| With the rapid development and popularization of China’s financial industry,the financial consumer groups based on consumer financial products and services have emerged,thus the financial dispute cases show an increasing trend.Although China’s consumer protection law can solve some financial consumption disputes to a certain extent,the protection of the legitimate rights and interests of financial consumers is not professional and comprehensive enough.China’s laws and regulations on the protection of the rights and interests of financial consumers are scattered in various industry rules,lacking an effective unified special law,so it is difficult to find a unified legal basis in the judicial practice of financial consumption disputes;Financial regulatory agencies and financial institutions lack of perfect dispute settlement process;There are some problems in financial supervision,such as repeated supervision and vacancy of supervision.The purpose of this paper is to improve China’s financial consumer protection system by comparing and analyzing the current situation of financial consumer protection in South Korea and referring to the legislation and practice of financial consumer protection in South Korea.In 2020,South Korea has issued the new law on the protection of financial consumers.According to the principle of "the same function and the same regulation",some regulations of financial consumer protection scattered in various industry regulations are integrated,so that the legal rights and interests of financial consumers can be legally complied with.In terms of the mechanism of financial dispute resolution,mediation is the main focus.The law on the protection of financial consumers specifies detailed rules on mediation.A dispute mediation committee is set up under the financial supervision institute to provide quick relief to protect the legitimate rights and interests of financial consumers in a timely manner.From the perspective of financial supervision system,South Korea adopts the unitary integrated supervision system,which solves the problems of regulatory gap and repetitive supervision in the financial consumer protection system.However,the financial community of South Korea gradually realized that the implementation of sound supervision and business conduct supervision by a regulatory body will have mutual interests conflict.The sound supervision and business conduct supervision are implemented in one institution,which may result in the situation that the business conduct supervision will be subordinate to the sound supervision,or the business supervision of sound supervision and business behavior may be negligent,There is no way to protect financial consumers efficiently.Therefore,it is necessary to protect the integrity of supervision and business behavior supervision in the supervision of their respective independence.Based on the Korean financial consumer protection system,combined with the reality of our country,this paper puts forward the following suggestions: first,formulate a special financial consumer protection law,so that the laws and regulations scattered in the rules and regulations can be unified,establish a more perfect financial consumer protection system,and clarify the concept of unified financial consumer.Referring to the principle of "one function,one rule" of South Korea,this paper classifies and systematizes financial goods and services,and classifies financial goods and services according to their attributes,so as to solve the regulatory problems arising from mixed operation in the current market.Secondly,establish a sound dispute resolution mechanism.In China,there are basically unified provisions on mediation,arbitration and other dispute mediation methods,and various localities have their own laws and regulations in line with local characteristics.However,these laws and regulations are independent and have their own responsibility for disputes in their own fields,lacking of standardized dispute handling process and perfect dispute handling system.Therefore,it is necessary to establish a perfect operation standard for dispute resolution in financial institutions,and actively develop alternative dispute resolution methods.Finally,improve the coordination mechanism among the financial regulatory agencies.China’s financial supervision system is changing into a mixed supervision system,with the people’s Bank of China as the leading agency for overall supervision,and the China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission responsible for supervision in two areas.At the same time,a financial consumer protection department is set up under the "one bank,two sessions",which is specially responsible for consumer complaints,disputes,education and other businesses.Therefore,it is necessary for the financial regulatory agencies to cooperate with each other to exchange information and complement the regulatory weaknesses among different industries.The financial stability and Development Commission should effectively play its own coordination function and improve the coordination mechanism. |
