Comparative Study On Legal System Of Financial Consumer Protection

Financial market has been achieved a great development of innovation in Chinaduring recent years. Financial products and services are becoming more complicated.To understand how these financial products works require professional financialknowledge which most consumer does not have. Today many financial institutionsuse it to take advantage of consumer to make great profits. Financial consumers areforced to take all risks and pay the price. At present time our country is lack ofrelevant laws and regulations about protect financial consumer and the wholeprotection system has not built yet.Financial consumer as a part of financial transactions, their interests has alwayscome after financial benefit and invocation. The explosion of monetary crisis givesus a chance to rethink and face up to the lack of the protection of financialconsumers’ interests. Many countries have focused on how to create a financialsupervision mechanism that considering financial consumers’ interests in the firstplace. This dissertation compares different country’s financial consumer protectionmechanism, trying to figure out the effective ways of protect financial consumer.Chapter1defines the concept of financial consumer, which is the first questionto answer. It explains why it is so important to protect financial consumers’ interestsboth in theory and in financial market’s need.Chapter2reviews the realistic threat that financial consumer face in our country. It points out the lack and the inconsistency of relevant laws, current policies andregulations, and the lack of remedy system for financial consumer been heard.Chapter3to5introduces the reform of protecting financial consumer of threedifferent countries; they are Britain, United States and Japan. Britain has concernedthe protection of financial consumer in an early time and has already established anadvanced protection mechanisms. United States has emphasized on the importanceand emergency of protect financial consumer, but it is still not hard to notice theconcessions and compromise had made by the stress form interest groups. Japan hascommitted to recovering financial market and broaden protection of financialconsumer through amend the laws.Chapter6puts forward the suggestions on how to complete financial consumerprotection system in terms of law, remedy and education. All those suggestions comeup from the comparative studies combining Chinese practical circumstances.