Research On The Protection System Of Financial Consumers' Rights And Administrative Law

The emerge and deepening of the idea of administrative state and welfare state provides the justification for countries to strengthen the administrative intervention of social and economic life. Under the financial globalization, in2007the U.S. subprime mortgage crisis triggered a global financial crisis, which exposed the lack of protection on financial consumers’ rights and interests. This has caused extensive concern from the international community and the countries of the world. Based on the methodology of systematic legal science, and with the subject, object, norm and procedure of the administrative law protection for financial consumers’ rights and interests as the main clue, after analyzing of the status quo in China and drawing lessons from the experience from the U.S. and U.K. in this field, the article makes recommendations to perfect the legal system of administrative law protection on financial consumer rights. Besides introduction and epilogue, this article has a total of five chapters.The first chapter introduces of a number of important concepts of the protection on the financial consumers" rights and interests. The article introduces step by step from consumption to finance consumption, from consumer to financial consumer, financial consumers’ rights and the protection on financial consumers’ rights. In the interpretation of the protection on financial consumers’ rights and interests, the realistic necessity and theoretical basis have been briefly mentioned and the protection through the public law has been discussed.The second chapter explains the basic theory of the administrative law protection on financial consumers’ rights and interests. Based on the theoretical basis of administrative law protection on the consumers’ rights and interests, and the characteristics of administrative law this chapter analyzes the necessity and possibility of the administrative law’s protection on financial consumers’ rights and interests. By analyzing the basic principles, the standards of rule of good laws with regard to the administrative law protection on financial consumers’ rights and interests have been revealed. Also, this chapter explains the path of administrative law protection through administrative regulation, administrative law enforcement and administrative judicature.The third chapter discusses the basic system of administrative law protection on the financial consumers’ rights and interests. Taking the financial consumers’ rights and interests as a systematic issue, the article analyzes the four basic factors which are subject, object, norm and procedure. Based on this clue, the status quo of administrative law protection on financial consumers’ rights and interests has been discussed.The fourth chapter discusses the system of administrative law protection on financial consumers’ rights and interests in the U.S. and U.K. In the U.S., the Consumer Financial Protection Agency as an independent administrative subject in the field of financial consumer protection is endowed with unprecedented independence. Under the tradition of the legal person of public law, in U.K. the protection of financial consumers’ rights and interests involves full use of social forces. The Financial Ombudsman System (FOS) providing an alternative dispute resolution system has played an important role in consumer dispute settlements. The analysis has shown that there is no universal experience for the administrative law protection on financial consumer rights and interests. The set up of the legal system should be based on the state’s own specific situation.The fifth chapter focuses on how to perfect China’s system of administrative law protection on financial consumers’ rights and interests. The author proposes to build a diversified financial consumer administrative law protection system, meanwhile, an effective joint session system to coordinate the Financial Consumer Protection Agencies under ’One Central Bank and Three Committees’ should be strengthened. Also, the Financial Consumer Protection Law should be made as soon as possible, as to provide a legal basis for the administrative law protection on financial consumer s’ rights and interests. Emphasizing the financial institutions’ self-discipline, professional association’s conciliation, financial arbitration and judicial review, diversified system of financial consumer disputes settlements should be set up.