| The harm to the rights of the participants in financial circle have occurred frequently, resulting in the increase of disputes in recent years, but there is no sufficient way to resolve the problem. The financial legislation of supervision and regulation. disregarded the protection for financial participants, which was attributed to the subprime crisis in2008. Reflecting on the financial crisis, developed countries have been aware that the financial protection system of consumers need to be improved, so reforms are being carried out in financial legislation. Financial protection for consumers have been considered to be one of the utmost importance in laws, such as Financial Services and Market Act in Britain, Financial Commodity Trading Act in Japan, Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, or Financial Consumer Protection Act in Taiwan region.The infringing on the rights of financial participants has been reported in China, constantly and increasingly, with the emerging of the concept:’Financial consumer’. The issues related to financial consumers have increasingly draw scholars’attention and have been heatedly researched, and the concept mentioned above is already widely put into practice.The concept is by no means a formal law term, and lacks consensus in scientific principles, therefore, it has not been adopted by law despite wide application. Consequently, the author is intended to probe into the concept by analyzing legislative cases in main states and areas from the perspective of comparison, based on which the domestic practice on financial consumers can be assessed and related suggestions can be brought up. The article can be divided into four parts, centered on the concept:’Financial consumer’. Part one:Sorting out and generalizing the domestic research status. Scholars have elaborated how’Financial Consumer’ is created from the angle of theoretical evolution or definite development, but they much diverge at how the concept’s connotation and extension are defined. Scholars have generated different standards from either subject or object way to define connotation, while the difference in the definition of extension stems from various knowledge of the relations between financial consumers, traditional consumers and investors.Part two:Analyzing the concept background from home and abroad. Great amounts of disputes continue to spring up with the rapid development in finance, the rights of financial participants being harmed, because of which the concept has been put forward by scientific and academic circles. The emerged problem was paid great attention all over the world in which some countries and regions have established protective system for relevant main body, such as Britain, the US, Japan and Taiwan region. It is discovered that those concepts were definitely created under various types of requirements rather than by theoretical evolution, through the historical review in other countries and areas.Part three:Comparing the concepts between countries and regions. The section introduces related concepts in Britain, the US, Japan and Taiwan region, based on which their generality can be analyzed with the purpose to further discover that those concepts are focused on relationship between financial servants. Meanwhile, the difference of those concepts has much to do with the supervision system and practical problems of one country, which explains the production of those concepts is resulted from definite development.Part four:Redefining the concept’Financial Consumer’. The general connotation of financial consumer should be explicit based on related concepts from other countries. Which ones of financial consumers can be protected by law in reality is determined by the legislation of one country.Part five:Based on the definition of the concept, we can analyze the relations between financial consumers and traditional consumers, between financial consumers and investors, in which way academic controversies are resolved.Part six:The concept of financial consumer and legislative mode in China. It is essentially necessary to introduce the concept of financial consumer and to improve contemporary system, considering the great deal of disputes in finance and system imperfection in China. The scope of financial consumer is decided by the practical requirements in one country, hereby, the author attempts to make definition based on the financial system of supervision and regulation in China, and to present protective legislative mode for financial consumers, and to review the already issued rules and regulations on financial consumer. |
