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A Comparative Research On International Financial Consumer Dispute Settlement

Posted on:2017-12-17Degree:DoctorType:Dissertation
Country:ChinaCandidate:Full Text:PDF
GTID:1366330512954457Subject:Law, international la
Abstract/Summary:PDF Full Text Request
Since the worldwide financial crisis broke out, the international financial markets start to in-depth review the core values and construction basis of the financial market regulations. In order to reduce the occurrence of financial crisis and maintain the faith of financial consumers, countries actively respond to minimize adverse effects of financial supervision deficiencies, and achieve the consensus of regarding the financial consumer protection as the foundation of the financial supervision. The European Union and countries such as United States and Britain have launched a program of financial reform, and put emphasis on financial consumer protection for the purpose of rebuilding consumer confidence in financial markets.It is no doubt that the financial market development in the Mainland area progress rapidly in recent years. Financial consumers gradually play an important role in the financial markets. Due to the mature financial market development requires mature financial consumers to actively participate in, the primary task of maintaining market order and stability is to protect the rights and interests of financial consumers. However, there are no exclusive act and institution responsible for the financial consumer disputes in the Mainland area currently. As a result, powerless financial consumers cannot be well-protected.As the global financial market supervision reform process speeding up, in the Mainland area, concerning the financial consumer protection, both in theory and legislation aspects are related to the financial services supervision compared to the advanced countries. Current laws not only fail to concretely embody the destination of protecting financial consumers but also neglect the fact that financial consumers are a powerless group. Rules and regulations, in addition, often conflict with each other. As a consequence, it is hard for financial institutions to implement financial consumer protection laws.Therefore, it is imperative to comprehensively improve the disorder legal system of financial supervision, absorb experiences of financial consumer protection system construction, and to establish a well-organized financial consumer disputes processing mechanism. The management law and processing mechanism should be fair, just, reasonable, and based on financial consumer protection. Thence, besides judicial access, financial consumers can choose the quick, effective and finance-specialized disputes processing access, promoting the steady development of China's financial market.This article, except introduction and conclusion, is divided into five chapters. It analyze and describe the theoretical basis of the financial consumer protection in detail, international and China's current financial consumer disputes processing mechanisms and legal system, and the determine and apply of applicable laws of international financial consumer disputes.The first chapter is the theoretical basis of financial consumer protection. First, it defines consumers and financial consumers, then it introduces the rights and interests of a financial consumer. In addition, it discusses how countries and two sides across the strait identify financial consumer disputes, and the necessity to the theoretical basis of financial consumer protection on the basis of freedom of contract.The second chapter focuses on financial consumer disputes processing mechanisms of major countries around the world. It describes financial consumer disputes processing mechanisms starting from the most developed financial markets, Britain and the United States, the European Union which is the major European economies, as well as major countries in Asia such as Japan, Singapore and Australia. In addition to the establishment of the mechanism, it includes the establishment and operation of the institution responsible for the financial consumer disputes.The third chapter researches on how two sides across the strait and the third place handle financial consumer disputes currently. In the Mainland area, under the Consumer Rights Protection Law, there are financial institutions supervision system of the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission, and mediation system of the industry association. In Taiwan area, after the Financial Consumer Protection Act executes, the financial consumer disputes processing mechanism is built. As for Hong Kong area, the mediation center is viewed as the method of disputes processing.Financial transactions are world-wide. The main reason of international financial consumer disputes are contractual behavior disputes. Samples of disputes are insurance payment disputes relating to insurance contracts due to the occurred insured event, loans liquidity problems derived from consumer lending of a bank, and disputes caused by torts. Financial services do not well inform customers about the products risks, therefore, they may mislead customers to the transaction and cause customers damages. As the result, the fourth chapter investigates financial consumer disputes processing legal systems and international treaties trend caused by contractual behaviors and torts.Because tort locations are often connecting factors in tort cases, to clearly decide where tort locations are should be the most important question of determination and application of foreign tort cases'applicable law. Deciding tort locations effect questions like "Interpretation of the law" and "Qualitative of connecting factor". Therefore, deciding tort locations is not merely significant in the legal theory, but also pivotal in practical law operations. The fifth chapter analyzes related law doctrines, theories, and judicial practice of decide tort locations, induces currently international main law choosing doctrines, as well as provides future law choosing doctrines suggestions to Taiwan area.In the Mainland area, current financial legal systems still focus on the financial services supervision. To stabilize development financial markets and economic developments, legislators concentrate on methods for strengthening the reform of financial services supervision and internal control mechanisms. Although the idea of protecting financial consumers are compiled, as financial consumers rights and interests protection are written in related laws' legislation aims, legislators have not yet pay attentions to defects that financial supervision regulations in fact are unable to provide financial customers their deserved law protections.Therefore, in the conclusion of this article, it discusses defects of current financial consumer protection laws, and suggests integrating legislation to indeed safeguard financial customers and establishing an institution responsible for financial consumer disputes processing. Moreover, since cross-border financial expenditure leap rapidly, and the two sides across the strait connect more and more frequently, in the end of the article, it suggests that two sides across the strait should establish a mutual admission mechanism of financial consumer disputes processing so as to consummate financial consumers'essential protection.
Keywords/Search Tags:Financial consumer, Financial Consumer Protection Act, Contract, Torts, Locus regit actum, lex loci delicti commissi
PDF Full Text Request
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