| dc.description.abstract | This paper critically analyses the legal framework regulating Credit
Card facilities in Sri Lanka, focusing on the aspect of consumer
protection. The research identifies the existing legal framework in
relation to Credit Card facilities and critically evaluates the same
through a comparison with the relevant International Standards and the
exiting legal framework for banking and financial regulation in United
Kingdom and Unites States of America. The overall research is based
on the positivist paradigm and the doctrinal research method was
primarily used for the research to obtain an in-depth knowledge of the
existing legal regimes. Qualitative data gathered from both primary and
secondary sources were used for the research. The researcher identified
several flaws in the existing legal framework including lack of cohesion
and uniformity in laws, lack of proper monitoring and enforcement
mechanisms due to the absence of a dedicated authority responsible for
regulation and enforcement of the law, lack of financial literacy and
failure of the law to address the pressing issues faced by the consumer
in the relevant industry | en_US |
