Research On The Non-litigation Mechanism Of Financial Consumption Disputes Resolution

The financial consumer’s role in maintaining financial healthy development should not be disregarded, because they have the largetst number of individuals, the most amount of fundings provided, the lowest money cost, the largest contribution to the financial system. But they are loosely organized, fragile strength in individual consumption, in the lowest rank of the entire system, the most vulnerable to be abused. The outbreak of the global financial crisis in 2008 severely damaged not only consumers but also financial system. When the governments reflected on the underlying causes of the crisis, the consumer’s ingored and abused rights had been thought of a important incentive, so one of the three major post-crisis financial system reforms is to strengthen financial consumption protection.In recent years, many experts and scholars at home and abroad have thought the financial consumption protection as one of the research emphases, and the research results are also increasing. The results focus on the definition, the main performance, fundamental rights, protection principles, financial education, information disclosure, contract regulation, regulatory reform, disputes resolution. These results constitute a complete system. At the same time, these results constitute a starting point for the this article.This article focus on the non-litigation mechanism construction of financial consumption disputes resolution. Prior to this, there were not a lack of these research results, and these mainly analysized the scope, strengths and weaknesses of the court proceedings, financial arbitration, the tripartite reconciliation and the Ombudsman. The innovation of this papers are the introduction of the "integration idea" into financial consumption disputes resolution, and integrate the relatively independent means together, so as to grasp the mechanism’s world development trend at macro-level, grasp the various types of disputes resolution method’s common and personality at medium-level, analysize the usage of "integration idea" into disputes resolution mechanisms at micro-level.In this paper, the framework’s structure is as follows. Chapter one is an introduction. At first, introduce the financial environment in which consumptions encounter, refine the main problem, point out our country’s almost single resolution means, and litigation become the most important means. But the courts’s ability and energy encounter challenge, so there’s urgent need to establish a new way of disputes resolution. On this basis, summarize consumption disputes resolution methods which were prevalence and popular at abroad. Secondly, review the releative domestic and foreign research literature, find out its research ideas, pointing out their research "vacant". At last, study the research direction, ideas and methods.Chapter two is the theoretical analysis. At first, a brief analysis of the characteristics and nature of financial consumption disputes. The characteristics include inequal strength between two sides, highly specialized skill, high social impact. The nature includes consumption disputes, contracts or tort disputes. Secondly, analysize the theoretical foundation from the perspective of economics and behavioral finance. The former include information asymmetry, public goods theory and natural monopoly theory, externalities theory. The latter includes expectancy theory, disposition effect, overconfidence, herd mentality, mental accounting, cognitive bias.Chapter three is model analysis. This is the difficulty of this studies, and the innovations of the article. Browsing all of the current research literatures that can find, the introduction of model analysis into literature is very rare. This is mainly due to the model focus on quantitative analysis, but the financial consumption protection’s model emphasizes on the qualitative analysis, so it’s diffcult to find a integration point between two sides. This paper introduce the sales of investment-linked insurance as an example to be specific analysis. Although it’s a case presentation, it’s without loss a generality.Chapter four analysizes the status and problems of financial consumption disputes resolution. Disputes status includes type and quantity diversification, significantly disadvantaged status, financial regulation separation’s obviously shortcomings, limited effect of litigation and other traditional methods of disputes resolution. Means of disputes resolution include financial enterprises internal, financial industry self-regulatory bodies, petition and administrative mediation. The main issue of disputes resolution mechanism’s analysis perspective includes regulatory authorities, industry associations, financial services sector. Finally, set the "oolong incident" as a typical case to specify analysis this issue.Chapter five describes the financial ADR. At first, review the generation and development of financial ADR. Secondly, summarize the classification and Characteristics, focusing on mediation, arbitration and FOS. Again, sum up its international development status, summarize the financial ADR mechanism of United Kingdom, Australia, Korea, Canada, Singapore, Malaysia, Chinese Hong Kong and Chinese Taiwan, Germany, Japan and America in the form of table, and the elements include financial legal system, financial ADR status, the regulatory body, the implementation of principal, funding.Chapter six analysizes the representative national and regional financial ADR. At first, set Japan as a example to introduce the industry integration’s financial ADR, including the introduction background, legislative process, solution mechanism, obligation of financial institutions, disputes resolution process, the main effect. Secondly, Set Chinese Taiwan as a example to introduce quasi-integration financial ADR, including the consideration elements of constructing the mechanism, introduction background, legislative and institutional settings, FOI, unique advantage. Thirdly, set UK as a example to introduce the full integration financial ADR, including the introduction background, composing mechanism, unique advantages. Finally, outline the above three financial ADR mechanism from the disputes solution thought, legislation protection, development path, institutional settings, procedural safeguards, binding remedies, cost, effectiveness, personnel safeguard.Chapter seven explores our country’s construction paths of financial disputes resolution mechanism. At first, improve our country’s existing financial consumption disputes settlement mechanism; Secondly, introduce the matured foreign financial ombudsman system gradually, and consider the scope of financial consumer, mediation mechanism’s binding, mediation organization’s setup, the docking between litigation and mediation when introduce this mechanism; Thirdly, expound the implementation of financial ombudsman system in our country.