On The Protection Of Individual Consumers’ Rights And Interests In Financial Products Of Commercial Banks In China

Since the first commercial bank financial products were issued in 2004,China’s financial management business has developed rapidly,showing a thriving scene.However,due to the imperfect laws and regulations on financial management of commercial banks in China,and the lack of personal knowledge,such as consumer rights and interests protection of financial knowledge,financial management knowledge,and subject to limited financial information,individuals lack the risk tolerance,consumer rights and interests have been repeatedly exposed.In order to cope with the changes in the financial market,China’s financial regulation will usher in major changes.In 2018,the People’s Bank of China,the Banking and Insurance Regulatory Commission and other institutions have issued new regulations on capital management and financial management.The financial products of commercial banks will be transformed to net value.It will be a reality to break the rigid payment and buyer’s risk-taking regulations.As the starting point of sales will be reduced from 50,000 yuan to 10,000 yuan,more individual consumers will join the commercial bank financial services.Financial products involve the vital interests of tens of thousands of consumers.How to improve the legal protection of the legitimate rights and interests of individual consumers has become an urgent theoretical and practical problem in the development of China’s financial market.Therefore,under the circumstance that the laws and regulations for the protection of the rights and interests of individual consumers in financial management in China are not sound enough and they need to bear all the risks themselves,this paper analyzes the significance of the protection of the rights and interests of individual consumers in financial products,discusses the current situation and existing problems of the protection of the rights and interests of individual consumers in financial products in China,and draws lessons from the developed countries abroad.Countries and regions have experience,trying to explore specific measures to improve the protection of the rights and interests of individual consumers of financial products in China,to provide a useful reference for the protection of the rights and interests of individual consumers of financial products in China.There are five parts in this paper.The first part is mainly about the concept offinancial products,individual consumers and their rights and interests protection,the overview of rights,the significance of rights and interests protection,etc.The second part mainly elaborates the current situation of consumer protection of financial products of commercial banks in China.The third part mainly elaborates the current legislation and its shortcomings of the protection of consumers’ rights and interests of financial products of commercial banks in China.The fourth part mainly introduces the legislative status and experience of the United States,the United Kingdom and Taiwan in the protection of consumer rights and interests of financial products.The fifth part mainly puts forward some suggestions to improve the protection of individual consumers’ rights and interests of financial products of commercial banks in China.