Research On The Legal Protection Of The Rights And Interests Of Financial Consumers

Because of the worldwide financial crisis triggered by the U.S. economic crisis, every country is sparing no effort to promote the reform of the financial markets. The focus of the reform is to strengthen financial consumer protection. With the deepening development of Chinese financial markets, the financial products and services are becoming increasingly rich, the financial institutions are constantly expanding, the group of financial consumers is growing. The gap between financial consumers and financial institutions is also growing in terms of access to information, negotiation, and contracting. Under this situation, the problems of damaging the interests of financial consumers are becoming more seriously, it also exposed the lack of legislation, regulatory and relief of the financial consumer protection. At present the law system of financial consumer rights and interests protection in our country has just been established. The regulations are scattered, mostly in the regulations established by the regulatory agencies and other normative documents. Coordination mechanisms between the financial consumer protection agencies have not been established, it’s easy to have regulatory issues. Financial consumer dispute resolution mechanisms are so inadequate that the dispute can not be resolved promptly and properly. These aspects make the financial consumer protection in our country can not be authentically implemented. Therefore, this essay will center on the corresponding legal practice in the U.S., UK and Taiwan, combined with our current situation, and employ the methodology of normative analysis, comparative analysis, historical analysis and legal interpretation, to study the legal issues of protecting financial consumers’rights and interests.Chapter1is about the basis problems of financial consumers. By comparing the difference between the financial consumers and the general consumers and determining the scope of financial consumers, this chapter defines the concept of financial consumers, including natural persons, legal persons and other organizations. It also analyzed theoretical basis of financial consumer protection. Chapter2is about the problems existing in the financial consumers’ protection. Chapter3is the analysis of foreign legislations in financial consumer protection. This chapter introduces the legal protection situation in the United States, UK and Taiwan in terms of legislation, regulatory pattern and agencies, and the financial consumer dispute resolution mechanism. Chapter4introduces the financial consumer rights and interests protection present situation in China from the aspects of legislation, supervision and relief. It puts forward the suggestions on how to build up Chinese financial consumer protection system at present.