Research Of Consumer Protection In Wealth Management

After the financial crisis, changing the product oriented businessmodel to customer oriented has become an inevitable trend of bothdomestic and international wealth management industry. This paperstudies to define the interest of financial consumers and analyses theprinciple of fairness in wealth management business after considering theunfair positions of institutions and consumers and consumers’ weakself-protection capabilities. This paper outlines the analysis of consumerprotection issues in deposits and loans, financial services, serviceefficiency and service attitude, service charges and other products andservices from the legal relationship perspective. Infringed financialconsumer rights in the banking industry have been summarized asexamples and current consumer protection difficulties in wealthmanagement have been pointed out. It has been proposed to improveconsumer protection system design, including improving financialconsumer protection path, institutional practices in all aspects of dailyoperations and product management of the whole process fair treatmentof consumers philosophy, implementation of customer protection oriented behavior regulations, promotion of consumer education by regulators andinstitutions and enhancement of consumer empowerment.