On Financial Consumer Legal Protection In Commercial Bank’s Personal Financial Management Services

With the rapid development of Commercial Bank’s Personal Financial Management Services in China in recent years, many infringements of consumer rights occur frequently. As consumer’s satisfaction is the key to business development, strengthening the financial consumer legal protection in Commercial Bank’s Personal Financial Management Services is necessary to maintain confidence of consumer, achieve substantive fairness and guarantee the market developing steadily. The financial consumer protection is only the accessory of the target for guaranteeing the banking industry’s moving steadily in the current legal system. Given this, it’s essential to start from changing the philosophy of regulation so that to perfect the legislation of financial consumer protection, to increase the independence of financial consumer protection agency and to construct a more comprehensive institutional system.The thesis includes three parts:introduction, text and conclusion. And the text is divided into four chapters:The first chapter clarifies the concept of Financial Consumer and discusses the reason and necessity that the client in Commercial Bank’s Personal Financial Management Services should be protected as financial consumer. The second chapter proposes the main institutional arrangements of financial consumer legal protection in Commercial Bank’s Personal Financial Management Services and their relationship by introducing the legislative experience in other countries and regions. The third chapter systematically combs the current legal system on financial consumer protection in Commercial Bank’s Personal Financial Management Services in China. Then it analyzes the problems of current system from the legislative system, the institution setting and the institutional arrangements. The fourth chapter proposes the corresponding perfecting suggestions for the foregoing problems.The innovations of the thesis lie in two following aspects mainly:First, the existing academic researches mainly introduce the experience of developed countries in a certain aspect. While the thesis proposes a system of institutional arrangements which is composed of client classification system, suitability requirements, information disclosure system, and legal remedy system. Second, based on the comb of the current legal system, the thesis analyzes the problems from the legislative system, the institution setting and the institutional arrangements and proposes the corresponding perfecting suggestions, trying to construct a relatively comprehensive legal framework for financial consumer protection in Commercial Bank’s Personal Financial Management Services.