Legal Protection Of Financial Consumer

With the rapid development of financial markets and institutions, especiallyafter the financial crisis, developed countries have begun focus on protecting financialconsumers. To safeguard the consumer rights and to regulate the trading activities offinancial institutions by law can improve the financial environment and recoverfinancial markets effectively. This article will focus on the issues of the financialconsumers, which as the starting point of consumer complaints to commercial banks,to explore and investigate financial consumer protection related issues.The article is divided into four parts:The first part is the definition of financial consumers. Combined the concept offinancial consumers and the views of scholars in China, analyze the characteristics ofthe financial consumer. Meanwhile, distinguish the similar conceptions such asfinancial consumer, consumer, customers of financial institutions and financialinvestors and then make the connotation and extension of the concept of the financialconsumer clear.The second part is the causes and significance of the financial consumerprotection and the lack of financial consumer protection in China, especially in thecommercial banks. Using the principles of economics, such as Efficient Market Hypothesis, Asymmetric Information Theory, Cognitive Biases, The Effect of SheepFlock and so on, analyze and describe the causes and significance of the financialinterests of consumers in need of special protection. Introduce the financial consumercomplaint cases of the commercial banks，such as bank card complaints, certificatesof deposit change policy complaints，service complaints，credit information categoriesof complaints，deposits or loans and financial products categories of complaints.The third part is about how to protect the right of financial consumers, such asthe right of information and the right of fair trading. Financial institutions shouldregulate the description of obligation, the format text and the induce behavior toprotect the right of information and the right of fair trade.The forth part is about suggestions for improvement of the financial consumerprotection. Strengthened the education to make financial consumers，the owner of therights, can help themselves. Meanwhile，proposed to build a wide range of rightsprotection system, such as financial institutions, industry associations, regulatorybodies，arbitration institutions, the judiciary, academics and media opinion. Inpractice，it is necessary to improve the legislation and the litigation system to protectfinancial consumers.