Research On The Protection Of Financial Consumers’ Rights And Interests In The Context Of New Asset Management Regulations

The booming of the capital management market has made it necessary for the state to strengthen the regulation of capital management products,and thus the new regulations on capital management came into being.On the one hand,the new regulations on asset management strengthen the management of asset management institutions,and on the other hand,they also put forward new requirements for banks and other financial institutions.Banks have had to transform their asset management business in response to the new requirements.During the transition period,as technology advances,the related asset management products have become more specialized,complex and comprehensive,and have placed higher demands on financial consumers.The different educational backgrounds of financial consumers and their different levels of financial knowledge have led to frequent violations of financial consumers’ rights and interests.In order to effectively protect the legitimate rights and interests of financial consumers,it is important to protect the rights and interests of financial consumers from a legal perspective and to improve the relevant regulations and systems.On the one hand,the new regulation of financial management has brought a good experience to financial consumers,but on the other hand,it will also bring new problems to the protection of the rights and interests of financial consumers.For example,in the capital management industry,the information asymmetry between consumers and financial institutions has become more obvious,and the combination of finance and technology makes financial consumers,who are already in a vulnerable position,more likely to face the problem of information asymmetry leading to the damage of the right to information.In terms of financial consumers’ right to security of property,financial institutions recommend products that do not match the risk tolerance of financial consumers when selling financial management products,and financial institutions do not fulfill their prudent investment obligations properly,thus causing damage to financial consumers’ right to security of property;in terms of the right to independent choice,financial institutions formulate unreasonable format clauses and violate the law to sell financial products.In terms of the right to choose,financial institutions have unreasonable form terms and irregularities in the sale of financial products,which make financial consumers face the problem of impaired right to choose.The reasons for these problems are also analyzed in this paper.First of all,financial institutions’ inadequate understanding of the appropriateness obligation is one of the reasons why financial consumers’ rights and interests are damaged.The "financial institution suitability obligation" is a financial regulatory system introduced from abroad,which has not yet been clearly defined in China,and there are also differences in its expression in foreign countries.China’s existing legal regulations on the obligation of appropriateness mainly appear in administrative rules and departmental regulations,so the administrative liability for violation of the obligation of appropriateness is clearly defined,while the civil and criminal law prosecution is neglected.Secondly,inadequate internal management and risk control systems of financial institutions can also lead to damage to the rights and interests of financial consumers.Compared with developed countries,there are problems in China such as the internal control environment is not yet mature and the idea of internal control is not yet popular;the risk measurement system is not scientific and the risk management system is not perfect.Finally,the main reason for the damage of financial consumers’ rights and interests is their lack of financial management knowledge and weak self-protection awareness,so it is necessary to educate financial consumers on financial knowledge so as to improve their self-protection awareness.In order to protect the rights and interests of financial consumers,we must first consider whether there is a reasonable legal system to provide them with a legal basis.At the same time,the right to information of financial consumers can be protected by regulating the sales practices of financial institutions and by clarifying the obligation of financial institutions to inform and explain.The right to security of property can be protected by improving risk assessment methods and refining the principle of prudent investment obligations of financial institutions.Finally,the right of financial consumers to make their own choices can be addressed by improving the formulation of form terms and strengthening industry self-regulation and financial supervision.The main part of this paper consists of five chapters.The first chapter analyzes the definition of the new regulation and the reasons for its introduction,and explains the concept of financial consumers in the context of the new regulation and the characteristics that distinguish them from ordinary consumers,and proposes that this paper is a study on the protection of financial consumers’ rights and interests in the context of the new regulation.The third section analyzes the problems of protecting the rights and interests of financial consumers from the above-mentioned cases;the fourth section analyzes the causes of protecting the rights and interests of financial consumers in the context of the new regulation;the fifth section,taking into account the actual situation in China,analyzes the principles of regulating the sales practices of financial institutions,clarifying the obligations of financial institutions to inform and explain,and refining the obligations of financial institutions to invest prudently.The fifth section proposes countermeasures to improve the protection of financial consumers’ rights and interests in the context of the new regulation of financial management in China from the perspective of regulating the sales practices of financial institutions,clarifying the obligations of financial institutions to inform and explain,and refining the principles of prudent investment obligations of financial institutions.