Research On Financial Consumer Protection From The Perspective Of Financial Legal Reform

Financial consumer is a new concept. The concept not exists in our China’straditional "Consumer Protection Law". However, it reflects the essence. Financialconsumers are the extension and deepening to the customers in financial field. Theprotection of legitimate interests of financial consumers not only refers to thefinancial interests of individual consumers, but also refers to national or regionalfinancial market stability, so the financial protection of legitimate rights and interestsof consumers is crucial.At this stage in China, protection of consumer rights and interests to thefinancial consumers is mainly in the financial regulatory system and related financiallaws and regulations. Under the financial separated supervision system, the People’sBank of China, China Insurance Regulatory Commission, China Banking RegulatoryCommission are exercising supervision to their respective industries respectively. Theexisting consumer protection in the financial system is built along it. Furthermore,financial regulators set up corresponding financial consumer protection agency. But,at this stage, the provisions of protection for the financial interests of consumers onfinancial laws and regulations are mostly principled provisions. It lacks detailedprovisions. Financial regulators were introduced their own financial consumerprotection provisions, but the law is at a lower level and the related specific systemconstruction has yet to be perfected.The constructed path selection of financial consumer protection system must berooted in the reality of our financial system. The goal of financial legal reform is theprogressive realization of the financial market. The construction of financial consumerprotection system must take into account history and reality factors of China’sfinancial legal system to take realize the path selection, and to improve the existingsystem based on the gradual structure through a gradual manner.At this stage of the financial consumer protection system structures, it shouldto improve existing legal level on financial consumer protection laws and regulationson legislation, to make unified legislation, to conduct unbalanced right allocation tothe financial consumer, to strengthen the protection to financial consumer informationrights, and to establish financial consumers distinguish system to better safeguard thelegitimate interests of financial consumers. In the financial regulatory system, it should to bring the protection of the financial interests of consumers into the financialregulatory goals and to establish joint meeting system on the basis of existing variousregulatory bodies of consumer protection organizations, based on the establishment ofjoint meeting system to strengthen financial consumer protection policy andcoordination of the laws and regulations.