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Aim/purpose – The purpose of the paper is to identify the main areas of customers’ threats concerning using financial services and the in-depth review of European industry-specific consumer regulations concerning current accounts and payments. Design/methodology/approach – Desk research including in-depth analysis of industry-specific consumer regulations referring to current accounts and payment services having the character of EU directives and regulations, European Commission reports, and documents. Findings – The paper shows that consumers’ interests are threatened even when they use basic financial services as current account and combined payment instruments. The analysis based on of desk resources has revealed that the regulations give effect to customer protection only if they strictly correspond to defined areas of threats and particular types of risks. Research implications/limitations – The experience of the recent financial crisis proved that the asymmetry of knowledge and information was one of the crucial reasons disrupting customers’ position on financial markets. Research findings will help to identify gaps in regulations and develop the quality of further initiatives aimed on informing customers about the implementation of regulations and improving their financial literacy level. Originality/value/contribution – The payment products are rarely discussed in the literature in the context of consumers’ protection and financial regulations. This paper Monika Klimontowicz ORCID ID: 0000-0001-9215-1938 Department of Banking and Financial Markets Faculty of Finance and Insurance University of Economics in Katowice, Poland mklimontowicz@ue.katowice.pl Regulations as a tool to increase consumer protection... 51 contributes to the debate by providing an overview of financial consumer protection issues concerning retail payments.

Regulations as a tool to increase consumer protectionon the European retail payment market