3CL Seminar: 'Vulnerable Consumers in the Age of Digital Payments'

Speaker: Associate Professor Louise Damkjær Christensen, Department of Law, University of Southern Denmark

Abstract: The digitalization of payments offers unprecedented convenience, though digitalization has simultaneously birthed a "vulnerability gap." The paper will re-examine the definition of ‘vulnerable consumers’, moving beyond traditional demographics to include those suffering from digital exclusion and situational cognitive load. It then scrutinizes the legislative "safety net" provided by the new Payment Services Regulation, with a specific focus on measures to protect vulnerable consumers. The paper argues that regulatory intervention to protect vulnerable consumers also protect average consumers. This supports the paper’s argument that vulnerable consumers should be treated as a dynamic term which consumers can move in and out of over time.

Speaker Bio: Professor Lousi Damkjær Christensen is Associate Professor at the Department of Law, University of Southern Denmark. Her research is focused on financial regulation, particularly how to implement new innovative market actors into current regulation. She applies economic theory and market considerations to create a link between the market and current law. This is done to explain the state of current law, and to find solutions for optimising the regulatory framework.

3CL runs the 3CL Sullivan & Cromwell Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

All seminars take place in B16 in person from 1pm to 2pm if not indicated otherwise. A sandwich lunch is available for all participants from 12:30pm just outside of B16.

Enquiries to: 3cl@law.cam.ac.uk