Study Of Bank Of Personal Financial Products Consumer Protection

Along with the sustained and rapid development of China’s economy, China’s financial development has been influenced by the trends of globalization and localization.People’s personal wealth growth rapidly. Meanwhile, people’s demand in investment and financing is becoming more and more urgent. In order to meet the strong financial needs of the residents, commercial banks have been offering financial products. Personal financial business is more and more popular. With the liberalizations of financial markets, banks move forward to the trend of cross mode of business and provide multiple services. This situation results in the blurring distinctions between the various classes of financial institutions.One hand, although the diversification of private financial products may provide financial consumer more choices, general customers may not understand the financial products characteristic and the risks the face because financial products differ from ordinary products in nature. In addition, the financial industry may not fully inform financial customer about the information of financial products and the risks they face sometimes. The other hand, banks, which in a strong position, usually damage private financing consumers’rights, particularly the right to know and the right to fair deal. Such as emphasis on the expected rate of return, downplay the risks, luring consumers to buy private financial products which are not appropriate. Banks enjoy various rights by using unfair terms provisions in the standard form contract while consumers’rights are limited or deprived, and so on.These situations always result in the financial disputes between banks and financial consumer. It is difficult for consumers to get effective relief after their rights are violated. In order to resolve this problem and to further protect bank private financial customer, I suggest some measures to protect bank private financing consumers’rights better, we should built up one single dispute resolution mechanism of financial services, this paper points out that there are some deficiency, including low-level legislation, legal system and ineffective law implement. Then, the paper introduces the damage to consumers’rights, including the right to know, the right of relieve. It is believed that solid rights protection system would be founded, when bank private financing consumers would never be hurt, or they could be relieved effectively if hurt.