Study On The Legal System Of Financial Consumer Rights Protection In China

The 15 th year of the 21 st century has begun its long road. In the last more than ten years, finance industry has gone through a rapid development, and people in many countries, which are the fundamental power of the financial economy, have been financed by self-conscious or others’. As the bottom layer of the financial pyramid, financial consumer and his interest is not taken seriously by the financial supervision agency and finally the sub-prime financial crisis happened in 2007. Currently, more strictly supervision rising out of the financial crisis and legal system of the financial consumer right protection has penetrated deeply into the many countries’ financial supervision. For example, the traditional developed countries of the financial consumer right protection, such as Britain or America, has established the new financial consumer protection agency in 2010 by the legislation, which were named as Financial Conduct Agency(FCA) and Consumer Financial Protection Bureau(CFPB). Those agencies were authorized with independent functions and powers, which built the basis for the independent judge of the financial consumer protection bureau. At the same time, the above countries built the mechanism of the protection for the financial consumer right infringement, which make the financial consumer right protection fulfilled, and ensure to renew the finance industry.At the background of the world financial economy in the 21 st century, the economy and finance industry of China also could not been isolated. With the financial reform developing into the difficult time, the finance industry will undergone a qualitative change and get into a fast—growing period. At this moment, with the gradual release of the financial control, the financial institutes will cooperate with each other more and more, and financial innovation and financial new products will also emerge rapidly. Also, the financial new products will penetrate into the everyday life of the common people, which will become as the loyal supporters of the initial period of finance industry. But to be confronted with the extremely unsymmetrical information, aggressive sales action of the financial institutes and monopoly of the Chinese finance industry, the possibility of the infringement of the financial consumers’ right will increase greatly, which will become the new problem in the finance development. Therefore, the legal protection of the financial consumer right protection must be one of the important issues in the future finance reform. Facing the present legal system of financial consumer right protection, the author thinks the China should improve the system as follows: firstly, establishing the financial consumer inclined protection, temperate protection and civil protection; secondly, establish education system of the financial consumer legal protection; make the protection methods more diversity and practicing; finally, promote the agency reform of the financial consumer protection. To some extent, the above measures must reduce the right infringement to the financial consumer in the development of the finance industry, and make a basis for the development of the financial consuming industry and improve the financial innovation.