The Path Of Financial Consumer Protection Under The'PBC,FSB,CBRC,CSRC' Supervision System

The arrival of a new round of scientific and technical revolution represented by the Internet,blockchain,artificial intelligence,cloud computing,etc.,has made financial innovation the most vivid background for the development of the current financial market.Under the wave of financial innovation,financial business has been cross-innovated,financial derivatives have developed rapidly,and the boundaries of traditional banking,insurance,and securities businesses have become increasingly blurred.As the depositors and policyholders under the separate supervision system have identity confusion,the concept of financial consumers has emerged.At the same time,China's financial supervision system is on gradual reformation.On the one hand,with the establishment of Financial Stability Board,a new regulatory pattern of'PBC,FSB,CBRC,CSRC'has been formed.On the other hand,the"New Regulations for Asset Management",the the cross-industry regulation formulated by various regulatory authorities,has unified the regulatory standards for the asset management industry.This shows that in the top-level design of China's financial regulatory reform,the regulatory authorities have realized the importance of strengthening regulatory coordination and functional supervision.The regulatory path has consistency,and the reconstruction of regulatory rules needs to be repeatedly demonstrated.The current work and difficulty of financial consumer protection is to put'functional supervision' into the already formed separate supervision system,reducing regulatory vacuum and regulatory arbitrage.This paper mainly puts forward some suggestions on how to safeguard rights and interests of financial consumers in the reform through the review of China's financial regulatory reform process and consumer protection supervision.Overall,this article is divided into five parts:The first part reviews the evolution ofthe concept of financial consumers in China,and compares the"financial consumers"with"consumers"and"investors",clarifying the meaning of the financial consumers discussed in this article.The second part mainly reviews the history of China's financial regulatory system reform,and analyzes the reasonability of China's current regulatory system of'PBC,FSB,CBRC,CSRC'.The reform of the financial regulatory system has also been reflected in the field of financial consumer protection.The promulgation of the "New Regulations on Assets and Regulations"has also revealed the regulation concepts of the combination ofinstitutional supervision and functional supervision.The third part summarizes the status quo of China's financial consumer protection supervision from three aspects:financial rules,institution setting and access system,and demonstrates the actual operation of the aforementioned regulatory system with empirical analysis.The fourth part discusses the theoretical basis of financial consumer protection,and reflects on the current financial consumer protection supervision system in China.The fifth part gives reflections and suggestions on financial rules,institutional setup and financial promotion on the basis of the front four parts.