China's Financial Consumer Law Protection Research

With the rapid development of China’s market economy in recent years and financial markets being in the ascendant, more and more consumers flock to the financial markets which has become an important force in the financial markets. However, financial consumers’ legitimate rights and interests are frequently violated by the serious asymmetric information in financial sector and the rapid innovation of financial products or services.At present, the development of China’s financial market are in the early and the legal protection of financial consumers is far from comprehensive as well, embodied in the legislation, the establishment of specialized agencies, dispute resolution mechanism and so on. Providing effective protections to financial consumers’ legitimate rights and interests not only relates to the consumers, but being the cornerstone of the financial industry even the whole financial markets’ long-running, also relates to the harmonious development of a country’s economic and society. Based on our financial consumers’ legal protection for perspective the article discuss the legal basis of financial consumers’ protection at first, that is the disadvantage of the contract freedom and the demand for the pursuit of substantive justice. Then from our legislation, institutional settings and dispute resolution mechanism the article analysis the present status and the defects of our financial consumers’ and identify the problems existed. And then from legislation, specialized protection agencies and the unique dispute resolution mechanism, the article study the similar legal system of American and British and drain something worthy to reference as well. At last, the author puts forward the specific proposals how to improve the legal protection of China’s financial consumers,mainly about improving the legislation, establishing specific institution, completing the dispute settlement mechanism as well as China’s financial regulatory system.