On Protection Of Rights And Interests Of Financial Consumers

Financial consumer is the extension of main consumers in the financial area. As is the same with the common consumers, financial consumer is in the weak position in transaction. Especially nowadays, with the continuous deepening of innovation and reform in financial area, the derivatives and services not only bring huge profit, but also increase the risk of financial consumption and weaken the stability of financial system. Moreover, with the increase of individual wealth, investment becomes necessary consumption demand. The proportion of natural persons who participated in investment increases continuously, while most new investors are lack of investment experience, which drives information asymmetry between investors and financial institutions to a large extent. As a result, the call for formulating relative laws and founding corresponding organization so as to provide consumers of financial products has been higher and higher. In order to promote the healthy development of the entire financial market, comparatively mature and complete legislative system and sectors for consumer protection have been set up in countries with developed financial industry. In contrast, the protection of right and interests of financial consumers in our country is weak. In order to protect rights and interests of financial consumers effectively, it is necessary to study mature experience from developed countries to construct legislative system which is suitable to China's national conditions and financial realities and promote healthy and rapid development of the financial market by establishing and perfecting the relative laws, realizing effective administration, setting up specialized department, establishing complaints mechanism, strengthening self-regulation of industry and education on investors, etc.The paper is divided into four chapters to expound.The first chapter is the introduction to laws protecting rights and interests of financial consumer. It analyses from the conception and rights of common consumers to those of the financial consumers and summarized the development of legislative protection of financial consumer rights in China.The second chapter analyzes the current condition of legislative protection of financial consumer rights in China. It explores respectively the legislative protection of financial customer rights in the mainland and Hong Kong, As for the mainland, it reveals the reasons why the consumer rights in various fields can not be adequately protected from aspects such as legislation and supervision in industries of bank, securities and insurance. Meanwhile, as for Hong Kong, it focuses on analysis of the securities industry.The third chapter analyzes the current condition of legislative protection of financial consumer rights of foreign countries. It elaborates the legislative protection of financial consumer rights in countries such as the United Kingdom, France, the European Union, Canada, Japan and Australia, and shows the relevant mature measureThe fourth chapter is perfection of legislative mechanism of protecting financial consumer rights. It summarizes the sticking point of legislative protection of financial consumer rights in China, and hereby discusses to establish and perfect the protection of financial consumer rights from aspects of legislation, supervision, self-regulation, and consumer education.