Research On Financial Consumer Disputes Settlement Mechanism

In recent years,with the development of the financial business and the constantly deepening of financial innovation, Financial consumption disputes are springing up more frequently, and hard to be addressed effectively, resulting in upgrading of the conflicts between financial consumer and financial institutions, which has drawn a great deal of attention from supervision and regulation authorities. It is safe to say that the main reason for financial consumption disputes is the increasing complexity of financial products, and the information asymmetry between financial institutions and financial consumer enlarge status inequity between them. Due to the relatively weaker status of financial consumer in the course of financial dispute settlements, it becomes critical to take proper measures to tackle financial disputes efficiently to avoid unnecessary losses, which plays an important role in maintaining financial order, creating new social management model, and maintaining a harmonious and stable society. Despite the fact that central authorities have paid much more attention on this issue and begun to establish disputes settlement mechanism institutionally, it is still immature in many aspects. This article analyzes the experiences on the development of the settlement mechanism in three typical countries or regions, summarizes the existing problems in our nation’s system, and puts forward reasonable suggestions from the following aspects: theoretical innovation in the design of institutions, improvement of financial consumer protection law, self-regulation of financial institutions and the establishment of efficient and fair dispute settlement mechanism.The article will be expressed from five aspects: The first part is introduction, which includes the purpose and significance of research, domestic and foreign research status quo, and the main content and structure of this article. The second part is the common interpretation of mechanism for financial consumer disputes settlement,which makes differences from financial consumer、financial disputes and the settlement mechanism for financial consumer disputes by way of concepts comparison between western nations and China. It lays a solid theoretical foundation for the following parts. l The experiences in protective legislation on consumer finance, Third-party dispute settlement body, and compensation mechanism of Britain、Japan and Taiwan are introduced in the third part, providing a valuable reference on establishing a unique dispute settlement mechanism. The fourth part is the core of this article comprising of the present situation and existing problems of the system of our country, including the lack of adequate laws and diverse dispute settlement mechanism..which constitutes a striking contrast with the advanced experience of western countries mentioned in the third part and settles a prerequisite for the thoughts and suggestions in the fifth part. The last part represents the ultimate goal of this article---- thoughts and suggestions in detail. It states the views in four aspects: innovative financial reform, improved legislation, diversified financial dispute settlement mechanism and balanced litigation and non-litigation proceedings.Finally, the summary reiterates the necessity and importance of deepening financial reform and establishing diversified mechanism for financial consumption disputes settlement...