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The Research On The Protection Of Financial Consumers’ Rights From The Case Of Deposit Plus Of HSBC

Posted on:2013-08-06Degree:MasterType:Thesis
Country:ChinaCandidate:Y H ZhuFull Text:PDF
GTID:2256330395988146Subject:Economic law
Abstract/Summary:PDF Full Text Request
In2008, the subprime mortgage crisis which happened in USA, spread rapidlyacross the world, has brought huge impact to the global economy. The lessons fromthe financial crisis made many countries reflect on their own defects of financialmarket supervision, while these countries has tried their best to accelerate theimprovement of their financial legal system. From these initiatives in developedcountries, we can know that the protection of the rights of financial consumers is thefocus on the world’s financial legislation. For our country, now, we are in the processof accelerating the construction of financial market. It is important for us to payattention to the protection of the rights of financial consumers. But in the currentsituation of our country, there is no clear objective of the financial consumerprotection.Starting from a case, the first part of this paper is the analysis of the “depositplus” of HSBC, which leads to the existing problems of our financial consumerprotection. The second part is to define the concept of the financial consumer.Financial consumer which has its own characteristics is distinguished from traditionalconsumers. Then, the author analysis the necessity of the protection of our financialconsumer rights in the era of financial globalization. According to the characteristicsof financial consumers, the author proves that the financial consumers should havetheir basic rights. This paper argues that the consumers in the field of finance havecommon with traditional consumers in law, so the financial consumers deserve to getthe protection from Consumer Protection Act, while their differences with thetraditional consumers should earn them the special protection from the law. Inaddition to the rights that the traditional consumers have, the financial consumers alsoshould have the rights which are in line with the characteristics of financial consumers,for example, the right of financial consumption liberty, the right to know, the right offinancial fair trading, the right of privacy and security of financial assets, and so on.Then, the article combs research findings about the status of the financial consumers’ protection at home and abroad. At the third part, the author introduces the specificpractices of some developed countries in the protection of financial consumer’ s rights,as the United States, Britain, Germany, Japan. Those developed countries have begunto focus on financial consumer protection issues since the middle of last century.After the financial crisis in2008, these developed countries have tried hard to maketheir relevant legislation better. Now, some of these developed countries have alreadyestablished a mature system of financial legislation which is worthy of our country tolearn on the way of reform of our financial legislation. The fourth part, the authormainly talks about the status of the financial consumer protection in our country, andpointes out our problems about financial consumer protection, the financial regulatorylag in the financial practice, no clear objectives of financial consumer protection, lackof operability of the existing law and lack of effective financial supervisionmechanism.The last part, according to the above analysis, from three aspects, the article talksabout what initiatives should be taken to protect our financial consumer rights underthe actual situation of China. The author will give suggestions on the perfection of ourrelevant legislation, the specification of financial operators and the protection offinancial consumers.
Keywords/Search Tags:Financial Consumer, Consumer Right, Financial Legislation, Financial Supervision
PDF Full Text Request
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