Research On The Protection Mechanism Of Financial Consumers’ Rights Of Financial Products

In recent years,China’s traditional financial management yield rate,represented by bank time deposits,has been running at a low level all year round.In order to maintain and increase the value of assets,people begin to try to invest through various financial products.While bank deposits flood into the finance market,China’s various security systems about finance products are hardly mature.Since 2014,there have been a large number of dispute cases in the financial product market,which involve tens of thousands of people and billions of dollars of money,and need to be paid enough attention.The main causes of the disputes are: a lack of effective regulation of innovative financial markets;Financial institutions illegally sell financial products to financial consumers;The legal rights and interests of financial consumers of financial products cannot be protected due to the lag of the formulation of laws and regulations.In view of this,this paper analyzes the protection of financial consumers’ rights and interests related to financial products.In addition to the introduction and conclusion,the paper can be divided into five parts:The first part discusses the concept and rights of financial consumer protection of financial products.The second part is to analyze the typical cases that violate the rights and interests of financial consumers in China’s financial products market.The cases mainly include the "Ezubao" fund-raising fraud case,the "China Merchants Bank--Money App" dispute case,and the "crude oil treasure" compensation case of Bank of China.The above cases respectively represent the disputes of new financial products,the illegal exhibition of traditional financial institutions,and the problem of traditional financial institutions cheating customers.The third part is the expansion of the second part.Through the practical problems arising from the case,it summarizes the deficiencies of China’s financial product protection mechanism for financial consumers’ rights and interests in legislation,supervision and financial institution services.The fourth part is to investigate the protection mechanism of financial products and consumers’ rights and interests in mature financial markets outside the region,mainly including the United States,the United Kingdom,Canada and China’s Taiwan region.In the course of investigation,the author focuses on the improvement process of its protection mechanism and the design of the characteristic system in line with the local conditions.Based on the analysis of the previous four parts,the fifth part puts forward four suggestions for the protection mechanism of financial products and financial consumers’ rights and interests in China.First,improve the legislative system.The Law on Financial Supervision has been formulated to clarify the principles of mixed supervision and improve the status of rules for protecting the rights and interests of financial consumers.Second,improve the regulatory system.To promote the further development of mixed regulation,enhance the status of financial consumer rights and interests protection institutions and strengthen the education of financial consumers.Third,improve financial services.Establish the financial product holder meeting system,enhance the quality of information disclosure and standardize the operation of financial institutions in various business processes.Fourth,build a multi-level dispute resolution mechanism.The internal and external dispute resolution mechanism of financial institutions should be improved,and the litigation relief system and the burden of proof system should be improved.