| Financial consumer is the foundation of financial industry. The U.S. subprime mortgage crisis has shown that shaky basis would lead to disaster. The protection of financial consumers is not only to protect financial institutions themselves but to maintain financial stability and to safeguard economic and financial safety.After the subprime crisis, international financial regulatory reform involves three main lines:(1) to improve traditional risk-based micro-prudential supervision;(2) to establish monitoring system for systematic risk (macro-or counter-cyclical prudential regulation system);(3) to build financial consumer protection system.Based on deep reflection of the international financial crisis, Governments take active measures to strengthen financial consumer protection. The US, UK and other countries and some international organizations have adopted the reform-related legislation and regulation system, repairing current financial regulation system defects, such as the regulation mode from the institutional regulation to functional regulation changes, the establishment of specialized financial consumer protection agencies to further strengthen financial consumer protection.China has adopted a separate regulation mode called "one bank and three commissions" now. There are many conflicts with the current financial mixed operation trend. The financial consumer protection regulatory agencies within "one bank and three commissions" also carry out their duties, and it is difficult to form a joint force. As a member of G20, FSB, BIS, China should practice new international financial regulatory standards. Objectively, learning from advanced international experience to carry out financial regulatory reform helps financial consumer protection, and promotes financial institutions to transform their business models and developing methods, which improves operating efficiency, and ultimately protects the stability of the financial system. |
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