The Research Of Financial Consumer’s Rights Protection

With the rapid development of China’s economy, financial activities were deeply integrated into the economic life. The concept of financial consumers was put forward. Financial consumers’ nature, rights and status were widely studied and used. The author holds that the concept of the financial consumer is not only based on the concept of consumer, but also on its development.On the basis of summarizing and analyzing the different views on the concept of financial consumers, the author proposes that the financial consumers are natural person who purchase and use financial products and accept financial service in order to consume finally. The concept includes natural person and life consumption, and adds the element of ultimate aim. And it includes investors who regard life consumption as ultimate aim into the system of financial consumers. The concept emphasizes financial consumers as the participants whose rights and interests need to be protected in financial sector. According to the definition, the author regards that financial consumer’s rights of our country should include two aspects:on the one hand, it should include the rights stipulated in Consumers Rights and Interests Protection Law, such as the right to know, the right to fair deals, the right to acquire knowledge and the right of information security etc. On the other hand, the right of equality and rescission should be added. The reason is that the financial consumers are on the weak position in financial deals.In the paper, the basis of the protection of financial consumer’s rights is analyzed in two aspects. The protection of financial consumer is based on information economics theory, neoclassical economics theory and behavioral finance theory. At the same time, the protection of financial consumer’s rights is not only based on the necessary of financial market stability and the objective requirement of protecting the financial consumer’s rights, but also it can promote the development of financial institutions.On the empirical point, the presence of confusion and problems in China’s current protection of financial consumer’s rights is analyzed in two dimensions:the first one is the rights stipulated in Consumers Rights and Interests Protection Law and the other is the rights should be added.In view of the present situation of China’s financial consumer rights and interests have been infringed, the author put forward China’s financial consumer protection and framework of supervisory organization in China’s financial sector. The protection of the financial consumer rights is a systematic project and should be strengthened and promoted in legislation, and it should be strengthened in three aspects:supervision and external environment respectively, combined with the presence of the financial consumers’ protection.