Dispute-resolving Mechanism Over Financial Consumption In Mainland Of China

The financial crisis in 2008 posed a great challenge to the countries around the globe. In addition to the hard strike of financial system, millions of medium and small investors especially personal investors paid a heavy price. The amount of financial disputes increased dramatically, even leads to the demonstration in large scale. Therefore, governments respond to the crisis and reflect on their financial system and dispute-resolving mechanism,when they aware that with the development of economics, the financial products are innovating, and the financial market becomes complexed than before.Furthermore, as the trend of mixed model becomes stronger, the boundary between traditional bank and insurance is weaker. If the financial market wants to run steadily and healthily, it must be urgent to strengthen supervision, arise consumers’ protection and establish a new dispute-resolution system. So, countries are embarking on financial revolution and make laws to provide a faster and effective way to protect consumers’ rights.Hong Kong, as one of the main financial center, will not fall behind in financial revolution. On November 18 th, 2011, The financial dispute mediation center Co. Ltd established. On June 19 th, 2012, mediation center established, which is neutral and professional. On the contrary, the mediation systems mostly don’t work in mainland China despite of the fact that there are many systems. They cannot point directly to the dispute, so a professional dispute-resolving mechanism needs to be built. Mainland China can adopt the experience in Hong Kong and establish this kind of institution..There are 4 parts in the passage:The first part makes a brief introduction of financial consuming dispute and the definition of the main body of financial dispute,in which illustrates that the difference between the financial consumption dispute and other type dispute,and the need to enact consumption disputes alone as a class type to resolve the dispute.The second part illustrates the resolution path and the current situation of the disputes, in which summarizes that the legal system and current mechanism both bare shortcomings, so it’s necessary to make special law.and esteblish special agency.The third part tells the successful experience of Hong Kong through Hongkong financial dispute mediation center, including the background, function and advantages and disadvantages of it. This paper hopes that mainland can learn the experience of neutral,professional,fair,fast and efficient of Hong Kong in improving our financial dispute resolution mechanism.The last part provides the suggestions of the ways to resolve financial disputes. This section fist discusses the financial consumption dispute settlement mechanism of the global wave of ADR and the increasing emphasis of our country,which provides the realistic basis of improving financial consumption dispute in our country Then,through the feasibility of improvement and the successful experience of Hongkong, this paper proposes that we should enact the law Financial Consumer Protection Law in order to improve the functions of the financial consumption dispute processing center.