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Study Of Financial Consumers Legal Protection System

Posted on:2012-05-05Degree:MasterType:Thesis
Country:ChinaCandidate:J ZhouFull Text:PDF
GTID:2206330335997622Subject:Law
Abstract/Summary:PDF Full Text Request
As the global financial market developed rapidly, the problem of the traditional protection conception and system for consumers provide insufficient security for the financial consumers is becoming more serious. Financial consumers need more inclination support in protection system for their disadvantageous position because of the information asymmetry phenomenon in pursuing the substantial justice. The countries in the world before the economic crisis ignored the financial consumers' right protection and abandoned the primary basic value that the financial consumers are the premise of the existence and stability of the financial market. In the course of constant innovation and more profits brought by the financial derivative products and services, the risk and the instability will follow. If the goal of protecting the financial consumers were give way to the term prosperity of the financial market, the whole safety of the finance will involve in the devastating crisis. The economic crisis added the fuel to the fire of the contradiction of which between the financial institutions and financial consumers who cannot get relieve and lose the confidence to the financial market, all of this will give the whole financial market safety buried hidden trouble.In 2010 July 15,the U.S. Senate officially established the Dodd-Frank Wall Street Reform and Consumer Protection Act which is the most big scale and the most severe one since the Great Depression. In accordance with the Act, the U.S. will take the comprehensive supervision on the big financial institution including their operation,M&A,mortgage issue,credit rating and various derivatives dealings. Under the background, this paper analyzed the protection issues of the financial consumers.This article has five chapters. The first chapter is about the basic research of the definition and features of the financial consumers through the comparative analysis between the common consumer in the field of general good economy and the financial consumer in the financial transaction field in the first section, and the basic legal theory of the particularity of financial consumption and the dependency between the financial consumers and the financial market, and then expound the substantial fairness which the consumers need. The second chapter goes into the U.S. Financial reform and the financial consumers'protection situation. The first section talk about the background of the financial reform and then review the Dodd-Frank Wall Street Reform and Consumer Protection Act of U.S. in the second section, the significance of rights protection of financial consumers will come out in the third section. The third chapter mainly expounds the particularity and rights of the financial consumers, such as the right to know, to privacy, and to claim. The forth chapter researched the game playing and equilibrium between the financial supervision and the financial innovation, the obligation of information disclosure and the right of financial institution. The fifth chapter is titled as legal system of our financial consumer's protection and suggestion of its consummation. The first section introduced and proved the current situation of our financial consumer protection and the reasons of it. The second section analyzed the problems existed in our financial consumer protection system, e.g. our value orientation of our financial legislation has gone the wrong way,the mechanism of financial supervision institution should established, and other issues that existed in the self-disciplined and management of financial industry. The third section suggested improving the structure of our financial consumer protection system from six aspects, such as perfecting the legal system,establishing qualified financial consumer investment system,the financial consumer protection organization and complaint coping mechanism and a financial consumer protection data information support system, strengthening consumer education and sound financial knowledge consumer protection financial relief program.
Keywords/Search Tags:Financial consumer rights, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial regulation
PDF Full Text Request
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