A Study Of Financial Consumer Protection Under The Perspective Of International Law

In the 1960 s,financial consumer protection began to enter public eye with the surge of consumerism.In spite of the development of the financial consumer protection system during the financial “Big Bang” in western countries,it did not get enough attention from international organizations and developed countries,which greatly hampered its further development.Then the U.S.subprime mortgage crisis hit in 2007,triggering a global financial crisis that led to a dire impact on global economy,after which international organizations and developed countries woke up and began to ponder the causes of the crisis,partly attributing it to the failure in financial consumer protection system.Financial institutions irregularly lured consumers into buying large quantities of financial products beyond their risk tolerance and the absence of protective regulatory measures made the situation even worse.When the cavalcade of risk cases added up,the financial crisis finally broke out.After the crisis,through financial reforms stability in economic development was restored in western countries.One important theme of the reforms is to improve the financial consumer protection system in western countries and across the globe.Today the aftermath of the crisis on the other side of the ocean that hit ten years ago still lingers and some of the involved countries have not yet got rid of the negative impact.Although China was not so profoundly affected as western countries did,the crisis set off alarm bells for China,one of which is the necessity to improve the financial consumer protection system.As China's financial industry continues to develop,the financial market is increasingly open,resulting in a greater variety of innovations in financial products and services and a growing number of financial consumers.Meanwhile,problems that harm the interests of consumers during financial transactions are beginning to emerge,with a trend of rapid expansion,which underlines the serious inadequacy in legislation,judiciary,and administrative regulation concerning financial consumer protection.Therefore,it is of great significance to explore measures to improve China's financial consumer protection system through a comparative study of the systems in the international community and by drawing upon the legislative achievements from international law and domestic laws in developed countries.The present research views the issue of China's financial consumer protectionsystem from the perspective of international law and comparative law.Based on this,case analysis,comparative study,and interdisciplinary research are used in the research.This research consists of introduction,body and conclusion.The body is divided into four chapters.Chapter ? discusses the basic theory of financial consumer protection,which is the fundamental part of the research.It discusses the definition and rights of financial consumers,as well as the necessity for financial consumer protection from a multidisciplinary angle(economics,finance,and jurisprudence).Chapter ? analyzes the problem of financial consumer protection system.Based on several cases in China,major problems that harm the interests of consumers are summarized,the causes of which are analyzed,i.e.deficiencies in China's financial consumer protection system.Chapter ? conducts a comparative study on the financial consumer protection system developed by international organizations,America,and Britain after the crisis,followed by a summary of beneficial results that can apply to China's practice.Chapter ? puts forward the suggestions on how to build up Chinese financial consumer protection system.In light of the advanced experiences and beneficial results,recommendations on the improvement of China's existing financial consumer protection system are presented in an innovative manner,according to the actual situation of consumer finance in China.