The Research On Legal Issues Of Bank Comsumer Protection In China

With the trend of financial integrated management, the gap of information and bargain ability between the bank and consumer is getting broader and broader. Though the bank provides more and more choices and investment convenience to the consumer, the disputes between them are increasing. In China, Owing to legislative and regulatory reasons, there are still problems in bank consumer protection. Therefore, it is quite necessary to give bank consumer special protection. Financial crisis makes all the countries gradually realize the significance of customer protection in maintaining confidence and stability of the financial market, so many country have focus on enhancing consumer protection when propose financial regulatory reform .Aiming at these problems in bank customer protection, the author holds the view that the legal system of bank consumer protection should be built from the perspectives of legislation and regulatory, especially the conduct of sales in bank, so as to compensate the unbalance of bargain ability and information exchanging. This article comprehensively analyses some effective system in the bank consumer protection of UK, Japan and US using the methods of comparative analysis and empirical analysis. And it proposes a conception to complete the protection system by analyzing the problems in consumer protection in bank services of China.This article consists of introduction, body and conclusion. The introduction states the background of the study, provides an overview of the domestic research, and illustrates and the innovation of the study. The body demonstrates the theme of how to protect bank consumers. The conclusion summarizes the essential points of the article. The body is divided into four chapters.Chapter 1 analyzes the basic questions in bank consumer protection. The analysis is conducted by four steps. First of all, define the concept of bank consumer and state the subjects of this article. Secondly, explain the legal relationship between banks and consumers, which paves the way for further analysis. Thirdly, analyze the legitimate rights of the consumer in the transaction with the bank, which are the mains topics in the following discussion. Lastly, demonstrate the necessity of giving special protection to the bank consumer in light of the specialty of financial field, weakness of the traditional private laws'protection and necessity of the regulatory for protecting the bank consumer's rights.Chapter 2 makes a comparative study on the bank consumer protection, by analyzing the experience of consumer protection from UK, Japan and the US in their latest legislation and regulatory reform. During the analysis, the author lays the emphasis on conduct of business and the consumer financial dispute settlement system of UK. The promotion rules of financial products in Japanese Financial Products Sales Law and Financial Instrument and Exchange Law, the American financial privacy protection system and the latest consumer financial protection agency, and other systems are analyzed, which can be the reference for the construction of the institution in chapter 4.Chapter 3 analyzes the current situation of Chinese bank consumer protection. It mainly deals with the problems existing in the protection process and the main reasons why Chinese bank consumer rights are infracted by examining the legislation and regulatory.Chapter 4 focuses on how to build up Chinese bank consumer protection system. First, it puts forward the basic concept of system construction, namely transparent, fair, simple and convenient. Based on this concept, the article proposes that the bank consumer protection system can be improved from legislation and supervision in which the focus of legal norms should be the bank behavior during the sales procedure, and the core should be information disclosure, duty of disclosure and suitability. In addition, this article discusses how to promote fair trade and strengthen the financial information protection. In terms of regulatory, it argues that the duty of regulator should be clarified and strengthened to protect the consumer, and a special department should be set up in the regulatory organization. Finally, in consideration of the huge significance of convenient depute resolution, this paper devotes to build up the mechanism of dispute resolution between banks and consumers in China.