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An Analysis Of Protecting Financial Consumers' Rights And Interests

Posted on:2012-11-04Degree:MasterType:Thesis
Country:ChinaCandidate:J H SongFull Text:PDF
GTID:2166330335970830Subject:Finance
Abstract/Summary:PDF Full Text Request
With the development of financial industry and improvement of living standard in China, especially the growing variety of financial products, deposits and loans, credit cards, financing products, insurance, etc. have become an indispensable part of social life and are well known and widely used among the general public. Besides, in view of the particularity of financial product transaction, i.e. lack of equality between financial institutions and consumers, consumers are obviously at a disadvantage, which necessitates the protection of their rights and interests. However, for a long time, the insufficiency or drawbacks of laws and regulations on the protection of consumers'rights and interests, the absence of law and special institutions for finanical consumers, and the complexity and professionalism of law system to regulate the business of financial institutions, which are beyond the common consumers, have contributed to the phenomenon that interests or rights of financial consumers are frequently infringed and it is difficult to protect their interests or rights. The issue of extra cost for inter-bank transfer service and universal cash saving and withdrawing could justify this point in recent years.Recently, especially after the global financial crisis, many specialists, scholars and even the common consumers begin to attach greater importance to the protection of financial consumers' rights and interests. Mr. Bijene Peterson, vice president of IOCU (International Organization of Consumer Unions), said that effective, specific and precautionary protection of consumers'interests should be the focus of solving global financial crisis. After the deep reflection, governments of USA, Britain, Canada, etc. have initiated a series of reforms to enhance financial supervision and protect consumers'rights and interests. At present, the research of relevant legislation is being conducted intensively in China.Through the combination of empirical, comparative and historical analyses, the thesis starts with the basic concept and rights of "financial consumers", discusses the infringement of consumers'rights and interests based on the classification of them and typical cases, and then introduces channels of protecting financial consumers'rights and their respective prons and con, of which the focus is difficulty in laws and regulations, organizations, financial institutions and consumers. Finally, drawing on the advanced and successful experience from foreign countries, this thesis puts forward tentative suggestions on establishing and perfecting the system of protecting financial customers'rights and interests in terms of speeding up the process of legislative protection, setting related protective institutions and systems and adopting scientific and efficient measures. These suggestions featuring both short-term and long-term aims, practical tools and legislative consideration will finally guard the rights and interests of financial consumers.
Keywords/Search Tags:Financial consumers, Financial law-making, Protection of rights and interests, Countermeasures
PDF Full Text Request
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