Study On The Legislation Of Protecting Financial Consumers' Rights And Interests

The concept of financial consumer is an extension of the concept of consumer and professional in the financial sector. As the complexity of financial products, consumers as individuals, their cognitive ability is limited, they can not understand financial products and financial services providers'benefits specific changes and market fluctuations and other information. Compared with the financial consumers, they occupy a position of initiative in the possession and dissemination of information. Considering their own interests, it is difficult to make them provide objective, impartial and comprehensive information for financial consumers. This leads consumers to enter into contracts with financial institutions, often in a weak position. It is more difficult to choose a service provider. This weak position of consumers is the direct reason that leads to the interests of consumers are likely to suffer. The reasons that subprime mortgage crisis broke out in 2008 the U.S., in addition to regulatory bodies for lack of supervision of financial institutions, one of the important reasons is the regulatory bodies ignore the protection of financial consumer.This article is divided into seven sections. The first part of the introduction, it mainly includes the purpose of this study, significance, background research, situation at home and abroad, purpose is laying the foundation for the following discussion of the protection of financial consumer rights; The second part discusses related to basic issues of financial consumers, come to the concept of financial consumers, the right that the financial consumer should have, the main form of damage to the right; The third part discusses the basic theory about the protection of financial consumer:Theory of Economic law, Lemon Market Theory and Twin Peaks Theory. The forth part introduce several developed countries' advanced experience about the legislation of financial consumer protection and get inspiration about our countries the legislation of financial consumer protection; The fifth part introduce current situation of China's financial consumer protection and existed problems; The sixth part come to a number of financial proposals about improving the protection of consumer rights and interests. Proposal to enact a special law to protect financial consumers and to discuss the main content.The last part, made a summary, proposal of building a sound financial system reform of consumer protection, to initiate and deepen the research on this issue, expect to provide some useful suggestions for the legislation of our countries'financial consumer protection.