The Enlightenment Of The Protection System Of The Rights And Interest Of The Financial Consumers In South Korea

Now with the progress and development of society, the financial markets also present a picture of prosperous development situation. Financial products and services play an increasingly important role in people’s lives. Financial products and services are becoming more and more complex, specialized, rich and transaction information asymmetry, and inadequate disclosure of information. The position of fair trade between the financial consumers and the financial institutions results weakening other reasons, the disputes of the financial consumers are rising trend. Now although a relatively perfect protective system of rights and interests of consumers has been established in China, but in practice it does not fully play the role of protecting the rights and interests of consumers. At the same time, the establishment of the system of protecting the rights and interests is also obviously lagging behind the needs of reality.On the references of the existing literatures, we will further study the protection of financial consumers in South Korea, and combine with the analysis of present situation and shortage of the protection of financial consumers in China. To improve the protection of consumers’ rights and interests in our country by learning from the practice of the protection of financial consumers’ rights and interests in South Korea. To ensure that the disputes of consumers could be solved timely, to ensure that guarantee the legitimate rights and interests of consumers, and to increase satisfaction degree of consumers for financial institutions. Ultimately it has an important practical significance to protect the rights and interests of financial consumers.The so-called financial consumers are to purchase, use financial products or accept financial services, and as a non professional purposes to involve in financial activities, in the vulnerable groups in the financial activities, and the person or group of lack of professional financial knowledges. In financial activities, consumers because of the weak position can get legal protection. In legal provisions consumers have legitimate rights as follows:the right of security, the right of know, the right of organization, the right of the option, the right of supervision, the right of equity, the right of knowledge acquisition and the right of claims in accordance with the law. In view of the implementation of the protection of the rights and interests of financial consumers and the analysis of the existing deficiencies, there are still loopholes could be found in the protection of the rights and interests of financial consumers in China. There is no effective supervision, and there are all sorts of defects of remedies available at law on the complaints to the financial institutions, the consumer’s association,the Association for the three, the financial regulator and the application of financial arbitration. Finally it provides experiences of the protection of the financial consumers in China for reference on the analysis of the protection system and concrete practice of financial consumers’ rights and interests in South Korea, namely financial supervisory institute in South Korea, Korean institute of consumers, the Korean exchange, dispute mediation system of financial consumers of financial investment association and the financial ombudsman system in South Korea, including the characteristics of independence and rapidity of financial ombudsman system in South Korea and the protection tilted on the financial consumers and so on. Therefore, we use the experiences of financial ombudsman system in South Korea for reference, to build a diversified protection system of rights and interests of financial consumers, to develop specialized protective law of rights and interests of financial consumers and to effectively protect the interests of the financial consumers.