The Study Of Legal Protection Of Financial Consumers’ Rights Of Claim

The global economy has come across financial crisis twice since1998. Now,fundamental flaws by the crisis have not been resolved, sovereign debt crisis point to thepossibility of challenge to the world economy. Protecting the interest of financial consumersand retaining public confidence is very important for us to maintain financial stability andpromote economy development. The right of claim is the dead line for financial consumers, ifthe right of claim is not guaranteed, consumers’ other rights will become a dead letter. But inour country, financial consumers sometimes have to abandon their rights to ask for a paymentbecause lack of legal basis and disputes settlement channel.It is a general trend to passing special laws to protect financial consumers’ rights andinterests. Now, there is huge debate about what kind form of law should be used, somescholars advice to make Financial Services Act, while others suggest adding a stand-alonechapter in the existing Consumer Protection Law in order to protect financial consumers’rights. But no matter what kind of forms will be used, how to protect financial consumers’right of claim must be an important issue for us in the course of making law.The keynote of this paper is to answer the three questions “why we need to protectfinancial consumers’ right of claim, what is the problem about the existing legal protectionmechanism in our country and how can we protect their rights efficiently”. In the first part ofthe essay, the author analyzes the definition, characteristics and significance of the financialconsumers’ right of claim, so to answer the question “why we need to protect financialconsumers’ right of claim”. The second part of this article presents the situation of the legalprotection mechanism in China.UK and America have some valuable experiences about howto protect financial consumers’ right of claim, it is worthy of our reference. These experiencesare introduced in detail in the third part of this paper. Then based on it, the author gives somefeasible suggestions about establishing the legal protection mechanism of financialconsumer’s right of claim.