The Bristish Financial Consumer Dispute Resolution Mechanism And Its Inspiration To China

Every country in the world begins to strength the financial consumer protection and establishes financial consumption disputes settlement mechanism after the financial crisis of 2008. As the birthplace of modern finance, the Britain’s financial businesses and financial consumer protection system have a long history. The UK builds a set of financial consumer protection system after the financial crisis of 2008. It enacts a law for the financial consumer protection and builds alternative dispute resolution mechanism for the dispute resolution-the Financial Ombudsman Service. FOS is free, professional, efficient and satisfies the requisitions of complainants as much as possible. With the improvement of people’s income and the development of China’s financial businesses, more and more people begins to buy the financial products and services. And the financial dispute cases are showing a rising tendency. But the present financial dispute resolution can not cope with the increasing dispute cases. the financial protecting consumer of financial products in China. Developing such system is necessary not only for the protection of the financial consumers but also for the smooth development of China’s financial markets.There are three parts in the thesis. Part one is the overview of the financial consumption dispute resolution. It consists of the legal definition of the financial consumer, the distinction between the financial consumer and the average consumer and the investor, and the closer relationship between the financial consumption disputes settlement mechanism and the financial consumer protection. The effective dispute resolution can contribute to the protection of the financial consumer’s right and the stability of the financial system.Part two is an analysis of the British financial consumption disputes settlement mechanism. It has a full set of the legal protection system for the financial consumer protection, and establish the financial alternative dispute resolution named Financial Ombudsman Service(FOS). As it provides the efficient and convenient service, it wins people’s trust.Part three is the analysis of the dispute resolution mechanism in China and put forward specific proposals on the improvement of the China’s financial dispute resolution mechanism in the future, based on the reference of the British financial consumption dispute resolution. Due to the shortage of the legal protection for the financial consumer, and the inadequate supervision of the regulator, there are many problems in the present dispute resolution. The proposals for the improvement of the financial dispute resolution in China include: make the specific law for the financial consumer protection; establish and perfect the self-discipline mechanism of financial association; build various financial disputes resolution system; strengthen the education on the financial knowledge.