On The Legal Definition Of Financial Consumers

With the smartphones and internet have been widely accessed, the internet finance becomes hot in China. Until now China has turned into the biggest internet finance market. Within the background of financial informatization, a lot of financial products attract consumers’ favor because of their convenience and high yield. “Manage your money though you only have a little” indicates the financial times has come. Innovation is a headspring and strong force of financial development, but also brings disputes as wake. There’s still lack of comprehensive system to protect financial consumers in our country,which is incompatible with the practice. And the concept “financial consumer”has not yet become a certain legal concept. Thus, we can not provide complete protection to those group of people under the existing legislative system. Now we need to do the fundamental work, that is to clarify the concept of “financial consumer”. Only do that first, can we solve the problem of the rights protection.Apart from introduction and conclusion, this article is divided into four parts:The first part is to bring the concept “financial consumers” into discussion: why do we need to study the concept “financial consumers”, and what’s the point of establishing this concept. At the very beginning, this paper introduces the background of the rise of “financial consumers” concept, and points out the pressing need to build this legal concept. Then, through analyzing the relationship between consumers and financial consumers, answers the question of why financial consumers need the special protection. After that, by analyzing the typical cases, this paper presents the significance of legally building the “financial consumers” concept.The second part explains the research ground and condition of both inside and outside China. In summary, there are three typical standards to build the concept, which are “purposes” “legal subjects” and “information and abilities”. Through comparison and analysis, the author points out the benefits and defects lying in the different theories, and then put forward her own view.The third part is about the legal concept “financial consumer” in different countries and area. The concept in Britain, America, Japan and European Union is respectively discussed. Because the legislative tradition, regulation modes and financial environment differentiate between these countries and area, the legal concept “financial consumer” differ from each other.The fourth part is the main part of the paper, which is to study the connotation and extension of the concept “financial consumer”. Firstly, the author try to build this concept on three elements that are legal subject, purpose and conduct, and get the conclusion; secondly, the part analyze and determine the extension of “financial consumer” by observing the businesses in different financial sectors.