Comparison And Reference Of ADR Mechanism In Financial Consumption Disputes

With the liberalization of financial markets and the diversification of financial consumer products,financial consumer disputes have occurred frequently.The reason is that financial consumers lack knowledge of risks of the financial products and financial institutions fail to fully inform consumers about the financial product information.Financial consumers usually use the way of complaints or lawsuit to defend their legitimate rights and interests.In those processes,there are problems such as discrimination of treatment by financial institutions,long time of rights protection and high cost price.In recent years,China's financial regulatory authorities have gradually begun to explore a mechanism for resolving diversified financial disputes,such as the Financial Industry Association mediation mechanism and the financial regulatory department of the three systems.However,with the gradual integration of the financial industry and gradual vagueness of the financial borderline,separated supervision has led to gaps and overlaps in dispute resolution.As a result,most of the financial consumer disputes still remain unresolved.In view of this,in order to protecting the rights and interests of financial consumers,it is imperative to improve and develop the ADR mechanism for financial consumer disputes.In contrast,some developed countries and regions have established relatively mature mechanisms for ADR settlement of financial consumer disputes.The industry associations authorized by the government or the law,or newly established specialized agencies which assume the responsibility of mediating financial disputes.For example,the Financial Ombudsman Service(FOS)has been set up in the United Kingdom to solve financial disputes.Japan adopted the system of designated dispute resolution institutions and designated non-governmental corporations and institutions such as trade organizations as the designated neutrality and impartiality dispute resolution agencies.Taiwan has set up the Financial Ombudsman Institution based on the "Consumer Protection Law" and Hong Kong has established a financial dispute resolution center based on the principle of "independence,fairness,convenience and efficiency".In line with the idea that "the stone of a mountain can attack jade",this article compares the typical representative ADR mechanism of financial consumer disputes of Japan and Britain.And combined with China's local conditions,put forward suggestions to improve the ADR mechanism of financial consumer disputes in China.