Research On The Legal System Of Financial Consumer Protection In Canada

With the financial crisis outbreak in 2008,many countries have reached a consensus on the importance of financial consumer protection for the healthy development of the financial market.Strengthening the financial consumer protection has been an important part in the financial regulatory reform.As the international financial sector relatively stable countries,Canada has a good performance in the financial crisis.The important reason is that Canada established a relatively perfect system of financial consumer protection.In addition,China's current financial consumer protection mode is similar to the former Canada's situation.Therefore,studying on the financial consumer protection system in China has an important reference significance to improve China's financial consumer protection system.Based on comparative analysis,literature analysis and other methods,this thesis compared the financial consumers and the similar concept preliminary,carried on the analysis on the reason of the financial consumer protection and its specific content.Then this thesis analyses the characteristics and the specific content of the financial consumer protection in Canada,which from the financial consumer protection agency and specific system,in order to provide reasonable suggestions for the improvement of China's financial consumer protection system.Besides the introduction and conclusion,the thesis is divided into four parts.The first part introduces the basic theory of financial consumer protection,which mainly includes the concept and scope of financial consumer,the reason for the protection and the specific content of the protection system.Financial consumer is the natural persons,purchasing financial products and financial services to meet the financial consumption needs of individuals or families.They are the new type of consumer in the financial sector.The protection of financial consumers is not only justified on the information asymmetry between financial consumers and financial institutions,but also the requirements of substantive justice in the legal cause.The specific system of financial consumer protection mainly includes the fair treatment system,transparency and information disclosure system,dispute resolution and relief system.The second part analyzes the Canadian financial consumer protection agency,including its establishment background,the scope of supervision,tasks and powers.Canadian financial consumer protection authority is the Financial Consumer Agency,which is an independent operation of the first level administrative organs.The scope of regulation is financial institutions of federal regulation and external appeal mechanism,mainly through a series of management measures and the establishment of the corresponding financial education system,assuming the main task of consumer protection.Its main powers include supervision of financial institutions,compliance,and implementation of the right of illegal behavior.The third part analyzes the financial consumer protection system in Canada.For the fair treatment,Canadian financial privacy protection system establishment from self-regulation to legislative confirmation stage of development;for bundled sales,mainly through the direct regulation and make sure of information disclosure,fully informed,and strengthen supervision of bundle sales.For transparency and information disclosure,Canada not only established the principle of information disclosure and transparency,also published laws and regulations to ensure the information transparency and reasonable disclosure in practice.As the financial consumption dispute settlement,will be set up the prepositional procedure in the financial institutions,and establish a unified and efficient third party complaint mechanism.If consumer is not satisfy the former mechanism,also can choose way of arbitration or litigation.The fourth part summarizes the characteristics of Canadian financial consumer protection system.The first is to keep the continuous innovation of financial consumer protection system;second is the establishment of the independent financial consumer protection agencies,from the appointment and removal of personnel,funding sources and other provisions to safeguard its independence;the third is the diversification of financial consumer dispute resolution mechanism,combining the internal and the independent external complaint way;the fourth is making the promotion of financial literacy as a national strategy,attach importance to and strengthen financial consumer education.The fifth part elaborates the enlightenment of Canadian financial consumer protection system to China.In the face of the deepening of financial reform,China's financial consumer protection systems should continue to reform or innovation.For institutional arrangement,the financial consumer protection agencies should be independent to protect consumer protection policies,laws and regulations to be implemented.For the financial consumer dispute resolution mechanism,should change the litigation based single relief model,and actively expand the arbitration,industry self-regulation and other modes.For financial education,financial literacy should rose to the position of the national strategy,according to the present situation of China's financial development and combined with the characteristics of China's financial consumer,setting the financial knowledge popularization system...