County Financial Consumer Protection

After the outbreak of the global financial crisis on2007, the financial regulatory authorities realized that an effective financial regulation system and financial consumer protection mechanism should be established by the government. Meanwhile our government need to supervise this mechanism as the core and balance the relationships among government regulation, self-supervision and judicial remedy. Besides, our government should to adjust and change this system in order to adapt to the changes of the external environment.Since the reform and opening up, our country’s ability of financial macro-control and financial management has been improved. However, compared with western developed countries, our country’s protection of financial consumer interests are relatively poor, which including system info, law-making and regulatory framework. The phenomenon such as the irregularity business operation, the obstruction of the complaint channel, the excessive intervention in the financial industry by the government and the fair service does not reach the designated position. In the county, most people lack of the financial knowledge and the consciousness of financial risk. The lag of county financial development, the insufficiency of financial market competition and the absence of supervision by the government are existing as well. Therefore, it’s outstanding that county financial consumers’rights have been damaged.This paper described the importance of the protection of the financial interests of consumers in China. From three aspects such as financial consumer protection regulatory bodies, financial consumer protection legislation, and financial institutions’services and information disclosure, this paper combed the current domestic and foreign research achievements of consumer’s rights. Based on introducing consumer protection experiences of the United States, Britain, Japan and other developed countries, and reviewing briefly on carrying out the progress of the work of the Financial Consumer Protection in China, taking counties in Taizhou as a case, this paper analyzed the difficulty existing in the protection of county financial consumers’rights as well as complaints of financial products and services distribution. This paper also analyzed the main reason for the lack of county financial consumer protection. Furthermore, from the top-level design, supporting systems, financial regulators, and consumer education level, this paper envisaged the construction of county financial interests of consumers protection mechanisms, providing a reference and support for the protection of the interests of financial consumers.