Research On The System Of Protecting Financial Consumers’Rights And Interests

The global financial crisis this century caused by the U.S. subprime mortgage crisis as well as the world’s financial control legislation and practice of the reform indicate that, financial deregulation will of course promote financial innovation greatly, but over-relying on the market mechanisms’self-regulation, while ignoring the effective protection of the financial consumer’s interests, which will condone market abuse, form market manipulation, shake the basis of financial stability, and ultimately lead to a worldwide financial crisis. Therefore, with the rapid development in the financial industry today, more and more countries come to realize the importance of protecting the disadvantaged financial consumers’interests, and the strengthening of financial consumer protection has also become an important part of financial reform.With China’s rapid economic development and rising incomes, financial consumption is increasingly becoming an important factor of the sustained and healthy development of China’s economy. At the same time, since China’s financial consumers and financial institutions are nequal, resulting in the legitimate rights and interests of consumers who are in a weak position often be violated, and our existing financial consumer protection laws exist many defects, making that the financial disputes can not be solved timely, fairly and reasonably,which damaged the interests of financial consumers, and ultimately affected the consumer’s enthusiasm, and hindered the continued development of the financial industry. Therefore, integrating the existing legislative, administrative, judicial and regulatory resources to establish a legal concept which is the core of the financial consumer protection will be a top priority and an important content of China’s financial reform.This essay takes the status quo and problems of China’s financial consumers as the starting point., and combine the practice of financial reform of the United States and the United Kingdom, and carry on study which lay stress four chapters on the legal system of protecting financial consumer’s rights and interests. The first chapter will focus on analyzing the concept and characteristics of the financial consumer, as well as the theoretical basis for the protection of the financial interests of consumers. This chaper will provide a theoretical basis and practical basis for the problem this paper studied;Chapter Ⅱ will mainly take a deep insight into the legislation of the United States, Britain, Japan and other relevant countries on the subject of financial consumer protection, with the expectation to provide guidance and reference for our own countries’ future legislation;Chapter Ⅲ, This chapter mainly analyzes the status quo of our financial consumer protection, indicates the issues in China there is lack of legislative philosophy which led to consumer protection laws and the absence of unreasonable regulatory approach of the current sub-industry, consumer rights protection system;Chapter Ⅳ, which is the last part of this essay will propose some suggestions on improving our financial consumer protection mechanism. first of all, change the concept, and establishing a sound legislative system of financial consumer protection; Secondly, seting up specialized financial consumer protection institutions when the time is right; thirdly, building an scientific dispute settlement mechanism on the problem of dispute Resolution, to achieve comprehensive protection for consumers; Finally, strengthening financial knowledge and education to the public, improving the ability of consumer’s financial transactions.