Research On Consumer Rights Protection Of Personal Wealth Management Products Of Commercial Banks

With China's sustained and rapid economic development,the overall savings of residents keep rising,investment consciousness awakening,personal financial products sold by commercial banks become more and more popular.In order to meet the huge demand of financial market,the major commercial banks have launched their own design,self-selling financial products.But,with the rapid development of personal financial product,a large number of financial disputes followed.The surface reason of the frequent outbreak of financial disputes is commercial banks using their dominant position in the financial transaction,infringing personal financial product consumers' rights.Such as the one-sided emphasis on the expected rate of return;weakening the revealing of financial risk;inducing misconduct in the sales process,inducing consumers to buy unsuitable financial products;setting format terms in the financial contract,exaggerating their own rights,restriction or deprivation of the rights of personal financial product consumers.The particularity,specialty,complexity and invisibility of financial products,makes it difficult to clearly define the limits of rights and obligations between personal financial product consumers and commercial banks.The existence of information asymmetry between consumers and commercial banks,the imperfect law and regulation in China,makes it difficult for personal financial product consumers to obtain effective relief after rights infringed.This paper using the financial products designed and sold by commercial banks as the research object,put forward the idea of strengthening the protection of consumer rights and interests.With reference to the advanced legislative experience of foreign countries about personal financial product consumer rights and interests protection,combined with the existing mechanism in protecting the rights and interests of consumers in China,using the existence of unreasonable inform in financial consumption,the unfair format contract,the difficulties of safeguarding consumer rights,as the breakthrough point,solve the problem of protection of personal financial product consumers' rights and interests.At the legislative level,the Law of the People's Republic of China on the Protection of Consumers' Rights and Interests should be improved,a clear legal status of personal financial products consumers should be established,the rights of individual consumer and relevant obligations of banks should be clearly defined.At the regulatory level,the unified financial supervision should be improved so as the self-discipline mechanism of bank.At last,diversified dispute solution mechanism should be constructed,setting a Financial Arbitration System and the introducing in the Group Litigation,to protect customers of personal financial products in a full range.