Research On Regulatory Systems Of Banking Consumer Protection

Banking consumers refer to people who buy or use banking products and enjoy services for a living. The Regulatory Systems of Banking Consumer Protection which cover a variety of commercial bank protection of the rights of consumers by various means mainly refer to the bank supervisory and management department’s supervision of commercial banks. Banking consumers who relate to the stability and normal operation of a country’s financial system or even the whole economic system play an important role in social reproduction. Due to banks’natural strength in property and asymmetric information caused by monopoly, banking consumers take in a weak position in transactions with banks. Establishing Regulatory Systems of Banking Consumer Protection mean a lot, such as changing banking consumers’weak position, improving banking consumers’self-protection, resolving disputes between banks and consumers and so on.Developed countries such as America and England have relatively mature and perfect Regulatory Systems of Banking Consumer Protection. In these countries, Banking Consumer Protection is bank supervisory and management department’s important goals and responsibilities. Regulatory Systems of Banking Consumer Protection in these countries are more comprehensive in contents, including the whole process from education for banking consumers to dispute resolution, of which the mechanisms of dispute resolution play a major role in banking consumer protection. After the financial crisis in 2009, these countries strengthened protection of banking consumer through consumer education, information disclosure, etc. The establishment of specialized financial consumer protection agency has become the new trend of financial reformThere are some problems in Chinese Regulatory Systems of Banking Consumer Protection, which include the uncertainty objectives and responsibilities on banking consumer protection of CBRC and shortage of the design of the specific regulatory system. To strengthen the protection of banking consumer, Chinese Regulatory Systems of Banking Consumer Protection should be improved ,which means defining banking consumer protection as objectives and responsibilities to Chinese Bank Regulatory Systems, strengthening education and information disclosure to banking consumers, establishing and improving mechanisms for dispute resolution, setting up a special department of banking consumer protection in CBRC and establishing a single specialized financial consumer protection agency when conditions are ripe...