Research On Financial Consumer Protection Agency

As the rapid development of economic and financial markets, commodities expand swiftly from ordinary products to financial products and services, the concept of financial consumer appear in developed countries gradually. The tides of financial liberalization diverse financial products and service, deepen the financial innovation and provide a diversity of choices to financial consumers. At the same time, lack of the professional knowledge and adequate decision-making information, with the banking up of suppliers, the rights of financial consumers have been damaged seriously. This round of financial crisis starting from America indicates that crisis is not only the crisis of financial institution but the crisis of the financial consumers. Sorts of countries begin to reflect the blank of financial regulation then realize deeply that financial consumer protection are the foundation and important aim of rebuilding financial supervision. America and Great Briton set up financial protection agency, surge the extensive discussion on this issue in the worldwide. Although Chinese financial market set up later than other countries, we have seen a speedy development over these years, the issue of financial consumer protection is increasingly severe. Embarrassingly, we have so far neither special legislation nor specific agencies responsible for the financial consumer protection. Financial consumer protection is disordered and lag in financial innovation in China, setting up financial consumer protection agency properly is the most urgent task.