A Study On Financial Consumer Protection Regime

Modern consumer movement was initialized at the late 19th and the early 20th century. Prior to this, although there was economic sense of consumer, the legislations didn't protect the consumers as a special group. At that time, the status of Operators and Consumers is basically equal, and the laws regulated them from the perspective of commercial law particularly contract law. With the development of economy, the balance between operators and consumers was broken, and the law began to give the general consumers special protection. The mixed trend in the financial industry made the strong voice of consumer protection. As the financial crisis exploded in 2007, regulators recognized that the major reason is failure of the financial consumer protection. So the financial regulatory reform began, and they have established or plan to establish independent financial consumer protection agencies. In addition, the financial consumer dispute resolution is also an important part of financial consumer protection mechanism. Only after the establishment of a comprehensive dispute resolution system, the substantive rights of consumer can be realized.The thesis consists of four parts, in addition to the foreword and the epilogue.Chapterâ… : This chapter describes the concept of financial consumer, the theoretical basis of protection, and the urgency to bring the consumer into the range of general consumers. The author considering that it is necessary to discuss the connotation and extension of the concept at the beginning of study. Learn the legislative experience from the development countries, and give the financial consumers special protection. And then, the author discusses the financial products and services for further description.Chapterâ…¡: This chapter summarizes the status of financial consumer protection system in China. The author analysis the existing problems, then find the current shortage for the late reference of comments. On the one hand, the status of legislation is undesirable, as the protection of financial consumer in Consumer Protection Law and the financial sector laws is not enough. On the other hand, system status is dissatisfactory; we lack the financial consumer protection and Alternative Dispute Resolution. Legal Loophole and system lacking is the reason of existing financial consumer protection issues.Chapterâ…¢: This chapter introduces the trends of extraterritorial financial regulatory reform and the legal practice of financial consumer protection agencies. Financial consumer protection, as the core of financial regulation reform, not only responses fairness under the changing financial environment, but also contribute to financial stability. It is important to separate the consumer protection functions from the prudential regulatory function. In Section two, this part focuses on the legal provisions in the financial regulatory reform of various countries, including scope of official duty of financial consumer protection agency. In the last section, the author make some recommendations to improve the financial consumer protection system, including financial legislation and independent protection agency.Chapterâ…£: This chapter elaborate the typical consumer dispute resolution practice overseas. It is the main trend to build a variety of dispute resolution mechanisms. This article studies the Financial Ombuds-man Service in UK and Australia, both the common points and differences, the section two describes in three respect: the integration of existing complaint mechanisms, the exertion arbitration advantage and the establishment of FOS system, and want to suggest reconstruction of financial consumer dispute system.