The Study On The Legal Issues And Protection Of The Interests Of Consumers Of Financial Services In China

Financial services refer to the social activity that members of society realize financial needs through finance consumption. In recent years, China's economy grows in a sustainable way with rapid expansion of social wealth. The scope and content of financial services continue to expand, and the consumer financial services have become important consumption activities for society members.The fact that financial service are with a high degree of specialty, intangibility and other features makes the interests of consumers of financial services vulnerable. Financial services consumers, compared to the average consumers, are in a more disadvantaged position because the situation they faced is more complex, and the ability to avoid being harmed is lower. The financial services consumer protection issues have become increasingly prominent. Among the rights concerning financial services consumers, the harm of security rights, the right to know and the right of fair trade are typical cases. The existing consumer protection laws and financial legislation exert effects to some extent, but their deficiencies lead to inadequacy in the protection of financial services consumers'interests. China's consumer protection laws do not cover the protection of interests of financial services consumers, and financial legislation is so narrow that it can not provide complete protection of the financial interests of consumers. In addition, financial institutions rarely build appropriate paths for consumer complaints and rights protection to follow.Protection models of the interests of financial services consumers applied in foreign countries are worth learning. First, the legislation includes the protection of consumers'interests explicitly in the regulatory objectives; second, the establishment of corresponding institutions strengthens consumer protection responsibilities; third, the industry self-regulatory mechanism strengthens the protection of consumers'interests; Fourth, mechanisms are set up to deal with consumer complaints and settle disputes.Learning from foreign experience in financial consumer protection and practices and improving China's financial services consumer protection system should be carried out by the efforts made in the construction of legal system. The legal position of financial regulators should be established in the consumer protection, and the mechanism dispute settlement by financial regulators should be bred. The obligations of financial service providers should be strengthened, such as financial services providers to strengthen security obligations, financial service providers to strengthen information disclosure justice, strengthen the financial service providers the obligation of fairness. Finally, the procedure systems for financial services consumer protection should be improved; the financial services industry self-regulatory consumer protection mechanisms should be attained; strive to improve, the dispute settlement mechanism to handle consumer complaints should be established.