the consumer the right on a permanent basis, to refuse receiving these advertisements in easy ways.

-The finance company shall ensure that the advertisement is clear, professional, not misleading and in a clear font including margins. Phrases should be in formal Arabic with the possibility of using other languages easy to understand such as English. The advertisement should not harm other companies' interests or distort the reputation of the financial sector.

-SAMA has the right to require the company that does not comply with the conditions set forth in this article to withdraw the advertisement within one business day from the notification of SAMA.

Article L612-1 of the Consumer Code:

Any consumer has the right to have recourse free of charge to a consumer mediator with a view to the amicable resolution of a dispute between him and a professional. To this end, the professional guarantees the consumer effective recourse to a consumer mediation system.

Alternative Dispute Resolution (ADR) allows disputes to be resolved outside of traditional judicial channels with the assistance of an impartial dispute resolution organization. ADR is easier, faster and less expensive than litigation.

There are several types of OER, such as:

mediation; -Conciliation ombudsmen;

arbitration complaints offices.

Alternative dispute resolution bodies in each EU country

There are a large number of alternative dispute resolution bodies in the EU. ODR through one of these bodies is possible for most types of products or services (healthcare or higher education disputes are not handled by these bodies).

It doesn't matter where you bought the product or service -online or in a store -or whether the trader is based in your country or in another EU country.

On the online dispute resolution platform, you will find a list of alternative dispute resolution bodies by country.

Disputes about online purchases

If your dispute is about an online purchase, the Online Dispute Resolution (ODR) platform allows you to file a complaint online with an ODR body in any language and in any EU country.

(European committee).

Generally, the process is done entirely online. It takes about 90 days once you have chosen an OER organization and is provided free of charge or for a nominal fee.

The emergence of online retailing, albeit in times of crisis, is in line with some of the goals of To help spur this growth and ensure the long-term viability of the segment, the government has also sought to improve the regulatory framework. In October last year, the government implemented the E-Commerce Law, designed to regulate digital payments and improve transparency, while on Jan. 31, the then Ministry of Commerce and Investment-now called the Ministry of Commerce-adopted the E-Commerce Law's implementing regulations, adding more oversight in areas such as personal data protection, consumer rights and disclosure requirements.

In addition to e-commerce, the COVID-19 pandemic has had a significant impact on other sectors of the Saudi economy. Most importantly, the outbreak has led to a significant drop in global demand for oil, which has contributed to a drop in the price of oil from its yearly high of just $69 on January 6 to $26.82 at the end of March.

With oil responsible for 63 percent of national income, according to IMF projections, the sharp drop in prices will put significant pressure on government budgets. "The impact of Covid-19 -and the more recent fall in oil prices -on foreign trade will affect the Saudi balance of payments this year and beyond. The magnitude of this impact will largely depend on Saudi oil export prices," Hans-Peter Huber, chief investment officer at investment bank Riyadh Capital, told OBG.

"On the other hand, as there are significant travel restrictions worldwide, the virus will affect both inbound and outbound tourism, so the net direct impact of COVID-19 on the balance of trade should be relatively small. In addition, lower oil prices and the virus-related blockade are expected to result in lower domestic growth, which in turn has a buffering effect on import demand," he added. In addition, the Economist Intelligence Unit has forecast that the Saudi economy will contract by 5 percent this year, which is lower than the initial forecast of 1 percent growth. ( Oxford Business Group)

The Riyadh Chamber of Commerce, represented by the Business Support Sector Observatory, published a report on the reality of e-commerce in the Kingdom of Saudi Arabia, with the aim of identifying the importance of the sector at the global and local levels, and advancing it through the data of government institutions concerned with this issue.

The report pointed out that the increasing availability of the Internet and social networking sites has led to an increase in opportunities to practice e-commerce during the current year, revealing several reasons that have enabled the growth of e-commerce at present. The report added that the most important reasons that have boosted e-commerce are the ease of use of the Internet in the world, the increase in the value of sales (payment growth), the high economic performance, in addition to the coronavirus. (Saoudi press agency).

Banks and their collateral managers can better monitor the execution of the transactions they are financing, an important factor when it comes to financing commodity trade. Depending on industry demand, electronic warehouse receipts could also be linked to the system, for example to start the chain of financing coffee to be purchased, processed for export and shipped. Coffee could also be offered for sale on commodity exchanges such as New York and London linked to systems such as eCOPS.

All parties involved, including bankers, can see the progress of the commodity and thus the progress of the transaction.

Shipping documents are prepared, issued and transmitted more quickly, allowing for faster payment.

Turnover is faster, which means more transactions for the same amount of working capital, or less working capital needed.

Costs are lower: less interest, no errors, no lost or late documents, no arguments, no waiting for shipping documents.

Sellers have more control. So do importers and roasters, who can track the coffee and documents.

In some consuming countries, special arrangements are in place to clear coffee through customs before it arrives, allowing for direct shipment from the ship to the final destination. This could allow many more exporters to move closer to the just-in-time supply systems of large roasters.  AI systems should be designed in a way that respects the rule of law, human rights, democratic values and diversity, and they should include appropriate safeguardsfor example, enabling human intervention where necessaryto ensure a fair and just society.

 There should be transparency and responsible disclosure around AI systems to ensure that people understand AI-based outcomes and can challenge them.

 AI systems must function in a robust, secure and safe way throughout their life cycles and potential risks should be continually assessed and managed.

 Organisations and individuals developing, deploying or operating AI systems should be held accountable for their proper functioning in line with the above principles.

It should be noted that there are real differences within this category, with banks leading the way with more than half of those surveyed saying they trust them to handle their data.

The stakes in terms of image issue is therefore particularly strong for players in the banking sector: they will have to live up to their customers expectations of their customers if they want to maintain their position as the number one trusted partner.

trustworthy partner. In second place, an intermediate category

In second place, an intermediate category encompassing the players of daily life: transport operators, energy transport operators, energy suppliers, etc.

These historical B2C players are in the process of carrying out their digital transformation at full speed and can reap the benefits of this trust already present.

Banks, the number one trusted partner

The concept of privacy, which has been evoked since antiquity, has been present for several hundred years in for several hundred years in various legal texts.

of law. It took shape in 1948, when it was included in article 12 of the being included in article 12 of the Universal Declaration of Human Rights: "No one shall be subjected to arbitrary interference with his privacy (...).

Everyone has the right to the protection of protection of the law against such interference or against such interference or intrusion".

The regulation around the protection of personal data is much more recent.

This notion is directly linked to the development of directly linked to the development of information technology and the increasing collection of data by organizations and organizations and companies.

Moreover, the market value of the data is an additional issue that the emergence of an international regulatory consensus.

Sweden was the first country to legislate on the subject in 1973. In France, the "Loi

In France, the "Loi Informatique et Libertés" was promulgated in 1978 following the debates the Safari project, which aimed to create a centralized centralized database of individuals.

Without reviewing each of the national laws and their current national laws and their topicality, the analysis of initiatives implemented at regional levels allows us to draw a regional levels allow us to draw a portrait of the major trends at work in terms of privacy protection.

A very important risk linked to the development of these technologies is the generalization of the automation of the decision-making process concerning an individual on the basis of increasingly rich digital profiles.

based on increasingly rich digital profiles.

These technologies make us evolve towards a society in which algorithms decide in our place.

In this context, who has the human aspect? What about the quality and accuracy of the data in our digital profiles? But there are not only risks. These technologies bring many opportunities to improve the quality of life of citizens. For example, the blockchain system is the basis for many innovations in the field of finance, which plays an important role in the Luxembourg economy.

One of the strengths of the new regulation is that it avoids talking about technologies and focuses on the principles and techniques for managing data protection risks. Indeed, as technology evolves, the risks are bound to change. It will therefore be necessary to maintain effective risk management in the long term in line with the evolution of technologies.

(Alessandro Zamboni et autres, LA Vie privée à l'èr e du numérique : au -de l à d e l a co n f o r m i t é , un enjeu de confiance, Éditorial Wavestone 3-Consumer confidence in the digital market -Building trust through a risk management approach: Establish risk management as a principle for developing policies to build trust, including assessing and addressing risks related to technology, data, and trans-border flows. Help small and medium-sized enterprises (SMEs) seize digital opportunities by increasing awareness and promoting good risk management practices through public and private efforts.

An important aspect of digital transformation is the need to build resilience and security to limit potential disruptions to economic and social activities as a result of digital security incidents.

The global nature of the internet facilitates the spread of such incidents across jurisdictional, organizational and industry boundaries, as evidenced by the recent Wannacry, NotPetya and Dyn attacks. (Merck, 2017[11] ; Hufford et Loftus, 2017[12]).

-Develop robust, inclusive and interoperable privacy frameworks: Privacy frameworks promote the free flow of personal data, stimulating growth and social prosperity. Measures should be taken to increase transparency about the purpose and use of the personal data collected and to expand the opportunities for users to access and control their data. Technology solutions can help build trust by integrating privacy processes into the product or service design phase by default. National privacy policies should be supported at the highest levels of government and follow a society-wide approach. More than half of the protections put in place in OECD countries are aimed at increasing individual awareness and empowerment. Encourage interoperability of privacy frameworks across jurisdictions, including through national strategies and other practical approaches.

-Managing digital security risk rather than trying to eliminate it: Threats to digital security, including malicious acts, are on the rise, so much so that nearly 30% of Internet users refrain from sharing personal information on social and professional networks. Moreover, one in four Internet users in the European Union is concerned about the security of online payments. Digital security should not be seen as a mere technical issue, but should become a strategic priority for individuals, businesses and governments. Digital security risk management is the responsibility of all stakeholders in cyberspace.

-Protecting consumers as the physical and virtual worlds converge: E-consumers face issues related to information disclosure, deceptive and unfair business practices, confirmation and payment processes, fraud and identity theft, product security, and dispute resolution and redress mechanisms, including when using connected devices that help blur the lines between the physical and virtual worlds. Terms of use are not an effective way to communicate important information to consumers. In fact, only 17% of individuals read the full terms and conditions of use of matchmaking platforms. This highlights the need for other approaches to protecting consumers on the Internet.

Trust affects many aspects of people's lives -trust in political institutions, government, statistics, the rule of law (institutional trust) or in others (interpersonal trust) . While there is no universally accepted definition of trust, the OECD understands it as "a person's belief that another person or institution will act in accordance with his or her expectations in terms of positive behavior," and has contributed to improving its measurement through guidelines for national statistical offices (OECD, 2017 [1]) and experimental work (Murtin et al., 2018[2]).

Consumer protection in the digital environment is another key requirement for building trust in e-commerce as in the use of new technologies such as machine intelligence. It offers the opportunity to reach new customers and new markets, with broader economic benefits. Building successful e-commerce markets requires more than broadband infrastructure, hosting and payment services, and specialized software.

Finance companies should implement the maximum level of supervisory measures and security procedures to follow up financing processes, protect them against fraud or illegitimate use through using clear procedures and electronic systems that enable them to achieve this goal.

Conflict of Interests Finance companies should establish written policies on conflict of interests.

They should ensure the implementation and existence of polices that help in identifying transactions that are likely to be a source of conflict of interests.

If a conflict of interest is likely to occur between the finance company and any other party, the finance company should inform the consumer of these cases.

-Adequate Resources Finance companies should exercise due diligence to provide human and operational resources that are sufficient and necessary to carry out their business, serve their consumers in all regions of the Kingdom and establish centers suitable for serving consumers and various channels for communicating with them.

-Mutual Responsibilities Finance companies should work on raising the level of knowledge and training appropriate for their employees in order to reinforce the mutual responsibilities through promoting ongoing awareness and education programs provided by finance companies collectively, apart from initiatives undertaken by each finance company for its consumers.

Mutual responsibilities that should be emphasized include the following:

-Honesty in Providing Information Consumers should provide complete and accurate information when filling any form pertaining to the finance company, refrain from providing misleading, wrong or incomplete information, and update the information if needed.

Finance companies' consumer protection principles

-Reading All Information Provided by Finance Companies Consumers should read all details that highlight the obligations incurred in return for a financing product or service and make sure they understand those obligations and are able to commit to their conditions.

-Asking Questions Consumers should enquire about any item or condition laid down in the financing agreement or any other document provided by the finance company in case of lack of clarity, and ask the finance company's employees questions who should answer such questions in a professional and clear manner that helps the consumer takes the appropriate decision.

4-Respect for privacy and data protection

Finance companies should protect consumers' financial and personal information, safeguard its privacy, not use it except for specified professional and regulatory purposes with the consumer's approval, and should not disclose it to any third party without SAMA's permission.

Permanent or temporary employees of finance companies and employees of the third party, whether they are on-the-job or after leaving their posts, should sign the consumer information confidentiality form, ensure not to disclose financial and personal information and limit access thereto to authorized persons only.

WTO and international banking regulation The accession of Saudi Arabia to the WTO in December 2006, has added a new dimension to SAMA's regulatory objectives. In the longterm, SAMA might face cross-border banking and other financial services mergers and acquisitions, with Saudi banks forming international strategic alliances and with foreign banks acquiring interests in the Kingdom (Suhaimi, 2002).

This will test SAMA's cross-border regulatory and supervisory skills. SAMA will also need to supervise foreign-owned financial institutions in the Kingdom whose objectives might be divergent from broader national considerations (SAMA, 2004, Knight, 1998). This was the case in some instances in the 1970s, before the Saudization of foreign banks; and was one of the major factors for the Saudization drive to align national interests with those of the "Saudized" banks.

Following Saudi entry into WTO, wholly foreign-owned banking licenses have been issued.

SAMA feels confident that it has gained sufficient experience from the Saudization era to be able to manage the new circumstances, helped by its active participation and membership in leading international multilateral bodies such as such as the IMF, the World Bank, and the BIS.

Conclusions Financial markets and how they are regulated have a significant effect on the well being of economies and the personal welfare of nations as so vividly highlighted during the 2008 global financial meltdown.

The financial markets have evolved rapidly, introducing new financial instruments with potential risk management implications, if such innovation is left unregulated and which has forced the leading Banking regulation and supervision 247 countries of the world to introduce more stringent and adaptable regulatory tools following the lessons of the most recent crises.

Saudi Arabia, being a member of the G-20 countries, will be able to observe first hand on such regulatory developments and apply the same conditions at home.

The Saudi Arabian economy is one of the more important developing economies of the world, with the Kingdom holding around a quarter of the world's proven oil reserves (Cordesman, 2003). A well-regulated and efficient Saudi financial sector is thus important, not only for the Kingdom, but for the wider world economy.

To allow banks to compete and keep pace with such changes, monetary regulatory authorities need to develop appropriate expertise and implement a plan for regulatory reforms that is both flexible and able to adapt to future challenges. SAMA has been a proactive and supportive regulatory authority, often erring on the side of caution and conservative prudential oversight of the Saudi banking system.

It has been at the forefront in ensuring that the Saudi banking system is liquid and highly capitalizedwell over the Basel set minimum capital adequacy requirements. It has overseen the "Saudization" of branches of foreign banks in the 1980s, and at the same time licensed foreign banks back into the Kingdom post-WTO accession.

Looking ahead, SAMA faces some continuing challenges which highlight further areas of possible research.

One major area is developing regulatory and supervisory expertise for the growing number of Islamic financial institutions, or specialist Islamic financial units operating through conventional banks. Islamic banking accounting standards have to be brought in line with International Accounting Standards (IAS) standards, or create separate Islamic IAS standards.

Another area of SAMA regulation could be increased expertise in electronic banking and its security, without compromising on consumer privacy.

A third issue is for increased cooperation and harmonization between the different GCC monetary agencies if the objective of a unified GCC currency by 2010 is to be realized. SAMA will have to coordinate with these GCC monetary agencies on economic convergence and internal harmonization of policies relating to inflation, which become a major issue for all the GCC in 2007 and 2008.

Such a harmonization could lead to an inter-GCC process of financial integration through strategic alliances, joint ventures or mergers, leading to greater efficiencies and further globalization of the Saudi financial sector.

Some Saudi banks have already ventured abroad, and Al Rajhi Bank took a significant step in this direction by acquiring a retail branch network in Malaysia that fitted its Islamic finance credentials (Al Rajhi, 2007). The e-commerce landscape is evolving rapidly, especially in developing countries. However, the lack of statistics on e-commerce is a major obstacle to mapping the penetration of ecommerce and measuring its impact, and to measure its impact. There is no detailed official data on the value of e-commerce.

There is no detailed official data on the value of e-commerce at national and international levels.

Only a few countries -mostly developed -currently compile data on e-commerce revenues.

Very few report data on cross-border e-commerce. More information is generally available on business-to-business (B2B) and business-to-consumer (B2C) electronic transactions, refers to consumer-to-consumer (C2C) transactions and, to a lesser extent, business-to-government (B2C) business-to-government (B2G) transactions. E-commerce creates a number of potential challenges Unequal access to ICT, however, can lead to an inequitable distribution of the benefits of ecommerce, leaving out the poorly educated and MSMEs located in rural areas or those with limited ability or rights to connect. One of the commitments made by all participants in the World Summit on the Information society was to ensure that the benefits of ICTs reach everyone.

Specific challenges to maximizing the benefits of e-commerce include: unreliability and high cost of unreliable and expensive electricity supply, lack of knowledge and skills on how to use e-commerce, and about how to use e-commerce, insufficient or inconsistent laws and regulations and logistics infrastructure, lack of online or alternative means of payment, weak or inconsistent laws and regulations

The following section explores the reasons for the lack of a clear definition of the term "cashless" in the context of the global financial crisis. The following section explores these and other challenges in more detail to provide an overview of the many

The following section explores these and other challenges in more detail to provide an overview of the many indicators available to assess e-business readiness and the extent to which countries can meet the challenges of e-business.

The following section explores these and other challenges in more detail to provide an overview of the many indicators available to assess e-commerce readiness and the extent to which countries can meet the various challenges associated with e-commerce.

The extent to which countries participate in e-commerce varies considerably, creating a multifaceted digital divide. To buy or sell online, one needs access to the Internet. According to ITU data estimates that just under half (47%) of the world's people could theoretically shop online from home, but that is not the case.

from home, work, a telecenter or other location using mobile devices.

In LDCs, only one in nine people are connected and broadband access is even more limited. In addition to differences between the country, there are also differences at the national level, including between small and large companies and between women and men (ITU, 2015). These gaps prevent ICT and e-business from from contributing to inclusive development.

Lack of Internet access is a constraint for consumers, but also for resident businesses.

The data show that the proportion of businesses with access to the Internet is highly dependent on their size and location, with larger urban businesses generally having more and better access than smaller rural businesses.

Firms need a web presence to receive orders, even if this task is outsourced. Thus, the number of sites devoted to e-commerce is an indicator of online order processing capabilities.

According to one source, approximately 110,000 e-commerce sites devoted to e-commerce worldwide generated significant e-commerce-related revenues in 2014 (Moore, 2014). However, this data is not regularly updated or disaggregated by country. (Mettre le commerce électronique au service du développement durable, ocde, omc 2017)

Inadequate legal and regulatory frameworks can lead to a lack of trust in online in online transactions. Legal and regulatory framework barriers can be particularly detrimental to MSMEs, which tend to be less connected than larger firms, especially in developing countries, are generally less connected than larger firms, particularly in developing countries.

Although data on legal and regulatory frameworks are not currently included in UNCTAD's index, UNCTAD publishes data on legal and regulatory frameworks, index, it publishes information on four key qualitative indicators that examine whether countries have a legal framework for legal framework for 1) electronic transactions,

2) online data protection and privacy,

3) protection of consumers shopping online, 4) cybercrime.

With regard to the legal framework, it is essential for policymakers to know whether existing laws and regulations provide a level playing field for traditional and regulations provide a level playing field for traditional and e-commerce.

From a trade policy perspective, there may be barriers regarding market access, technical standards, regulations and various technical standards, regulations and various border measures.

Exports may also be hampered if country's businesses cannot use certain online platforms or marketplaces for various reasons. reasons.

For example, in the case of Amazon, eBay and PayPal, the full range of online services is only available in a limited number of countries. available in a limited number of countries and options are sometimes limited to purchasing.

In addition, it is possible that producers in one country may not be able to compete internationally because they lack the resources to promote their resources to promote their brands or to meet technical and other standards. In many developing countries in many developing countries, difficulties in complying with international banking regulations are additional are additional obstacles.

-Towards interoperable privacy and data protection frameworks: Although countries have different privacy frameworks, they tend to seek the same results and often use similar approaches, as evidenced by agreements on high-level guidelines and implementation of good practices, or legislation. The need to develop mechanisms that promote interoperability of data protection and privacy frameworks is also widely recognized (OECD, 2016;OECD, 2013).

While national privacy strategies should routinely incorporate provisions for interoperability, few OECD countries have implemented such strategies (OECD, 2018) and other mechanisms can be identified to ensure interoperability.

-Regional convergence and harmonization of privacy frameworks: The Asia-Pacific Economic Cooperation (APEC) has implemented a voluntary but enforceable system of crossborder privacy rules, known as the Cross-Border Privacy Rules (CBPR), under which APEC signatory economies strive to raise the overall level of privacy protection across the region.

However, the approaches differ: while APEC's CBPR system sets benchmarks for privacy protection without changing national laws, the EU's GDPR requires harmonization of laws through a regulation directly applicable in member states.

-Recognition of "equivalence" or "adequacy" of privacy safeguards: National data protection and privacy authorities can certify that other countries apply principles that ensure equivalent or compatible protection.

-Cross-border cooperation between privacy enforcement authorities: Agreed-upon high-level principles, such as those set out in the OECD Council Recommendation on Cross-Border Cooperation in the Enforcement of Laws Protecting Privacy (OECD, 2007), can help ensure that competent authorities provide harmonized protection of individuals' personal information wherever it is located. Participation in forums, such as the Global Privacy Enforcement Network, which promotes information sharing and cooperation and has led to the development of joint initiatives, or bilateral cooperation between privacy enforcement authorities, also help to strengthen cross-border cooperation. International cooperation and enforcement are also essential to the effectiveness of interoperability mechanisms. For example, an economy wishing to participate in the APEC CBPR system must also commit to the APEC framework for enforcement cooperation. This is in addition to other forms of cooperation, such as memoranda of understanding and information sharing agreements (OECD, forthcoming).

Conclusion

Digital security and the resilience of critical infrastructure and services essential to the functioning of economies and societies represent a particularly important component of digital security policy, at the intersection of economic prosperity and national security. Digital transformation significantly increases the interdependencies and complexity of these vital systems, as well as the risk of systemic failure that can cascade across sectors and borders. This is why governments must take measures that help and encourage operators of critical infrastructure and services to strengthen their digital security. In doing so, they must help them make the most of digital transformation, including via the adoption of technologies such as IoT, artificial intelligence, big data analytics, and blockchain technology, while taking into account the business, regulatory, and cultural specificities of different sectors. While critical infrastructure and essential services are often in the hands of large private sector operators, digital transformation also enables SMEs to participate in essential service value chains (OECD, 2019).

Digital security is a multi-dimensional policy area that touches on issues of economic and social prosperity, technology, criminal law, and national and international security. From an economic and social point of view, digital security risk has generally been approached as a purely technical problem requiring technical solutions, but the evolution of the nature and scale of the risk is leading public authorities to re-evaluate their strategies in order to change attitudes in this area.

La mise en place d'une protection efficace des consommateurs ayant recours au commerce électronique et menant d'autres activités sur l'internet est une condition essentielle à la prospérité de l'économie numérique.

Part IV protection of bank users and bank goods and services.

Introduction :

In terms of banking or insurance products, the customer often has less knowledge than the professional: we speak of "information asymmetry". The customer is therefore not always able to correctly assess the advantages, disadvantages and risks of a product. This can lead to commercial abuses, to the detriment of customers. This is the purpose of customer protection rules and the duty of each professional to reduce this asymmetry of information so that each customer can be offered products suited to his needs and expectations and so that he can take informed purchase or subscription decision. This is crucial for public confidence in the financial sector.

The banking industry has made strides moving from a traditional brick-and-mortar model to align with today's convenience and functional expectations. However, technology and customer sentiment are moving faster than government regulatory oversight of the expanding set of digital features, so banks face a challenge to adapt to customer demand while still adhering to regulations that are slow to change. Additionally, new players in financial services are moving quickly to fill any void, challenging established firms to remain competitive.

A-Data protection

Data fraud and breaches are always risks when digital information becomes more convenient to access. Data is transmitted over many points before it reaches its final destination-and each point presents a potential security risk. Mobile applications are especially easy targets. The app itself and the server it sits on may have vulnerabilities that can be exploited. User behaviour can also contribute to the risk.

In the digital age, many services are digitized within companies. For example, in online banks, almost all operations are carried out on the Internet. A lot of information and sensitive data about customers are then transmitted on the Web. The latter wonder about the effectiveness of the protection of their data.

By using the services of digital banks, users entrust them with personal information which then circulates on the Internet. They are therefore exposed to the risk of piracy.

Although banks use various security measures to protect their customers' information, the possibility of data theft cannot be ruled out. Hackers usually use the customer's credit card to access their personal data. This is why many users fear that sensitive information may be stolen or that their money may be misappropriated. However, the level of data security at digital banks is the same as at traditional banks.

The security protocol at the level of digital banks is identical to that applied by traditional brands

The measures applied by an online bank to secure its users' data are the same as those taken by a traditional institution. This is logical, given that digital banks are subsidiaries of traditional banks.

That said, some loopholes may exist. Customers should therefore be very careful in the use of their personal data. In particular, they should avoid sharing their login and password information with unknown sites.

If they receive a suspicious request, purporting to be from their financial institution, they are advised to contact an advisor to ensure the authenticity of the message.

Users should also update their computer protections and avoid connecting to unsecured hardware.

In the event that the customer is still a victim of bank fraud, digital institutions have some recourse. They offer insurance on payment methods. Thus, the customer will receive a full refund as soon as he/she files a complaint with a police station.

Experience in France:

1-Increasing bank accessibility

Under the right to an account, any person who does not already have a bank account and is refused one by a credit institution may refer the matter to the Banque de France, which obliges Your insurance premiums are soaring, take action).

Speeding up the processing of over in debtedness cases

The procedure for handling over in debtedness situations was accelerated by the Lagarde Act of 1 July 2010, with the aim, in particular, of improving its effectiveness and enabling the implementation of appropriate and lasting solutions, thus avoiding successive applications by the same households. Despite this, difficulties remain (see: Senior citizens are increasingly over-indebted). For example, the negotiation phase, which was set up to enable a conventional recovery plan, often fails because of the almost systematic refusal of certain institutions to waive their debt or even simply to respond to it. The over in debtedness commissions then move on to the next stage and impose measures on the parties or recommend them to the judge. These are often the same as those proposed during the amicable negotiation phase. The latter only extends the procedure by 3 to 9 months, depending on the measures, which has a cost for the State, which during this time compensates the Banque de France for the management of over in debtedness situations. The bill therefore proposes to allow the over-indebtedness commissions to abolish the amicable negotiation phase when the debtor's situation does not allow him or her to settle all his or her debts without finding himself or herself in an irremediably compromised situation. Another notable advance: the text plans to freeze interest on loans and prohibits the invoicing of penalties by banks as soon as the case is accepted. As you can imagine, professionals are not overly enthusiastic about these measures. (Patrica Erb).

"The law does not go far enough and two measures have been forgotten".

The proposed measures are a step in the right direction, but they are often insufficient. In addition, the law overlooks two important areas for improvement. Banks are the only traders who can charge their customers without prior authorisation or information. They are only required to provide information after the fact on account statements and the annual summary.

We ask that they be obliged to provide prior information, for example by indicating in the monthly statement the amount they will charge the following month for services rendered and the date of this charge, so that customers can organise themselves. Banking mobility is still too theoretical because of the risk of incidents if the switch from one institution to another is not made properly. The French Banking Federation itself noted in 2010 that, although 15% of those surveyed had expressed an intention to move, only 7.5% had done so. To simplify matters, a system similar to the transfer of mail by the Post Office in the event of a move should be created for banking. For a reasonable fee (€10 to €20), the departing bank would have to redirect the transactions on the account of the departing customer to the new establishment for one year.

What they think: Serge Maître, President of the French Association of Bank Users "Distinguishing between the most vulnerable creates discrimination between users".

Started in 2007, the practice of intervention fees has intensified since the capping of cheque rejection fees in 2008. So much so that they sometimes represent 55 to 60% of annual bank charges! However, if the bank pays for the transaction, it means that it has confidence in its chances of repayment. So why doesn't it raise the overdraft limit? Agios are much less profitable than intervention fees. We are therefore very much in favour of capping these charges or making them flat-rate.

On the other hand, targeting customers in situations of fragility, "in particular with regard to their resources", amounts to creating discrimination between users. If this provision were to be adopted, we would ask MEPs to refer the matter to the Constitutional Council in order to obtain its censure.

2-Product monitoring:

Monitor products and assess their impact on consumers. This should preferably be done proactively before bad products, or inappropriate incentive schemes, are on the market;

Have product intervention powers to enable the regulator to take timely action against poor quality products or product features;

Issue warnings against unsafe products;

Intervene for safety purposes to promote competition, control ancillary costs, and publicise actions taken against companies or products;

Promote the development of commodities with simple outcomes.

The right of withdrawal applies in all cases of consumer credit. The contract is considered valid only after the withdrawal period has passed. The withdrawal period corresponds to a period of 14 clear days (compared to 10 days for a real estate loan) from the signing of the contract.

During this period, the borrower can use the form attached to the contract by filling it in, signing it and sending it by registered mail with acknowledgement of receipt to the bank. The borrower does not need to justify his decision in any way, whether or not his borrowing capacity allows him to complete the contract.

Anyone who takes out a consumer or property loan has the right to request early repayment, either in part or in full, before the end of the contract. Although the bank is not allowed to charge early repayment fees, it may apply penalties under certain conditions. If the amount repaid early is more than €10,000 over a period of one year, the bank may charge a penalty.

However, there are exceptions:

-If the personal loan is a revolving credit;

-If the repayment is made while the interest rate is variable;

-If the repayment is the result of an insurance contract taken out to ensure the repayment of the consumer credit;

-If the consumer has an overdraft facility.

3-Institutional mindset

Changing the mindset of the financial services industry presents additional challenges. The financial sector is cautious about changing from a business model that works reliably to one that, in its point of view, poses risks. The rush to offer consumers more convenience without addressing security risks can have disastrous consequences, but if security processes make the user experience more difficult, customers will look for easier ways to accomplish their tasks.

Maintaining this delicate balance is a daunting challenge for even the most innovative and forward-thinking companies.

B-The French experience

Anomaly on a bank account, charges whose origin remains obscure, excessive agios invoicing:

associations against banking abuse are there to protect users against slippage.

Two families of associations are particularly active:

-those which, like UFC-have a 360-degree spectrum of intervention, but which regularly focus on banking abuse;

-those which, like the French Users' Association (AFUB), have specialised in this field.

We present you these associations and their action.

The field of action of associations against banking abuse Every year, the UFC -How to choose highlights numerous abuses of banking services. According to UFC -What to choose, some charges such as those linked to the generalisation of account maintenance fees, SEPA transfers, paid withdrawals from ATMs in another network, or contactless payments are frequently subject to excessive invoicing.

The UFC is not the only one to note a climate of mistrust between the French and their banks.

According to a survey carried out in 2017 by h2/agency when the Macron law came into force, 86% of people agree with the following statement: "When it comes to banking services, we always pay too much. People are always trying to rip us off.

When a problem arises with your bank, the best solution is to negotiate amicably with your advisor. If the advisor turns a deaf ear, the user can write to the customer relations department or turn to the bank's ombudsman, who has two months in which to respond. If the dispute is not settled, the dissatisfied customer can then turn to an association to which he or she will submit the dispute.

General associations against banking abuse

The user has two solutions:

-turn to a generalist association where some lawyers deal with banking problems;

-or turn to a specialised association.

There are about fifteen generalist associations approved by the public authorities.

CLCV (Consumption, Housing, Living Environment)

The CLCV (Consumption, housing, living environment) is very active in the banking sector. In particular, it carries out an annual survey of more than 100 banks (in metropolitan France and overseas) to study tariffs according to 3 consumer profiles.

The CLCV recently looked at incident-related charges and overdraft information in tariff brochures.

UFC -How to choose

How to change bank? What services do online banks offer? Which bank card should I choose according to my needs? Are bank charges excessive?

The experts at UFC -How to choose have answers to most of the questions that users have.

The association calls in particular for the portability of bank accounts on the model of mobile phones.

1-Public trust

Addressing consumer perception is just as important as the adoption of technology. Highprofile data breaches over the years have cultivated an atmosphere of public mistrust toward any company that handles personal data. Trust is easy to lose, and difficult to repair. Customers want assurance that their information is in safe hands. Financial services firms should be as transparent as possible on how they're keeping information safe from cybercrime and data breaches to cultivate trust.

The French experience

The French Association of Bank Users (AFUB) is a consumer association governed by the law of 1901.

The AFUB's mission is to inform and defend the users of banks and credit institutions, whether they are and credit institutions, whether they are private individuals or small and medium-sized enterprises, in the fields of banking, credit and savings.

To this end, AFUB works: for the adoption of legal and technical measures and for the implementation of procedures and institutions aimed at improving user protection; for effective competition and tariff transparency, for the benefit of the economy for the benefit of the economy in general and of users in particular; for the adaptation of banking and financial products and services to the real needs of needs of users.

The association's action is based essentially on the legal service.

The legal service is important in AFUB's action, which aims, first and foremost, to enable the user to access the law for the expression of citizenship in the banking relationship, to rebalance their relationship with the professional.

The legal service relies on the voluntary work of its facilitators, and in particular on some thirty Every year, tens of thousands of e-mails and letters are received by AFUB, testifying to the resistance and burdens faced by users confronted with the world of banking, its opacity and arbitrariness.

AFUB and its action aim to provide users with the means to know their rights and to assert them free of charge. The website has proved to be a privileged means of this dissemination since each month it receives between 50,000 and 80,000 visitors. They find illustrations of their rights through the through the hundreds of judicial decisions published there. And to make it easier to file a claim, model letters to facilitate the complaint, model letters are published for the most frequent situations.

In addition, this information is relayed by voice servers in the most frequently requested areas such as bank charges, bank card fraud and savings.

This dissemination is complemented by the participation of volunteer lawyers on various radio

stations to to answer listeners' questions or for specialized columns.

The AFUB favors alternative dispute resolution methods. Since 1988, it has been campaigning

for the creation of mediators within each banking network, under the authority of a joint conciliation body. conciliation body.

On the condition that they are given real competences and powers and that customers are informed of their and that customers are informed of their existence, such bodies should, through their arbitration, lead to an optimization of the self the self-control of banking structures, which is the best way to avoid this is the best way to avoid a number of conflicts arising from objective malfunctions. While the MURCEF Act introduced in 2001 an to designate one or more mediators (Article L 312-1-3 of the CMF) and if it was imposed at the initiative of the AFUB, the duty to include the corresponding contact details on the bank statement was imposed, but the practice of most banks is still the practice of most banks does not comply with these rules, seeming to condemn the expected effectiveness of to reduce the banking divide.

Afub's action is not only aimed at individual help. It is also about a more general approach, which aims at It is also about a more general approach, which aims to have standards adopted banking operations such as credit, savings, means of payment, etc. To do this, AFUB ensures that legislation is effective and that the needs of users are needs are met. Thanks to delegations in a number of regions and departments, the association can carry out its actions and can help users in difficulty. In addition, the internet facilitates its mission to inform users, as they find in the association's website to illustrate their rights through the hundreds of court decisions that are published there.

What about our country? Unfortunately, my country users do not favor the existence and the existence and the rigor of such an association's will to protect consumers. Law n°2015-014 allows consumers to create an association, subject to approval by regulation.

However, there are still few associations on the main island. There are associations that defend the rights of consumers such as Asconord and RNDC. A civil society called RNDC was created in 1998. Its mission consists of representing, educating, informing and supporting consumers and protecting their consumers as well as the protection of their economic interests.

 Action by consumer associations 19 Art.46 law n°2015-024: "The conditions under which consumer protection associations may be approved, taking into account their representativeness at national level, as well as the conditions for withdrawal of this approval shall be laid down by regulation. Approved associations may freely federate. The federation thus formed may apply to the competent authorities for the competent authorities for recognition as a public utility.

In principle, associations can help a consumer in a dispute with a professional in two ways:

either they take the case to court jointly with the consumer to support his claim, or they act on his behalf to represent him in court. The law recognizes the right of approved consumer associations to take legal action sometimes by way of a principal. This is a specific type of action. The associations are entitled to request, in a preventive manner, the deletion of certain clauses in standard contracts of professionals which they consider to be unfair. If the action succeeds, the contract in question is cleaned up for the future.

 The Banking Council expresses opinions on draft statutes of the banks, on draft of banks, on drafts concerning the principles of the State's monetary and credit policy monetary and credit policy, on the draft credit plan and foreign payment and payment operations abroad, on the balance of income and expenditure of the population of the population, on the projects for the creation of banks. These opinions are transmitted to the relevant government and administrative bodies, institutions, economic, political and professional organisations.

professional organisations.

 Ultimately, Law 2002-23 therefore enshrines the need for consumer protection as one of the fundamental tasks of regulation.

 This approach is confirmed by many authors such as Jean Marimber tState Councillor former Director General of the French telecommunications authority in France, who considers that M "(...) if the mainspring of the activity of many' if not most regulators'

is the search for and construction of a state of competition the ultimate interest is the consumer We' regulators' do not see competition as an end in itself but as a means to bring tangible satisfaction to consumers.

 We' regulators' do not see competition as an end in itself' but as a means to brin tangible satisfaction to consumers' lives where there was only one monopoly offer' sustainable price reductions where possible' etc.

 The fundamental limitations of regulatory bodies in relation to their consumer protection role Law No. 2002-23 of 4 September 2002' on the regulatory framework for public service concessionary companies' sets out the basic organisational structure of regulatory bodies.

However, most of the bodies already created before the law 2002-23 were created on a legal basis that does not necessarily comply with the framework law.

Experience has shown that most of these bodies have not been brought into conformity with the fundamental principles indicated in Law 2002-23 This non-compliance explains, from the outset, a certain number of congenital limitations that will significantly affect the mission of these bodies.

mission that has been devolved to them.

2-Consumer consciousness and education

Educating customers on how to protect themselves is probably the most important element in a SIFI can be a bank, insurance firm, or other financial institution whose failure could cause significant disruption to the overall financial system and the economy.

SAMA conducted a study of the regulatory framework for the treatment of SIFIs, to analyze the best practices and relevant international standards, and find the regulatory framework that matches the local environment and national economy.

Considering the importance of SIFIs to the economy, SAMA and CMA seek to ensure the protection of the financial sector in the Kingdom, stability of the economy, and continuity of SIFI operations by taking steps to reduce risks to the minimum.

The new regulations allow the competent authorities to maintain the soundness of the financial sector and protect the deposits and assets of customers as well as of insurance policyholders.

The framework also ensures the continuity of the necessary business activities of financial institutions and reduces dependence on government support SAMA seeks to set special standards for the institutions under its supervision according to the related laws that take into account the size, complicated nature, and risks of institutions.

The most important aspect the competent authorities take into consideration before allowing any SIFI to start operations in the Kingdom is its recovery plan. A financial institution must submit a recovery plan, in case of any untoward situation, within 180 days of its request for a license to operate in the Kingdom.

The plan should include detailed steps it would take to restore its financial position in the event of a crisis.

In case this financial institution is a holding company, it must also prepare a recovery plan for the financial group and a recovery plan for each financial institution affiliated with it.

Moreover, the recovery plan should include the following:

• A summary of its main elements and the ability of the financial institution to restore its position.

• A summary of the fundamental changes that have occurred in the financial institution since the last recovery plan submitted to the competent authority.

• A plan for communication and disclosure to deal with any negative reaction expected from the markets as a result of fundamental changes that negatively affect the financial institution, steps to restore capital and liquidity requirements, and to maintain and restore the financial position of the institution.

• An estimate of the expected time frame for the implementation of each of the basic aspects of the plan.

• A detailed description of any potential risks that may hinder its implementation and also determine the necessary activities provided by the financial institution (Dimah Talal Alsharif is a Saudi lawyer and legal consultant (Dimah Talal Alsharif is a Saudi lawyer and legal consultant)

-Credit & lending the provision of lending or credit may involve the issue of a debt security, and the collection of interest as revenue against that debt security. Interest or lending fees charged with an implicit margin for any form of lending are considered VAT exempt financial services.

However, the provision of the underlying debt security is considered a Capital Asset and excluded with regards to the VAT registration threshold or towards the total turnover in the default partial deduction calculation.

Temporary transfer ownership of goods as collateral as part of the provision of real estate financing or asset-backed financial services where title to assets (goods) are transferred temporarily as security or collateral, but there is no intention that the possession permanently changes, or that the lender/security holder takes physical possession of the asset. The lender/ security holder is not able to dispose of the asset as his own property without the consent of the original owner and he must return it to the original owner at the end of the term.

Syndicated loans Under syndicate loan arrangements, a group of lenders will be involved in offering the loan. One lender will act as a 'lead' lender and be responsible for initial organization and administration of the syndicated loan, and collection of repayments on behalf of the other lenders. Where the lead lender acts on behalf of the other lenders in this way, the corresponding interest ultimately due to each syndicate lender is the VAT exempt revenue taken into account for its VAT position.

-Asset Financing Asset financing arrangements will involve the provision by a financial services provider of an underlying asset across a set period. This may be made by way of a lease, hire purchase or other conditional sale arrangement. Operational Leasing There is a distinction between an asset financing product and an operational lease. An operational lease contract does not allow for ownership of that the underlying asset to pass to the recipient. It is intended that at the end of the term, the lessee will return the goods to the lessor, and enter into a new contract if required. Therefore, an operational lease does not contain a financing element and contracts are subject to VAT in full.

Asset Financing Asset financing contracts prescribe for transfer of the goods to pass to the customer, or provide the customer with an option to acquire the goods at the end of the term.

The transfer of the goods to the customer is needed (e.g. a long lease term which does not anticipate a transfer of the underlying goods does not qualify as a supply of goods). Asset financing contracts will include two parts:

• A principal component (purchase/supply of the asset)reflecting the value of the underlying asset and any ancillary services provided (such as insurance). This principal component is taxable at 5%

• A financing componentreflecting the margin earned by the asset financing provider on financing of the asset. The financing component is VAT exempt if charged by way of interest or an implicit margin.

The periodic instalments due will therefore contain both a taxable supply of the asset and an exempt supply of financing. The asset finance provider is required to accurately determine the principal component, financing component and apply the corresponding VAT treatment to the instalments due.

The value of the principal component should reflect the total value of the underlying goods and services provided. The asset financing provider must be able to evidence the calculation of the principal and financing components. VAT is entirely due on the date when the possession of the asset is transferred to the customer (when the goods are placed at the disposal of the customer). The finance provider may ask the customer to settle the VAT amount when due, or may include the VAT amount within the asset value where the customer can pay such VAT on instalments; this is a commercial agreement between the parties which does not affect the VAT due date.

-Capital/money markets Capital markets are markets for transactions in equity and debt instruments. The issue and transfer of equity and debt securities by a principal acting on their own account, as well as margins earned on trading other securities such as derivatives, options, swaps, credit default swaps, futures and commercial bills are considered VAT exempt. Shortterm money market transactions are also regarded as exempt from VAT. The VAT exemption does not apply to fees charged by brokers or other intermediary parties not acting as principal on their own account.

-Transfer of debts and debt collection Securitization is the process whereby the receivables of existing debts are sold by the originator to a third party (often a Special Purpose Vehicle) as an outright sale.

The purchaser bears full risk to any uncollected debts and may engage a third party to participate in debt collection activity. Securitization of a debt portfolioinvolving the outright transfer of debt -is the transfer of a debt security, and therefore a VAT exempt supply. This does not affect any original supplies made by the originator which gave rise to the debt. VAT must still be reported on the underlying supplies made by the originator based on the relevant date of supply rules for that transaction. In collecting its own debt, the purchaser is not making a supply. Any explicit securitization fees charged are however subject to VAT.

-Islamic finance products Islamic finance products generally simulate the intention and efficiently achieve the same result of conventional financial products, using different means to remain Sharia compliant. Instead of charging interest, the Islamic finance provider will earn a profit marginoften on the purchase and sale of underlying goodsto reflect the financing component.

The VAT treatment of Sharia-compliant financing products has an equivalent VAT treatment to the corresponding non-Sharia products to achieve the same economic result. This means that the implicit profit margin included in any fees or installments payable under a Sharia-compliant financing product may be treated as VAT exempt, even where this is part of an explicit fee or commission.

Any fee which relates to the provision of an underlying good or service to the recipient, or fees for administration of the arrangement, will be taxable. Goods sold as part of Islamic finance products The goods purchased and sold under a Sharia-compliant product may be intended for the customer's ultimate possession or used as a temporary means of providing the Shariacompliant product only.

Ijara contracts The Ijara contract results in a purchaser obtaining an asset, with a bank or finance company providing finance over that asset by way of purchase and onwards sale of that asset.

The exact contractual arrangements for an Ijaraand in particular whether the bank or finance company acts in its own name in acquiring the assetare essential to determine the associated VAT treatment.

-Bank/Finance Company contracts in its own name Under Ijara contracts which result in the transfer of title for goods from an original seller to the bank/ finance companyacting on its own name -and to then transfer separately onwards to the customer, the bank/finance company will purchase the asset in its own name and supplier will charge VAT to the bank/finance company.

VAT is due on the asset on the date of transferring the possession to the purchaser (the date when the goods are placed at the disposal of the customer), and a Tax Invoice should be issued.

Generally, the bank/finance company will charge monthly installments to the final customer, consisting of a principal component and a financing component. As the onward supply of the asset (from the finance supplier to the end customer), the principal component of the Ijara contract, will be regarded as a taxable supply, input VAT charged by the (third party) supplier to the bank/finance company will be deductible in full. In cases where the supply is provided for periodic installments, a separate supply in respect of each installment takes place on the earlier of the due date for the payment of that installment or the date of actual payment.

The bank/finance company will need to charge VAT on the principal component at the date of transferring the possession to the end customer (the date when the goods are placed at the disposal of the customer), and the financing component is VAT exempt if charged by way of interest or an implicit margin. The bank/ finance company is required to accurately determine the principal component, financing component and apply the corresponding VAT treatment to the instalments due. The VAT treatment and invoicing requirements are similar to those discussed for Asset Financing.

-Other -Investment Funds Investment funds carry out investment activities on a pooled basis on behalf of individual unit-holders. Funds are not a legal entity under Saudi law but can be seen as a person capable of making and receiving supplies for VAT purposes. A public fund can have its own personality to the extent it enters and is bound by contracts in its capacity as a separate person (or when another person, such as a fund manager, does this on its behalf). In these cases, the public fund can, therefore, be a supplier or customer in respect of specific supplies where it is authorized to do so by the terms and conditions of the fund and by the Investment Funds Regulations.

If the fund is required to or eligible to register for Value Added Tax (VAT), it should individually register itself for VAT purposes in the KSA. 20 The fund manager carries on a separate Economic Activity to that of the funds it oversees, which involves the charging of fees to the funds for its management services. The fund manager may only report VAT, and deduct Input VAT, based on its own activities. In this way, it cannot discharge VAT obligations for the funds through its own VAT return.

-life insurance a VAT exemption applies to the provision of life insurance. A life insurance contract is a defined term for VAT purposes: "any contract of conventional insurance or takaful or another form of Islamic insurance provided by a regulated provider in the KSA which results

20 Financial Services Sector Industry Guideline, Financial Services Sector -Industry Guideline in the payment of a sum contingent on death or other significant event of human life, or a similar contract provided by a non-resident Supplier."

For practical application, all products categorized licensed by SAMA within the savings and life insurance are considered to be life insurance for VAT purposes. This includes both the savings element and the protection element of these policies as indicated under Appendix II to this guideline. Family Takaful products offered in the KSA are considered to be equivalent to life insurance and qualify for VAT exemption.

-Reinsurance

Insurance companies can choose to (partly) reinsure their portfolio, by seeking cover for existing policies from other insurance companies offering reinsurance policies. The reinsurance provider will charge a premium for covering the insurance company's portfolio (or a portion thereof), and pay an agreed amount for any covered losses by the insurance company. The reinsurance of a life insurance contract will also be VAT exempt, if provided in the KSA under the place of supply rules.

-Brokerage Insurance brokers will act as an intermediary between the insurance company and the policyholder. An insurance broker will find the cover which meets the requirements of the customer and will help policyholders to make claims where needed. Insurance brokers will charge a commission and/or fees to the policyholder for their services. These commissions or fees are VAT taxable, regardless of whether they relate to general, health or life insurance.

-Payment of claims An insurance claim may be settled by payment of a monetary claim, or by the insurer agreeing to arrange or pay for repairs to return assets to their original standard. If an insurer makes a pay-out to an insured, this is not seen as a supply made by the insured for VAT purposes. No VAT obligations arise in respect of the pay-out received.

Generally, insurance contracts with individuals or non-taxable persons will be calculated to allow for a payout of a VAT-inclusive amount. Contracts with VAT registered businesses who are able to deduct Input VAT will be calculated to reflect payouts on a VAT exclusive basis.

-Third party costs A third party carrying out repairs covered by an insurance contract will generally provide services directly to the insured party, but may request payment directly from the insurer.

Payments of claims to third parties, whereby the insured is a taxable person and receives an invoice from the third party in his name will be made exclusive of VAT, as the insured can deduct any VAT charged by the third party in his own VAT return. Payment of medical insurance claims is discussed in detail in the Healthcare guideline.

-Input tax relating to payment of monetary claims Insurance companies cannot claim input VAT deduction in relation to payments of monetary claims to a policyholder. Input VAT deduction only permitted where a supply is made to the insurance company. In this way, there is an additional cost of insuring VAT inclusive amounts for individuals or non-taxable persons.

KSA is governed by Sharia law, conforming to strict principles of Islam, which is not always aligned to principles of capitalism and wealth creation Vogel (2000). It can be argued that KSA's relative prosperity stemmed to a large extent from the windfall of its hydrocarbon reserves, first discovered in the 1930s.

The combination of the religious and cultural factors and the easily exploited resource endowment has not consistently supported innovation and entrepreneurship, at least among the domestic population. As a relatively closed and conservative society, with an economy based largely on domestic consumption, it perhaps is no surprise that international competitiveness has not been strong. The domestic financial system, however, has been governed in a reasonably sound and stable way, based on a simple framework, on a strong social consensus and on Western models. Besides retail and corporate banking, insurance and asset management, based mainly on local equities and real estate, other markets, such as fixed income and derivatives, remain relatively undeveloped, as is true of the Gulf region in general.

The nation faces a challenge in increasing its financial sophistication to support ambitious plans during a period of economic sluggishness, and in an environment not historically renowned for innovative flair.

- -As can be observed, these laws have recently been enacted, compared with many major economies, which suggests that KSA is still on a rather steep learning curve around financial regulation and sophistication. Until the mid-twentieth century, Saudi Arabia lacked a proper money and banking system.

-The Bank Control Law was issued in 1966, and the stock exchange was created in 1983.

Originally, the exchange was limited to domestic investors as a vehicle for long-term -Despite the impressive growth, the percentage of shares traded as a percentage of total market value of shares outstanding was estimated as less than 10%, i.e., very low by international standards. This implies that a high proportion of shares is concentrated in the hands of a few institutions rather than spread out across many individuals.

-The cataclysmic drop in the index in 2006 was the consequence of an asset bubble and inadequate regulation of the stock market, in which many retail investors suffered. As a result, the authorities instituted further protective measures. This included opening the market further to international investors, placing some restrictions on domestic investors and boosting disclosure requirements Alkhaldi (2015).

-While Saudi Arabia's economy is dominated by state-owned energy and government services sectors, this is only recently reflected in the stock market where manufacturing and financial services have been the biggest sectors Tadawul (2020).

-The listing of Aramco has contributed to this growth Oilprice.com ( 2021), but multiple listings are still required for a company whose value has been estimated at close to two trillion dollars. Recently, a parallel market Tadawul (2017) has been established for small companies, where many are expected to be listed (at least ten so far), available to institutional investors Tadawul (2019).

-The fact remains that reforms continue to progress slowly, and the public sector still dominates the economy, which may not leave the nation well positioned for dramatic transformations. Saudi Arabia's gross debt to revenue and to GDP still remain robust compared to peers, with negative net debt, although the government has had to resort to more borrowing in order to plug the budget deficit. Annual interest payments have crept up to a bit above 2% of revenue. The nation enjoys good credit ratings in the A category, having recently experienced a downgrade in 2019, due to the fiscal pressures stemming from low oil revenues Friederich and Krustins (2020). The budget deficit (4.5% of GDP) is compelling the government to accelerate reforms such as privatisations and taxation IMF (2019b).

Key Facts on the Insurance and Banking Sector Important developments were that, in April 2019, Saudi Arabia issued its first domestic sovereign 30-year sukuk and that, in the same year, the country was included in global equity and bond market indices.

The expectation is that this will increase inflows into the equity market as well as demand for debt. As mentioned by the IMF, "significant reforms have taken place in the domestic debt market including the introduction of a primary dealer system and the extension of the government yield curve to long-dated maturities.

Over time, this should help deepen the private debt market and provide savers with a broader range of instruments" IMF (2019b). In addition, the CMA indicated that work is underway to launch a derivatives market by year end as part of reforms to further deepen domestic financial markets IMF (2019b).

Insurance According to Lester (2011), insurance life and non-life premiums, as well as assets, are very low relative to expected levels given per capita income and demographic characteristics in the Middle East and North African (MENA) region. Among the causes, there are "the absence of mandatory insurance in key areas, the predominant presence of the state in some countries, gaps in regulation and supervision, unsupportive tax regimes, fragmented market structures, a chronic lack of suitably skilled people, as well as the absence of products that conform with cultural/religious preferences, especially in the case of life insurance" Lester (2011).

This underdevelopment is a matter of concern because the sector is not contributing to financial and economic development. For example, Khan and Bhatti (2008) point to the fact that Saudi Arabia is considered one of the strictest followers of Islamic religion, suggesting that takaful could have a primary role for growth in that country. However, this was not the case mostly because of regulatory frictions as regulation was developed on the basis of conventional insurance models.

When special regulations were adopted such as in Malaysia and UAE, the insurance industry there developed more rapidly. Ahmad et al. ( 2010) concurred with Lester (2011) regarding the shortage of human resources as one of the major issues for insurance companies in Saudi Arabia. Visser (2019) stressed the hurdles imposed by the bureaucratic processes involved in developing and getting approval for the various insurance or takaful products . Nonetheless, even though the insurance industry in Saudi Arabia has not reached a size that may be expected in such an economy, the industry in the country has seen rapid growth and transformation. For example, in 1999, a new law made mandatory health insurance for the entire population (including expatriates and their families). In addition, a new independent authority was created to regulate health insurance called the Council of Cooperative Health Insurance (CCHI), whereby the introduction of an independent authority for health insurance brought more complexity into the regulatory system, see Jaffer (2007).

-Takaful Takaful is an Islamic form of insurance based on the risk sharing between policyholders who agree to pool their contributions and share their liabilities. The risk is not passed to the takaful business and, at the end of a financial year, the policyholders share the surplus. In case of loss, the cost is "funded by an interest-free loan from the shareholders' fund.

The shareholders' fund is then repaid the loan from any future surpluses of the policyholders' fund. The shareholders cannot access the capital from the policyholders' fund except when the interest-free loan is being repaid" Ahmad et al. (2010).

Forbidden investments are those not compliant with Shariah law such as gambling, alcohol, weapons, or assets that pay interest. This form of insurance was approved in 1985 by the Grand Counsel of Islamic scholars in Makkah, Saudi Arabia. The operating models may vary from a pure mutual insurance to hybrid forms in which, in addition to policyholders, there are shareholders funding and managing the takaful. Operating models are mudharaba, wakalawaqf, or hybrid.

-Mudharaba Model Mudharaba is an Islamic contract based on a financial partnership where the investor provides funds to a fund manager with the purpose of investing them. The two parties share the profits (pre-agreed quota share) but only the investor bears the risk. The shareholders of a takaful company, in this model, provide both the funding and the management service, and their compensation is based on a pre-agreed proportion of policyholders' contributions plus a proportion of any income deriving from the invested policyholders' assets.

The policyholders are called the rab-al-mal (silent investors) and they exclusively bear the risk.

-Wakala-Waqf Model The wakala-waqf is a model where whoever operates the business (takaful operator) acts as an agent (wakil) of the takaful participants. In this model, shareholders provide both the funding and the management service, and their compensation is based on a pre-agreed proportion of policyholders' contributions. In case of loss, the shareholders provide an interest-free loan to the policyholders that needs to be repaid out of future surpluses prior to any profit distribution.

-Hybrid Model The combination model of the Mudharaba (partnership) and the wakala-waqf principal-agent relationship is the most common and is such that, according to the wakala model, the takaful company acts as an agent for the fund management and receives a fee for underwriting the fund. Moreover, based on the mudaraba, the takaful company manages the investments and shares the profit for the investment of the takaful fund.

-Reinsurance on takaful is called retakaful.

Because of a lack of retakaful companies in the market, sharia scholars do allow dispensation to takaful insurers to reinsure on a conventional basis when no Islamic compliant alternatives are available. (see Ahmad et al. (2010)).

-Insurance Market and Financials Insurance contracts technically must comply with Sharia law, hence some of the net surplus of an insurer must be returned to policyholders annually (either directly or in the form of a reduction in premia).

Insurers and reinsurers cannot undertake non-insurance business unless it is strictly needed/complementary to the business. There is no prohibition on insurers from conducting general and life insurance business on a composite basis; however, a certain segregation of activities is required.

The top insurance companies in Saudi Arabia are The Company for Cooperative Insurance, or Tawuniya; Bupa Arabia for Cooperative Insurance; and the Mediterranean & Gulf Cooperative

Insurance & Reinsurance (MedGulf).

3-Consumer awareness and education

In order to improve the level of protection, information should be focused on the elements that are essential for the customer to make a decision. Customers must be warned of the risks involved in misusing the service offered by the professional. This information must be specific, clear, accessible and permanent. It must show the advantages of using this product and its risks, in addition to the obligations and duties incumbent on the client and the professional. In order to achieve this, the trader is called upon to prepare clearer contracts since consumers are the problem of managing their banking contracts and "deciphering" their insurance contracts is now a real one. "Of their insurance contracts; this can be explained both by the multiplication of contractual This is due to both the multiplication of contractual documents relating to these two sectors in daily life (quantitative problem) and the technicality of their content. (Quantitative problem) and by the technicality of their content (qualitative problem).

Access to such information should be made easy by banks and insurance companies through by banks and insurance companies, through radio or television information campaigns, or even downloaded from the Internet through a media campaign.

In addition, the consumer must be allowed to reach the competent and specialized public and administrative and administrative institutions so that they can present their proposals and demands to them, while allowing and administrative institutions so that they can present their proposals and demands, while allowing them to carry out the corresponding studies in order to pursue these requests.

Therefore, in order for the consumer to be better informed of his rights and duties, would it not be would it not be interesting to include all this information in the civic education courses in schools? schools?

Finally, we propose to the associations of banks and insurance companies to prepare training sessions and seminars to better develop and spread the services they offer. the services they provide to their customers.

4-Profitability and Assets

The banking sector traditionally has benefited from increasing non-interest-bearing bank deposits (which continue to serve as the primary source for funding and had an average annual growth of around 7% from 2008-2018)

This was supported by both a strong private sector and accelerated public spending. Saudi depositors traditionally have often appeared indifferent to earning a return on their bank deposits, in line with Sharia. Nonetheless, SAMA has had to inject liquidity into the system, in order to boost credit supply (see Carpinelli and Crosignani (2015), as an example). This emergency action needed to be taken in order to meet minimum liquidity needs.

Banks have proven relatively resilient despite the weakening Saudi macroeconomic environment. Domestic liquidity has tightened as deposits have declined while credit is still growing (hence liquidity injections), but reported non-performing loans (NPLs) are still comparatively low and capital adequacy ratios remain high.

The experience in France

Without claiming to be exhaustive, we will proceed with a chronological inventory in the time of banking charters:

-1992: The Charter of basic banking services prepared by the Consultative Committee of the National Credit Council is the first attempt in France to develop rules of conduct. deontology.

It sets out the minimum services to which all bank customers are entitled.

However, the practical usefulness of this charter has been limited by the Banking Accessibility September 2010. This This report formulates about thirty proposals that were accepted by the banking profession.

We will mention those that concern individuals and that relate to strengthening information to the public; the effectiveness of the right to an account; making means of payment more secure; distributing savings plans; facilitating credit and banking mobility.

The revolution limited by banking and insurance law "Loyalty, solidarity, fraternity: the new contractual motto? This is the rhetorical question posed by Mr Denis Mazeaud in the Mélanges offered to Mr François Terré1171. The requirement of good faith is not a contribution of consumer law since it originated long before, with Roman law, followed by Article 1134 of the Civil Code which, well before the appearance of consumer law, provides that "agreements must be performed in good faith". Nevertheless, we observe the rise of ethical values which, inserted into consumer law, go beyond the scope of the latter (first paragraph) to flourish in the two areas specific to our study (second paragraph) where these principles are becoming increasingly visible, going beyond the objective of moralising towards the obligations placed on professionals, to the point of confronting an almost indisputable postulate: the means of protection used by consumer law are being challenged by banking and insurance law, which are a barrier to the revolution fostered by consumer law. Thus, we ask ourselves Thus, we ask: do these two 'special' rights become more royalist than the king?

In order to analyse the use of these virtues in the protection of the subjects of our study, and since the proliferation of applications of these virtues is such that it confuses the notions, we the following terms as synonyms, without attempting to define them, as they are intertwined.

intertwined notions: morality, loyalty, good faith, good conduct and ethics the place given to good faith in French law today "undoubtedly owes something to the spirit of consumer law", where the legislator imposes on the professional, on the one hand, positive obligations by imposing on him specific duties inspired by the requirement of good faith and, on the other hand, negative obligations by prohibiting him from acting in bad faith.

A. Positive obligations based on good faith

Good faith, which is the result of the interaction between consumer law and the ordinary law of law of obligations, emerges in consumer law through a variety of obligations obligations:

The general duty to inform: The requirement of good faith allows a general pre-contractual general pre-contractual information obligation, through Articles L. 111-1 and L. 113-3 of the Consumer Code, for the professional seller or service provider to provide information on the the essential characteristics of the goods or services provided, as well as the prices and service provided as well as on the prices and special conditions. This obligation, the proof of which is on the trader, is reiterated in all so-called consumer contracts (in particular contracts for the sale of goods). (in particular contracts for the sale of goods and provision of services at a distance and credit agreements, etc.).

This obligation is detailed in provisions requiring specific formalities such as the clear and comprehensible drafting of clauses guaranteeing the quality of the information and the handing over of the contracts usually offered to the customer, as mentioned above.

Extensions of the duty to inform: the duty to inform is extended to broader obligations such as the duties to advise and to warn. The latter has been taken over by other codes, in particular, in the areas of interest to us, by the Insurance Code. In the same sense, professionals have obligations of loyalty (i.e. to perform their contractual obligations to the best of their ability), vigilance (i.e. to remain alert to any anomaly in the course of the contract while giving priority to the client's interest), and efficiency (i.e. to have sufficient competence to master the field (i.e. to have sufficient competence to master the field in which he claims to be a professional, to update it in the light of technical developments and to have recourse to more competent third parties if necessary), "without forgetting the moral duties of patience, in the face of temporary or unusual failings on the part of his client, and of discretion, with regard to the confidential information communicated".

B. Negative duties inspired by loyalty

When the legislator aims to sanction the bad faith of the parties, mainly the professional, "good faith appears to be an obligation not to act in the sense that it has no positive content; in other words, the parties are asked to refrain from certain behaviour that could harm their partner".

Behaviour that could harm their partner".

The duty of loyalty in transactions is expressly referred to in certain texts relating to the duty of compliance. Thus, this requirement is most strongly expressed in the provisions of the Code on unfair, deceptive or aggressive commercial practices. Such a The practice is considered a negative obligation because it carries a condition: it "must not alter or be likely to alter in a substantial manner the economic behavior of the consumer".

Called "Unfair Commercial Practices" in French consumer law, "immoral" practices by traders are sanctioned by consumer law.

by professionals are sanctioned by consumer law. Thus, a commercial practice is unfair "when it is contrary to the requirements of professional diligence and alters, or is likely to alter in a substantial manner, the economic behavior of the economic behavior of the consumer who is reasonably well informed and reasonably observant and circumspect, with regard to a good or service, is unfair. with regard to a good or service".

C-Support for the development of ethical codes

Codes of ethics have proliferated in recent decades, which we will treat as a sign of a weakening treat as a sign of the weakening of the prophylactic role of the legal norm1180 , in favour of "the discreet normative rise of in favour of "the discreet normative rise of Codes of Conduct "1181 while other authors see it as a complementary other authors see it as a complementary path to the existing texts in law of the According to Jean-Baptiste Racine, codes of conduct are defined as "a set of rules of conduct that can be used as a basis for the development of consumer protection legislation".

According to Mr Jean-Baptiste Racine, codes of conduct are defined as "a set of commitments adopted by a company or a group of private companies, gathered in a single document called Code, charter or guide, which has the characteristic of not being formally obligatory".

According to Article L. 121-63 of the Consumer Code, the offer sent to the consumer must indicate "the existence, where applicable, of a Code of Conduct". Codes of conduct may result from agreements negotiated by professional organisations with consumer organisations and/or the public authorities; these are referred to as "co-regulations". This is referred to as "co-regulation". If they are agreements negotiated solely within the sector concerned, they are called "self-regulation".

However, these self-regulatory codes are not mandatory and their impact remains limited.

Thus, the development of these ethical standards or Codes of good conduct does not create subjective legal rights but moral duties. "Indeed, these Codes aim to moralise the branch of activity by setting out principles of professional ethics.

They are standards of "desirable behavior" which constitute a significant formal source of law.

Accordingly, under the principle of the relative effect of contracts, a Consequently, by virtue of the principle of the relative effect of contracts, a professional who has not adhered to a Code of Conduct cannot in principle be sanctioned. Thus, the effectiveness of these Codes lies in the adherence of the professionals or entities to which they are addressed.

However, it would be "angelic to think that a company would make commitments without making any profit from them". On this point, Adam Smith the disadvantages of entrusting professionals with the task of enacting the task of laying down the rules they undertake to respect. He wrote: "However, the particular interest of those who carry on a particular branch of trade or manufacture or manufacture is always in some respects different from and even contrary to that of the public (...). Any proposal for a new law or regulation of commerce, which comes from on the part of this class of people, must always be received with the greatest suspicion, and never be adopted until after a long and serious examination, to which must be given, I say not only the most scrupulous, but the most suspicious attention. (...) ".

Therefore, we consider two important functions of Codes of Conduct that encourage professionals to retain them: they provide a competitive advantage to They provide a competitive advantage for companies and they avoid the need for the state to develop more restrictive laws. Therefore, the intervention of a state authority will, at some point, prove to be indispensable

Conclusion

Banks always aim to make progress in their financial affairs; hence they try to do everything possible to gain the trust of users and customers. They try to do their best to gain the trust of users and consumers by improving their services and and consumers by improving their services and expanding their activities. In addition, to competition between financial institutions, each of them has its own techniques to attract more customers techniques to attract more customers, such as granting all types of credit, offering new payment methods and new payment methods and new services, etc...

In the big island, there is still a lot of "work to do" to perfect user or consumer law. or consumer law. Consumers are exposed to the dangers of the legal vacuum and poor application of the law.

Many of their Many of their rights are ignored.

The aim of this work is to demonstrate that there is currently unrest in all areas and an imbalance of rights between consumers and the state. and imbalance of rights between consumers and professionals. professionals.

At the end of this study, we wonder about many questions such as: how How can we get back to this situation of embarrassment in terms of the creation and innovation of innovation of legislation and its application?

First of all, this study has enabled us to raise the flaws in consumer law at the legislative level, because in the face of the innovations in banking services brought about by NICTs, the legislation is not evolving. As for the assessment of the application of legislative provisions, there is a lot of effort to be made.

From this study, it could be seen that consumers are exposed to the dangers and risks brought about by these service innovations and the loopholes in the legislation. In order to ensure the protection of users, it is therefore necessary to put in place new strategies such as updating the provisions on the protection of users and ensuring that they are applied. protection of users and to ensure their application, because despite the existence of the old users feel that their rights are not being protected in this respect. The authorities need to strengthen the enforcement of laws by taking strong measures.

In view of the extent of the perils and dangers to users, there is a strong need for reform. need for reform. However, efforts must be made. Judges need to take a closer look at the judges need to take a closer look at the problems that seem to be blocking our economy, as we know that banks and consumers are and consumers are factors of economic development. In addition, the government must encourage civil society to participate in the search for common solutions to solutions for the protection of users.

Thus, in order to fill the gap in legislation and to better gauge the conflicts of interest between banks and consumers, it is necessary to between banks and consumers, it is time for us to take initiatives.

"The economic legislator is no longer a legal legislator. It is true that he creates laws.

However, these laws have become instruments in the service of a policy, thus sacrificing their stability and permanent character. The nature of the law has thus changed from being the proclamation of a general and permanent rule of a general and permanent rule but 'a process of government or management, a kind of memo to be repeated and a kind of memo to be reiterated and readapted without respite".

Classical economists such as Adam Smith or Jean Baptiste Say are mostly liberals.

are usually liberals. According to them, economic actions and interactions lead to the formation of a spontaneous order, which is according to them, economic actions and interactions lead to the formation of a spontaneous order, which Smith illustrates with his metaphor of the 'invisible hand'. According to this school, freedom guarantees the well-being of individuals and the state has only one negative mission, to refrain from to refrain from intervening in the natural process of market functioning.

However, competition, initially an economic concept, has been tamed by the law.

The principle of freedom of trade and industry was proclaimed by the d'Allarde decree of 17

March 1791, thus enshrining in law the principle of freedom of trade and industry.

17 March 1791, thus enshrining in French law the economic theories of the Physiocrat school.

Physiocrats.

Today, this notion of competition is legally regulated in order to lead the economy towards its ultimate goal towards its ultimate goal: the well-being of individuals.

However, despite this legislative framework, the interests of these individuals have often been undermined.

harmed. The law then took hold of the notion of the consumer, considered until then as an economic agent and established laws to protect them.

Thus, two policies and two bodies of rules were strengthened and complemented each other competition law and consumer law. What John Vickers expressed in the following way competitive market forces are forces that work for consumers".

In conclusion, it can be said that the consumer is a protected subject under competition law.

competition law. This protection derives mainly from the proper functioning of the market, which benefits the consumer

The application of competition law also protects the consumer from a wide range of harm.

The application of competition law also protects the consumer from many harms.

However, while this study was intended to focus exclusively on the protection of the consumer by competition law, the However, while this study was intended to focus exclusively on the protection of the consumer by competition law, it became clear that, in addition to being a protected subject the consumer remains an element, a concept used by competition law.

Inserted in competition texts, the consumer's interest is sometimes a criterion for exemption, sometimes an indication of the sometimes an exemption criterion, sometimes an indication of the effectiveness of a practice on the market. It therefore appears that protection of the consumer does not seem to be one of the main concerns of competition law. of competition law.

Indeed, there is a certain inconsistency between the desire to protect the consumer protection which competition law sometimes claims on the one hand, and the impossibility of action by the unfair competition or the refusal to set up a real group action in French law on the other hand. action in French law.

The protection of the consumer is sometimes emphasised, but here it is sidelined, hence the need for of a separate consumer law, the purpose of which is to ensure effective protection of the protection of the consumer in his relations with the professional and the establishment of a group action worthy of the name so that the consumer can action worthy of the name so that the consumer can fight on equal terms with professionals in the context of breaches of the competition rules and finally see their losses compensated.

OECD

-

  Insurance service providersUnder French law, insurance professionals are the companies governed by the Insurance Code, the mutual insurance companies under the Mutual Code and the provident institutions under the Social Security Code and the Rural Code, which operate mainly in the life and health insurance sector.

  1810, the French Penal Code was established, prohibiting speculation in prices and values and the export of the export of goods of inferior quality. These premises evolved with other law of 22 December 1972 on door-to-door sales. As for specific consumer law only came into being in 1978, with the two laws Scrivener 15 on consumer protection, enacted on 4 January 1978, which later gave rise to the French Consumer Code in 1993. This Code is This Code is a compilation of texts that bring together on the one hand the law of 26 July 1993 codifying the legislative part of the Code and the decree of 27 March 1997 codifying the 1997 codifying the regulatory texts 16 Consumer Law is made up of all the legal and regulatory provisions intended for consumer protection. Ordinance No. 2016-301 of March , 2016 published the legislative part of a new consumer code

Figure 1 -

 1 Figure 1 -Are the following rights adequately defined in national legislation or

Figure 2 -

 2 Figure 2 -Are these rights effectively respected?

Figure 4 -Figure 4 Figure 5 -

 445 Figure 4 -Are the rights of consumers of telecommunications services protected by the

Figure 6 -

 6 Figure 6 -What are the means used by the public authorities to inform the population

  Consumption and Fraud Control (DGCCRF) exercises, within the Ministry of the Economy, Finance and Industry, an essential regulatory mission with regard to all economic players, businesses, consumers and local elected officials. As such, it ensures the fair and secure functioning of the markets, which involves the development of rules, controls and, where applicable, sanctions imposed by the courts. It plays a unique role within French administrations, being both design and field administration. It apprehends economic life in all its aspects because of its horizontal competence and a network of relations with a large number of other ministerial departments. The DGCCRF is also an administration close to the public located throughout France, close to users, consumers, businesses and elected officials.The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers thrive in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labeling Act (except with respect to foodstuffs). Food), Textile Labeling Law and Precious Metals Marking Law.

  « variations around consumer law », the question which is composed is intended to overtake the little Manichean analysis of the right of the consumption, made sometimes by the jurists close to theses of the producers or the distributors, sometimes by the jurists close to those of the consumers. Briefly having reminded some principles of community law which were at the origin of consumer law, the note is interested in the last document of the Commission tending to propose a regulation in the field of the commercial promotions. It is not so much the solutions which are examined by the Commission which are analyzed but indeed the way the Commission argues to support its project. The movement of the rule in its elaboration towards the expert as a guardian of validity of the text, is criticized. The democratic deficit is underlined there. In terms of conclusions, a narrower stake in connection with the facts, of consumer law is suggested.

  between individuals: natural persons (individuals) or legal persons(commercial companies, banks, etc.) within the State and outside.Private law applies, therefore to private persons, it differs, therefore, from public law which is a right reserved mainly for public (state) persons. Public law is all the legal rules governing the organization of the State, public communities and public establishments as well as their relations with individuals, other States and international organizations Commercial law is the set of legal rules that apply to a certain category of people: traders and to a certain category of acts: commercial acts.Under the first paragraph of Article 2 of the Commercial Code: "A trader is anyone who, in a professional capacity, carries out acts of production, circulation, speculation and mediation, subject to the exceptions provided for by law".Paragraph 2 of the same article gives, in no order, a non-exhaustive list of a certain category of acts, production, circulation, speculation and mediation, known by the name of commercial acts by nature. or by object or by determination of law. The professional practice of these operations confers on their author the quality of trader.Under the first paragraph of Article 2 of the Commercial Code: "A trader is anyone who, in a professional capacity, carries out acts of production, circulation, speculation and mediation, subject to the exceptions provided for by law".Paragraph 2 of the same article gives, in no order, a non-exhaustive list of a certain category of acts, production, circulation, speculation and mediation, known by the name of commercial acts by nature. or by object or by determination of law. The professional practice of these operations confers on their author the quality of trader.

  determined byArticle 2 of Law No. 2001-65 of July 10, 2001.

  a bank account has become an exclusion factor against which the legislator has reacted by imposing a right to open an account accompanied by minimum banking services. Likewise, access to credit was favored, which required specific protection for consumer customers. Little by little, consumer law has penetrated banking law. Law 2014-344 of March 17, 2014 relating to consumption is further evidence of this.A largely computerized activity A largely computerized activityComputing (often combined with telecommunications: telematics) has revolutionized the banking world. The processing of banking transactions was facilitated (thus lowering their cost and increasing their profitability) and new processes allowing the automation of customer relations were invented such as automatic teller machines (ATMs), teller machines automatic banking machines (ATMs), home banking (use of the Internet) or even card payment terminals that can be used in merchants. Electronic money (electronic wallet: Monéo) has been implemented.

  and services," stated Bryan Phelps, founder & CEO of Big Leap. He said this could include how to use what you sell and why your product or service is valuable to them. Consumer education helps reinforce your brand's value proposition while also moving potential leads along the customer journey and down the sales funnel. Consumer education is the preparation of an individual to be capable of making informed decisions when it comes to purchasing products in a consumer culture. It generally covers various consumer goods and services, prices, what the consumer can expect, standard trade practices, etc. While consumer education can help consumers to make more informed decisions, some researchers have found that its effects can drop off over time, suggesting the need for continual education. (Lawrence A. Crosby and James R. Taylor) New dimensions of consumer education are also beginning to emerge as people become more aware of the need for ethical consumerism and sustainable consumer behaviour in our increasingly globalized society. (Code of Federal Regulations) Consumer education is crucial for brands because it can impact every aspect of the customer journey. A strong consumer education strategy can lead to thought leadership, better understanding of what your brand offers and improved conversions in the long run. Here are some tips offered by our experts to help guide your content journey.

  Provide information on financial consumer protection issues in support of FCAC's financial consumer protection mandate  Identify and evaluate trends and emerging issues of relevance to financial consumers  Share and discuss research relevant to FCAC's financial consumer protection mandate and identify research opportunities  organizing a National Conference on Financial Literacy  providing free programs, tools and resources to help employers offer financial education in their workplace  designing educational materials for all to use  developing financial tools and calculators, including budget and mortgage calculators and tools to help choose a bank account and/or credit card

  the government; supervising commercial banks operating in Saudi Arabia; advising the government on the public debt; managing the Kingdom's foreign exchange reserves; conducting monetary policy for promoting price and exchange rate stability; and . promoting economic growth and ensuring the soundness of the Saudi financial system. The management of SAMA mostly draws upon Western central bank and International Monetary Fund (IMF) philosophies, and close technical and training cooperation is carried out with leading Western Central banks and the Basel-based Bank for International Settlements (BIS).



  As a first step, in 2017/18 the Task Force focussed on developing updated effective approaches for the implementation of Principles 2 (Role of Oversight Bodies) and Principle 4 (Disclosure and Transparency). Given the focus of the Argentinian G20 Presidency on digitisation in 2018, this work formed the basis of a G20/OECD Policy Guidance Note on Financial Consumer Protection in the Digital Age, published in July 2018 following the G20 Central Bank Governors and Finance Ministers meeting in Buenos Aires. In 2019, the focus turned to developing updated effective approaches to support the following Principles: Principle 1: Legal, Regulatory and Supervisory Framework  Principle 3: Equitable and Fair Treatment of Customers Principle 6: Responsible Business Conduct  Principle 9: Complaints Handling and Redress The updated effective approaches were approved by the Task Force at its meeting in March 2019. (The Policy Guidance Note was also an Input Paper for the G20 Policy Guide, Digitization and Informality, endorsed by G20 Central Bank Governors and Finance Ministers in July 2018).

  Saudi Arabia's overall strategies. As part of the financial sector development program -itself part of Vision 2030, the Kingdom's long-term development plan -the government hopes to increase the proportion of online payments to 70 percent by 2030, up from a target of 28 percent by 2020.

  The report said that the emergence of e-commerce in the Kingdom began since 2001 until it became one of the largest global markets in 2019 due to the Corona pandemic, and expanded significantly until the volume of transactions in the sector reached about 5.7 billion dollars last year 2020.The report showed that data from the Saudi Ministry of Commerce indicates that the number of licensed e-stores increased by about 14% compared to the year 2019, as well as the increase in the number of business records for e-stores to 28,676 stores and e-trading platforms at the end of the first half of 2020, an increase of 3,571 e-platforms compared to the year 2019.

(International business center) 2 -

 2 Scope and scale of e-commerce Digital financial services (DFS) can be defined as financial operations using digital technology including electronic money, mobile financial services, online financial services, i-teller and branchless banking, whether through bank or non-bank institutions. DFS can encompass various monetary transactions such as depositing, withdrawing, sending and receiving money, as l aswell las other financial products and services including payment, credit, saving, pensions and insurance. DFS can also include non-transactional services, such as viewing personal financial information through digital devices. (OECD 2017) The OECD AI Principles The Recommendation identifies five complementary values-based principles for the responsible stewardship of trustworthy AI:  AI should benefit people and the planet by driving inclusive growth, sustainable development and well-being.

  SAMA will have to adapt to such globalization processes, by developing in-house expertise in regulating Saudi banks operating in many locations, just like Western central banks developed expertise to monitor the activities of overseas branches of their local banks. Cooperation among regulators in different countries, and standardization of regulatory requirements, provides potential solutions to the problems of regulating international banking

  a brand -often the Banque Postal -to open one for him or her (see: A bank closes an account without justification). To do this, the person concerned must submit to the Banque de France a certificate of refusal to open an account from the institution approached. This certificate is sometimes difficult to obtain, despite the commitments made by the institutions in the accessibility charter they signed and which was approved in 2008 by the Minister for the Economy. The bill therefore requires banks that refuse to open an account to "systematically and without delay provide the applicant with a certificate of refusal to open". No one disputes the merits of such a measure. However, for UFC, it will not change much, as the interested parties do not use the right to an account procedure out of ignorance of its existence. The association is instead campaigning for the creation of a universal banking service, requiring all institutions to open an account and offer basic services to anyone who does not have one. As the Treasury is opposed to the creation of such a universal service, there is little chance that the UFC, proposal will succeed. On the other hand, another measure of the bill may be able to compensate for the ignorance of the right to an account procedure pointed out by this association. In essence, this bill allows general councils, family allowance funds or communal social action centres to apply directly to the Banque de France to open an account for people who do not have one, so that they can receive the social benefits to which they are entitled.The "Test Achat" judgment of the Court of Justice of the European Union (CJEU) of 1 March 2011 confirmed that the EU directive of 13 December 2004 (No. 2004/113/EC) prohibiting sex discrimination in the provision of goods and services also applies to the pricing of insurance premiums. Thus, since 21 December 2012, the differentiation of insurance rates and benefits on the basis of gender is prohibited. The compliance of French law was first achieved by an order of 18 December, with a view to its application from 21 December. Article 25 of the banking regulation bill provides for the amendment of legislative texts. It should be noted that the abolition of gender-based price discrimination does not apply to contracts in force on 21 December, even those that have since been renewed by tacit agreement. For others, the change could have consequences on the pricing of car, death and life insurance policies (see Insurance:

  volunteers who are reinforced by trainees from the Law Faculties. Similarly, since 1996, in the framework of the framework of European programmers, AFUB has been welcoming foreign lawyers specialized in European law. European law. And since 1998, training courses have been organized for social workers in particular, at the request of social workers, at the request of their departments. The Association's action is supported by delegations in a number of regions and departments. departments. These delegations continue the Association's work at the local level, in particular by organizing offices open to all and accessible both by telephone and in the framework of municipal premises. These delegations are run by volunteers who have received specific technical training provided by the Association and its legal department.

  or existing rules changed. It is with this in mind that the legislator has It is in this perspective that the legislator has devoted numerous interventions by Afub since 1988, such as in particular: the Law of 30 December 1991, which established the duty of the bank to justify the refusal of a cheque book; the Law of 12 December 2001, which affirmed the bank's duty to warn its customer before any cheque is rejected, in order to prevent bank bans; the Law of 3 January 2008, which reproduced the draft wording presented by the AFUB concerning property loan insurance and freedom of choice, in order to stimulate competition; the law of 1 July 2010, which, by taking up AFUB's suggestions, also expressly stated that borrowers may take out a loan despite being registered with the Financial Identification and Credit Register (FICP), in order to eliminate an often artificial obstacle to access to credit.User associations and civil societyIn France, user associations are very active in the banking sector. The AFUB was created in 1987 and is governed by the law of 1901. Its mission is to inform and defend the rights of users of banks and credit institutions, whether they are individuals or SMEs, and these missions relate to all banking operations such as credit19

  productive and safe banking experience. Keeping consumers updated on what to look for to protect their information, and what to do in case of a breach can improve the relationship between bank and customer. This information changes as new technologies and threats are introduced, and keeping consumers informed will go a long way toward attracting and retaining customers.Saudi Arabia approved a legal framework for the establishment of systemically important financial institutions (SIFIs) in the Kingdom. The system deals with all details governing the operations of such financial institutions in the country within the legal framework set by the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) He knew regulations clearly define the jurisdictions of SAMA and CMA to ensure

  investments, and this lasted for decades. The situation changed dramatically after the 1990-1991 Persian Gulf War (which cost the Saudi government US$60 billion, depleting the country's financial reserves at the time) and the search for short-term returns attracted more investors. Between 1990 and 2005, the value of shares traded grew from SAR 97 million toSAR 2.44 billion Saudi Arabian Monetary Agency (2009).

  Charter adopted in 2009 by the French Association of Credit Institutions and Investment Firms and by the and by Decree No. 2001-45 of 17 January 2001 for the application of Article L. 312-1 of of Article L. 312-1 of the Monetary and Financial Code, which defines very precisely the content of the basic banking service. basic banking service. -January 2003: a "Charter on deposit account agreements "1202 was presented to the Minister of the Economy presented to the Minister of the Economy and Finance by the chairmen of the major banks and La Poste of the major banks and La Poste aimed at improving the day-to-day relations of banking companies with their customers. This charter was incorporated into the Finance Act in December 2004 (Article 106). -In May 2006, the French Banking Federation published a Code of relations between The French Banking Federation published a Code of relations between banks and small and medium-sized enterprises, which lays down rules of good conduct and transparency that banks must follow. must follow in their customer relations. For example, it provides that the bank must formalize the refusal to open an account with a free letter explaining the steps to be the steps to be taken by the VSE/SME to benefit from a genuine "right to an account" as defined in Article L. 312-1 of the Monetary and Financial Code. -July 2010: part of the standards relating to the banker's obligation of good faith the report on the pricing of banking services submitted to Mrs. Lagarde, Minister of the Economy and Finance. Lagarde, Minister of the Economy, by M. Constans and Pauget1203 and adopted by the Comity consultatif du sector financier during its committee during its plenary session on 21

  In 2005, SAMA was designated as the regulator for the insurance sector under the Cooperative Insurance Law thus further extending SAMA's role in the licensing and supervision of financial institutions. More recently, SAMA has published the 'Implementing Regulations of the Financial Lease Law' and the 'Implementing Regulations of the Law on Supervision of Finance

	role ensuring that consumers are dealt with fairly and honestly by the financial institutions under
	its supervision.
	Companies'.
	International Journal of Islamic and Middle Eastern Finance and Management Vol. 2 No. 3,
	2009 pp. 235-250 q Emerald Group Publishing Limited 1753-8394 DOI
	10.1108/17538390910986353).
	The Saudi Central Bank, Saudi Arabian Monetary Agency (SAMA), is the regulator and
	supervisor of licensed financial institutions including banks, finance companies, leasing and
	real estate companies, insurance companies, money exchanger companies and credit
	information companies in the Kingdom of Saudi Arabia. SAMA has been a strong advocate of
	the protection of consumer interests since obtaining its charter in 1952 and the issuance of the
	Banking Control Law in 1966. Consequently, over this period, SAMA has played an important

have cast doubt however, on whether the causality runs from central bank independence to improved inflation performance. (Mohamed A. Ramady, Evolving banking regulation and supervision A case study of the Saudi Arabian Monetary Agency (SAMA),

  Charter of the Saudi Arabian Monetary Agency issued by Royal Decree No. 23 dated

	23/5/1377H (15/12/1957
	(ii) Banking Control Law issued by Royal Decree No. M/5 dated 22.2.1386 (12/6/1966)
	(iii) Ministerial Resolution No. 3/2149 dated 14/10/1406H (22/06/1986)

-Consumer Responsibilities Banks shall enhance consumer responsibility by on-going consumer education and awareness program to be provided by all banks jointly as well as initiatives by each bank individually for its clients. Consumer responsibilities include the following:

  . While the Principles set out the foundations, they are supported by relevant, practical and evidence-based guidance and examples about how they can be implemented in the form of Effective Approaches.The Effective Approaches, which are based on approaches in use or being trialled in different jurisdictions, support jurisdictions to learn from each other and share insights, and provide a "tool box" of policy options on how to enhance financial consumer protection. It is essential that the Effective Approaches are kept up to date in line with market, technological and legal developments. Among other things, therefore, the Task Force is progressively updating the effective approaches to take account of the increasingly digital environment.

  Structure of the Financial System Regulation of insurance, banking and other financial services in KSA fall under the responsibility of two government entities. One is the Central Bank of Saudi Arabia (known as the Saudi Arabian Monetary Authority, or SAMA, established in the 1950s). SAMA has the function of issuing the national currency, supervising banks, managing foreign exchange reserves, ensuring price and exchange rate stability (the Saudi Unlike such officials in many developed economies, SAMA officials tend to come from public sector backgrounds, rather than the industry SAMA (2020b). The same characteristics prevail in the Capital Market Authority (CMA) Capital Market Authority (2020). Much of the financial regulation has derived from systems prevalent in the US and UK.

	--The most important laws regulating the financial sector are the Capital Markets Law
	(CML) and Cooperative Insurance Law (CIL), which aim to achieve compliance with the
	International Organization of Securities Commissions (IOSCO) and the International
	Association of Insurance Supervisors (IAIS) principles. Another important law is the Capital
	Market Law (Royal Decree No. (M/30) dated 2/6/1424H, or 31/7/2003), which formally
	brought into existence the Capital Market Authority (CMA) and the Banking Control Law
	(BCL).
	Riyal, or SAR, has been pegged to the US$ for the past three decades), maintaining the
	soundness of the financial system and operating a number of cross-bank electronic financial
	systems.
	-The second is the Capital Market Authority of Saudi Arabia (CMA), which regulates
	capital markets/the Saudi Stock Exchange by setting rules and making sure they are followed)
	Capital Market Authority (2015). The CMA is a government organization nominally with
	financial, legal, and administrative independence, and has direct links with the Prime Minister
	(i.e., the King). The senior officials of SAMA, all Saudi nationals, are appointed by Royal
	Decree, based on the approval of the Council of Ministers, which is dominated by the Saudi
	royal family (and all council ministers are appointed by royal decree).

  Cyber-attack against Ukrainian Critical Infrastructure, https://ics-cert.uscert.gov/alerts/IR-ALERT-H-16-056-01, (consulté le 21 février 2019). OCDE (2019), « Accès et utilisation des TIC par les ménages et les individus »,Statistiques de Digital security and resilience in critical infrastructure and essential services », Documents de travail de l'OCDE sur l'économie numérique, n° 281, Éditions OCDE, Paris, https://doi.org/10.1787/a7097901-en. OCDE (2019), Measuring the Digital Transformation: A Roadmap for the Future, Éditions OCDE, Paris, https://dx.doi.org/10.1787/9789264311992-en. OCDE (2018), « Consumer policy and the smart home », Documents de travail de l'OCDE sur l'économie numérique, n° 268, Éditions OCDE, Paris, https://doi.org/10.1787/e124c34a-en. OCDE (2018), « Consumer product safety in the Internet of Things », Documents de travail de OECD Science, Technology and Industry Policy Papers, n° 50, Éditions OCDE, Paris, https://dx.doi.org/10.1787/74ef71935c8-en. OCDE (2018), Perspectives de l'économie numérique de l'OCDE 2017, Éditions OCDE, Paris, https://dx.doi.org/10.1787/1a893b58-en. OCDE (2016), Déclaration ministérielle sur l'économie numérique : Innovation, croissance et prospérité sociale, OCDE, Paris, http://www.oecd.org/fr/sti/ieconomie/Declarationministerielle-de-Cancun.pdf. OCDE (2016), « Protecting Consumers In Peer Platform Markets: Exploring the Issues », n° 253, Éditions OCDE, Paris, https://dx.doi.org/10.1787/5jlwvz39m1zw-en. OCDE (2016), Recommandation du Conseil sur la protection du consommateur dans le commerce électronique, Éditions OCDE, Paris, https://doi.org/10.1787/9789264255272-fr. OCDE (2013), Recommandation du Conseil concernant les Lignes directrices régissant la protection de la vie privée et les flux transfrontières de données de caractère personnel, OCDE, Paris, https://legalinstruments.oecd.org/public/doc/115/115.fr.pdf. Paris, https://legalinstruments.oecd.org/fr/instruments/OECD-LEGAL-0352. OCDE (à paraître), « Towards national privacy strategies », Documents de travail de l'OCDE sur l'économie numérique, Éditions OCDE, Paris. Popescu, N. et S. Secrieru (2018), « Hacks, leaks and disruptions: Russian cyber strategies », Chaillotn Paper, n°148, https://www.iss.europa.eu/sites/default/files/EUISSFiles/CP_148.pdf. Dzulkarnain Mazlana , Ahmad Md. Redzuana , Darussalam Abu Bakara ,Consumer Education in Creating a Consumer Conscious Nation, The International Conference on Communication

	sur OCDE (2017), « Trust in peer platform markets: Consumer survey findings », Documents de travail les télécommunications et l'internet (base de NCCIC (2016), l'OCDE de l'OCDE sur l'économie numérique, n° 263, Éditions OCDE,
	données), https://doi.org/10.1787/6bca1fd3-fr (consultée le 28 janvier 2019).
	OCDE (2019), « l'OCDE OCDE (2007), Recommandation du Conseil sur la coopération transfrontière dans l'application des sur l'économie numérique, n° 267, Éditions OCDE,
	Paris, https://doi.org/10.1787/c7fa-en. législations protégeant	la	vie		privée,	OCDE,
	OCDE (2018), « Enhancing product recall effectiveness globally: OECD background report
	», Paris, https://doi.org/10.1787/9789264282483-fr.
	OCDE	Statistics (2017), OECD	Working Guidelines	Papers, on	n° Measuring	2018/2, Trust,	Éditions Éditions	OCDE, OCDE,
	Paris, https://dx.doi.org/10.1787/869ef2ec-en. Paris, https://dx.doi.org/10.1787/9789264278219-en.

Illustration in the prologue of André Buthurieux, Banker's Responsibility, e-book

Consumerism is a movement to protect the interests of consumers through associations. (According to the definition in the Auzou encyclopaedic dictionary

We are all consumers. The consumers are the most important economical group. They are the most important… but their voice is not often heard. ».C'est la citation de J.F Kennedy dans son discours en s'adressant au congrès, 15 mars 7962 citée par Françoise Kamara lors d'une colloque « La Commission des clauses abusives en action : 30e anniversaire ». http://www.clauses-abusives.fr/colloque/fkamara.htm

Albert Veyrenc, Banques-Bourses-Assurances, 8e éd, G.DURASSIE et Cie, p.8

Albert Veyrenc, op.cit, p.15

Jaber Mahjoub, La protection du consommateur des dommages causés par les vices des produits industriels vendus, revue koweitienne « Droits »,Koweit, 20e année, 1996, no 4.

Etienne Bourgogne, Éléments pour une théorie du droit de la consommation, Story Scientia, Bruxelles 1988, no 28 et s. cité par Ghassan Rabah, Nouveau Code de protection du consommateur. Principes généraux, moyens, et poursuites, avec étude comparée, op. cit. no 6.

Les opérations de banque comprennent la réception de fonds du public, les opérations de crédit, ainsi que la mise à la disposition de la clientèle ou la gestion de moyens de paiement», C. monét. fin., art. L. 311-1

Les informations qui suivent, et qui sont en rapport avec les professionnels ont été largement inspirées de Jean-Pascal Chazal, Clauses abusives, Répertoire de droit commercial, D. sept. 2002

of will, binding force of contracts. In order to protect the economically weaker party, statutory legislation has developed to propose a new contractual balance.

pour le développement de la concurrence au service des consommateurs : JO n°0003, 4 janv. 2008 p. 258

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