Research On The Protection Of Consumers' Rights And Interests In The Financial Management Business Of Commercial Banks

With the improvement of people's financial management concept and the good prospect of China's banking industry,more and more people choose to invest in financial management.People's needs are the driving basis of the explosion of the wealth management market,and the related services that commercial banks launched earlier are banking wealth management products.Bank financing business in abundant supply of financial products,meet the demand of investors capital allocation,promoting interest rate democratization has played a positive role,but also appeared some problems in the rapid development,such as insufficient standard business operation,investors management does not reach the designated position,inadequate disclosure of information,has yet to truly achieve "the seller is responsible for" on the basis of "peremptory" on the financing way,consumers are more inclined to the bank's financial products with a higher income.In order to meet the needs of the public,commercial Banks constantly update their financial services,making the range of financial services more extensive and more applicable.According to the different investment nature,financial products can be divided into fixed income financial products,equity financial products,commodities and financial derivatives financial products and mixed financial products.Different types of financial products provide diversified choices for consumers' different financial needs and also provide convenience for consumers' property income.But in the wealth-management business,when consumer is choosing appropriate product only attach importance to yield,played down the risk of financial management,combined with the commercial Banks in the financial wrongdoing in product sales,such as the pursuit of self-interest one-sided emphasis on earnings persuade consumers to choose inappropriate financial products,cause financial business consumer rights and interests is damaged.In addition,China's financial services from the legislative,judicial,supervision and other aspects of the management of omissions,resulting in the financial industry chaos,uneven products,insufficient bank information disclosure,the use of standard terms to transfer risks and other behaviors make financial services consumers' legitimate rights and interests in crisis.Tong enacted in October 1993 "consumer rights and interests of the People's Republic of China protects a law" and implementation of the new "consumer rights and interests protects a law" in 2014,aims to use the force of law,to punish ACTS harmful to consumers' rights and interests,protect the legitimate rights and interests of consumers in the trading at the same time improve the whole society's awareness of consumer groups to protect their own rights and interests.However,due to the particularity of consumers in financial services,their protection of consumers in financial services is limited.And the bank of China insurance regulatory commission on September 26,2018 promulgated the "measures for the financial supervision and management of commercial Banks,from financing business,risk classification,the rules,supervision,etc,to make a series of regulations,required the commercial bank shall,according to finance the business nature and risk characteristics,establishing and perfecting the financing business management system,made a provision of banking supervision and criticism at the same time,but the provision is more to the provisions of the bank's prudent operation,related to consumer protection did not make the content of the key requirements.Therefore,if there is a lack of consumer protection in financial services in China,we should find out the problems,learn from the measures of developed countries,improve the legislation on consumer rights protection in financial services,strengthen the supervision of Banks,improve the self-discipline of the industry,and improve the ways to solve consumer rights disputes.In addition to the introduction and conclusion,this paper is divided into four parts.The first part,is the commercial bank wealth management business in the protection of consumer rights and interests of basic issues outlined.First of all,this paper discusses the concept and characteristics of the financial planning business of commercial banks,and then puts forward the necessity of consumer protection in the financial planning business and the content of consumer rights and interests in the financial planning business,finally,the paper puts forward the theoretical basis for the protection of consumerist and interests in the financing business.The second part,elaborated our country commercial bank wealth management businessconsumer rights protection existence question and the cause of formation.Including lack of legislative protection,lack of judicial procedure protection,lack of administrative supervision and management and consumer rights and interests of the dispute settlement difficulties.It is pointed out that the causes of this phenomenon are the inadequacy of legislation and the lack of detailed provisions on the rights and interests of consumers;judicial neglect of the Preferential Protection of consumers;and law enforcement,it is difficult to solve the disputes between consumers and banks in the practice of wealth management because of the single way to solve them.In addition,from the product point of view,there are some problems in the design of bank financial product itself,and the imperfect bank information disclosure system leads to consumers can not know the product information in time.The third part is about the legislative practice and enlightenment of the protection of consumerist and interests in the financial management business of foreign commercial banks.This paper focuses on the legislative practice of consumer protection in the financial planning business of commercial banks in Britain,the United States and Japan,the following points will give some enlightenment to the consummation of the Consumer Protection System in China's future commercial wealthiness management business: First,to establish a perfect consumer legal protection system for the bank's Wealth Management Business;Third,give full play to the role of self-discipline in the financial sector.Finally,establish a sound mechanism for the settlement of banking disputes.The fourth part is about the consummation suggestion of consumer's rights and Interests Protection System in our country commercial bank financing business.It mainly includes the following aspects: In the aspect of legislation,consummates the legislation of the protection of consumer rights and interests in the financial management business,in the aspect of judicature,according to the deficiencies existing in the judicial process,improving the system of burden of proof,such as strengthening measures such as audio and video surveillance in the sales areas of wealth management products to protect consumerist and interests;in law enforcement,drawing on the relevant experience of other countries and regions,and through improving the regulatory system and the information disclosure system,constructing Amulti-user dispute resolution mechanism between commercial banks and consumers of wealth management products in China.