Japan and UK: The Financial ‘Big Bang’ — Lenders' Liability and Consumer Protection

‘Japan's amazing ability to disappoint.’ This was the title on the front cover of the Economist, 26th September, 1998 issue. Although this referred to Japan's government's inability to solve its huge financial problems, the same may be said about its ability to materialise its much‐heralded and ambitious programme of so‐called ‘Big Bang’ financial deregulation if the reform lacks substance such as proper protective measures for consumers as well as a transparent and accountable regulatory process. ‘Free, Fair and Global’ — the three basic principles put forward by the former prime minister Ryutaro Hashimoto upon unveiling his plan to launch Big Bang on 11th November, 1996 — rings hollow to the car of those who suffered a huge financial loss due to mis‐selling of high‐risk financial products.