Research On The Legal Protection Of The Rights Of Financial Consumers

In the huge group of consumers,there is a special and significant class named “financialconsumers”.They are active in the finance field.Shocked by the Financial Crisis,Westerncountries and scholars began to start a series of financial reforms and put forward some newfinancial policies.The leaders started to value the protection of financial consumers as anessential target of financial regulation,promoting the position the financialconsumers.However,“financial consumers” is not a legal concept in China and it cannot beprotected clearly and effectively by the Consumer Protection Act,which makes our protectionabout the financial consumers into an embarrassed situation. Our laws can’t protect theinterests of financial consumers effectively and their interests are constantly invaded thesesyears.Whether the financial consumers are the traditional consumers or not is a discussingtopic.The legal foundation to the protection of financial consumers is indeterminate.Weshould think about seriously this problem and then we can make the connotation andextension of financial consumers clear by the explicit legal norms.And the essay will analyzethe rights belonging to financial consumers,especially the right to know,the right of privacyand the right of recourse.Faced with the problems of the system and the law about protectingthe financial consumers,our country should build up a specialized protection agencies to forma multiplex level system.Meanwhile,our country also should think about seriously to set up adiversified-dispute solution mechanism and the mechanism includes the financialinstitutions,industry associations,consumers association,arbitrations and the courts.In theprocess of financial trial, we can invite financial experts to join in and it can help the judgeswith the professional financial knowledge.Finally,we also should cultivate the awareness oflegal subjects of financial consumers.