Research On The Protection Of Rights And Interests Of Financial Consumers

In recent years, more and more researches have been conducted on the protective measures against the rights and interests of financial consumers with a purpose to better maintain the rights and interests of financial consumers. In terms of the researching angle from reform of financial regulatory institution protecting the rights and interests of financial consumers, the research concerning third party independent from financial regulatory institution is missing out in relation to the protection of rights and interests of financial consumers.Starting from the concept of financial consumers, this paper analyses the realistic dilemma in respect of protections against the rights and interests of financial consumers by the financial regulatory institution, demonstrates the legal status quo and administrative responsibilities regarding AIC and further specifies the necessity of protecting the financial consumers. By sorting out the real cases of complaints of financial consumptions (via 12315) from 2011 to 2014, this paper discusses the credit card disputes by adopting empirical approach, focuses on the existing issues of rights and interests protections over credit card users and intends to structure the contemplation concerning protecting the credit card users by AIC by means of comparative analysis approach with an aim to improve the protection over credit card users.Apart from preamble, this paper is composed of four chapters.Chapter one generalizes the overview of protecting financial consumers by AIC. This chapter introduces the protective measures on financial consumers and administrative protections. First, by introducing the definition of financial consumers, this paper demonstrates that the financial consumers discussed hereunder are the transactional parties participating in the financial market transactions not for the purpose of operation which includes qualified and eligible investors but excludes those having been illegally engaging in financial market. Second, by introducing the legal status quo and administrative responsibilities by the AIC in protecting the financial consumers, this part demonstrates the administrative protections over the financial consumers by AIC.Chapter two generalizes the overview of the necessity of protecting the rights and interests of financial consumers by AIC. On one hand, "CSRC, CIRC, CBRC and PBoC", being affected by the functions of authorities and developing trends of financial industry, are being placed in a dilemma when handling complaints of financial consumers and protecting the legitimate rights and interests of financial consumers and these can’t be efficiently figured out within a short period of time. On the other hand, the intrinsic nature of PRC Law on Consumer Protection decides its dominant place in protecting the financial consumers and also AIC, as the enforcing organ to implement PRC Law on Consumer Protection is of the advantages that "CSRC, CIRC, CBRC and PBoC" are unable to reach, making it more effectively to maintain the healthy development of financial market and protect the financial consumers.Chapter three discusses the status quo and issues regarding the protections of the rights and interests of credit card users. This chapter first analyses the characters of consumer complaints of financial services (including insurance industry) by adopting empirical approach on the basis of the overall situation of complaints concerning financial services (including insurance industry) from 2011 to 2014. Second, by deepening credit card consumptions, this chapter further analyses the status quo and issues of the protections over the rights and interests of credit card consumers. Underneath the status quo, this paper introduces the comparison amongst the rapid development of credit card industry and hysteretic development of protections over rights and interests of credit card users, laws and regulations concerning protections of rights and interests of credit card users, as well as the concentrated expressions of the current credit card disputes. The key issues would include immature legal mechanism regarding protections of rights and interests of credit card users, infringement upon rights of credit card users by adopting template contract and difficulty in maintaining rights and interests by credit card users.Chapter four discusses the contemplative structure of protections of the rights and interests of credit card users by AIC by means of improving and solving the existing issues. The author is of the opinion that legal mechanism of protection on credit card users shall be transplanted and legal system in terms of protection of rights and interests of credit card users shall be improved. By referencing the approach that western countries have adopted where specific organ is established to be responsible for the protection of rights and interests of credit card users, AIC shall be predominant in setting up specific organ in protecting the rights and interests of credit card users and draw on the experience of diversified the methods of resolving financial consumptions with a purpose to complement the channels for the credit card users to maintain its rights.