Research On Online Dispute Resolution(ODR) Of Financial Consumption

With further development of financial innovation,financial products are increasingly diversified in recent years.Although internet has promoted financial transactions,it further deepens the complexity of financial products and give rise to numerous financial consumption disputes between financial consumers and institutions.Thus,consumers are eager to explore an effective and quick way to handle financial consumption disputes in the context of overwhelming lawsuits.The limitations of our traditional financial dispute resolution and the in-depth development of network are gradually in pursuit of a new kind of financial dispute resolution which is convenient and low-cost.The documents promulgated by the supreme count and various regions and practices has provided essential legal and policy supports for the resolution of financial consumption dispute.By virtual of non-litigation mechanism to resolve conflicts has become a major trend between financial consumers and institutions.In November 2015,guidance on strengthening the financial consumers' rights protection had put forward to establish and improve the consumers protection mechanisms.Meanwhile,it advocated to establish financial third-party consumer disputes mechanism and intended to construct diversified financial consumer disputes mechanism which consists of reconciliation,mediation,arbitration and litigation that pointed out the direction for the effective settlement of the financial dispute.With the comprehensive application of internet technology and its own characteristics,ODR as a part of diversified financial consumer disputes settlements,has offered a new dispute solution between consumers and financial institutions.It enables us to solve the disputes efficiently and conveniently as well as is helpful to obtain a relatively fair results.The ODR played a great role in e-commerce at early stage in the United States and had achieved rapid development in Europe and America.Nevertheless,it is still fresh in China.Hence,in the perspective of financial consumer protection and in the context of our conditions as well as increasing financial consumption disputes,the focus of this paper is to explore the construction of ODR inour financial consumption through the study of the application of ODR and advanced experience of financial dispute resolution in Europe and the United States.As for the construction of Online Dispute Resolution(ODR)of Financial Consumption in China,there are several problems,such as inconsistent dispute resolution standards,incomplete guarantee mechanism and the lack of legal regulation of ODR.Thus,first of all,i clearly put forward to the principle of ODR,which plays a leading role in the whole.Secondly,the construction of ODR platform is given top priority so that offers concrete suggestions.For example,i advocate that establish independent third-party institutions to solve financial consumption disputes and with respect of the order of ODR mechanism and the financial institution,i think it is inappropriate to set mandatory preposition procedure,all the disputes should be handled by financial institutions firstly when disputes occur,but suggests that the cases should be divided according to the complexity and the amount so as to ensure the smooth operation of ODR in China.Last but not least,i hold the view that the solution of ODR jurisdiction depends on legislation,which is mainly based on the autonomy of the will of the parties.Moreover,it is essential to improve the connection between ODR and litigation,the facts identified in the process of Online Dispute Resolution and the decisions can be directly applied to litigation.Wish all suggestions are able to provide some help for the construction of online dispute resolution of financial consumption in China.