On Legal Issues Financial Consumer Protection

Obtaining a relatively less benefits,the financial consumer with small forces，asthe end of finance industry chain, bear the entire market unknown risks. The financialinstitutions who make the trading rules occupy most of the benefits relying on theirstrong economic strength and the ability of controlling the market. This unequaldistribution of the benefits and risks not only hurt the interests of financial consumers,but also threaten the safe operation of the financial markets. The2008financial crisisact as a typical example. In recognition of the importance of financial consumers tofinancial markets, Countries have made laws and regulations, adjusted regulatoryobjectives, improved institutional settings to protect their interests so that the financialmarkets will develop orderly and stabily.With a late starting, Chinese financial markets develop fast, but there also existmany problems to establish a complete and related system for lacking of experience. Alack of laws on protecting financial consumer, unclear positioning on regulatory andpoor financial dispute relief are apparent problems throughout our legal system. In orderto make full use of the advantage as a newcomer and let financial markets play aeffective role to support the real economy development, our country should establish acomplete financial consumer protection system and adjust the regulatory objectivespromptly to provide a safe and equal consumer environment for financial consumers.