On Protection Of The Consumer’s Rights And Interests In Financial Services

With rapid development of the economy in China in recent years, the social wealth has been greatly enlarged. At the same time, the increasingly rising financial needs of the people requires a variety of financial services and financial products, which results in various kinds of financial products and their derivatives, making the consumers confused when buying financial products.Nowadays, the consumption of financial services and products has become an important activity of the consumers. Because of the features of financial consuming like universality, intangibility and asymmetry of information in the course of trading, the financial consumers are in a rather weak position in trading comparing to the general market consumers. However, the current laws concerning finance in China can not fundamentally guarantee the consumers’ rights in this special field, such as the consumer protection law and the antitrust law and others.Consequently, many foreign countries have established regulations of financial consumer protection in a totally new point of view under the mixed operation and unified regulation system, which will have great significance on the protection of financial consumers.In this thesis, the author proposes that the protection and perfection of the financial consumers in China can be achieved by the following six steps with reference to the experiences of the developed countries. Firstly, the consumer protection law needs perfecting in order to integrate the laws of the financial trading field, advocating that the local laws should also protect the consumers. Secondly, concerning the current situation of separate operation and supervision, the financial supervision regulations need complete from the aspect of supervision. Thirdly, strengthening the measures of financial protection is needed by self-discipline in this field. Fourthly, enforcing the protection through the standardization of financial service providers. Fifthly, perfecting the dispute settlement mechanism, and finally, improving the risk identifying abilities of the financial consumers with education and guiding solutions of multi-aspects from the perspective of the universality of financial consuming.