Research On Financial Consumer Protection Law Regime In The Post-crisis Era

Consumer is important subject in financial activities. The international financial crisis has triggered global concern on the importance of protection of financial consumer rights. For the problems exposed in crisis, in the post-crisis era, the world’s major countries and regions have implemented financial restructuring, including revising and improving financial consumer protection laws and regulations. In recent years, China has also made substantial progress on financial consumer protection system, such as built basic framework, set up financial regulators, promulgated a number of rules, but these frameworks and measures still have infancy, such as legislative level is not high, protection measures are inadequate, right relief system is still need to perfect etc. On the basis of extraterritorial experience, combined with China’s national conditions, the paper put forward proposals for consumer protection law system from legislative, administrative and regulatory relief. The paper is divided into six chapters; the main contents are as follows:Chapter1analyzes the connotation of post-crisis era, domestic and international financial consumer, domestic and international financial company. By analyzing various violations in banking, securities, insurance, trust, credit sectors, the paper demonstrates the necessity and urgency of the financial consumer protection regime from a practical point of view. The paper analyzes the theoretical necessity for financial consumer protection in social stratification, information asymmetry, sociology consumer sovereignty, form contracts, behavioral finance, and corporate social responsibility. The paper proposes basic principles of financial consumer protection:full protection, collaborative protection, tilt protection, moderate protection, and grading protection principles. Then the paper analyses the rights and obligations of financial consumer, and obligations of financial company should fulfill.Chapter2analyzes the supervision system to protect financial consumer’s rights and interests in the post crisis era. The paper discusses supervision regulatory of Home&Host Country, analyzes the coordination of the two supervisors. It analyzes the subject and mode of regulation from duties which financial supervisors, financial industry associations, consumer associations and credit rating agencies shall perform, then put forward major supervision rules.Chapter3comparatively analyses the situation and the latest developments of financial consumer protection developed in the U.K., U.S., Japan, and Taiwan before and after the financial crisis.Chapter4describes the newest financial consumer protection documents and practice of European Union, G20, OECD, World Bank Group, International Organization of Consumers Unions, International Organization of Securities Commissions, etc. to build international cooperation mechanism in global financial consumer protection.Chapter5compares the changes in consumer protection concepts and systems before and after the financial crisis, and then points out problems in existing system.Chapter6in reference to extraterritorial experience and based on national conditions, the paper points out specific proposals in financial consumer protection law regime in China.