Research On Problems And Countermeasures Of Financial Consumers’ Rights Protection

In recent years,with the vigorous development of China’s market economy,the supply of products in the financial industry has become more and more abundant,especially since the opening of the pilot consumer finance companies in 2009,which has promoted the innovative development of financial services and financial products and has had a positive effect on stimulating domestic demand,but the financial disputes that have arisen have also gradually increased.The legal system and system related to the consumer credit market in China are not yet mature,the industry lacks the awareness of standardized operation,and financial institutions are the strongest parties in the transaction,which provides a breeding ground for financial disputes.In addition,the process of financial products is more complicated and the terms and conditions are more lengthy than those of ordinary consumer products,and consumer financial products are often targeted at low-and middle-income groups with lower levels of financial literacy,thus increasing the risk of damage to the rights and interests of financial consumers.Therefore,it is particularly important to protect consumers in the consumer finance sector.The People’s Bank of China and China Banking and Insurance Regulatory Commission have made a lot of efforts to improve laws and regulations,build regulatory mechanisms and establish industry standards in order to curb the occurrence of infringements on the rights and interests of financial consumers,which has played a significant role in stabilizing the financial market and creating a healthy financial market environment.However,as consumer finance is a new product,the implementation of various regulatory policies and measures is different from the traditional credit model,and the lack of compliance awareness and internal management confusion among consumer financial institutions and peripheral service providers have led to frequent violations of financial consumers’ interests.In the process of defending their rights,there are also problems such as incomplete systems and inadequate self-protection capabilities,so there is a long way to go in practice to protect the rights of financial consumers.In this paper,we first understand the background of the study,analyze the current situation of domestic and foreign research,and develop a framework for the study.The second part defines financial consumers in the light of relevant literature,composes the basic rights of financial consumers,focuses on the analysis from the perspectives of public interest and financial regulation theory,and then analyzes the current situation of financial consumer protection in China based on legislation,regulatory mechanisms,major financial dispute resolution methods,financial literacy and financial education of consumers,and typical cases of damaged rights in the field of consumer finance.In the fourth part,based on the full understanding of the current situation,we analyze in depth the problems of the regulatory authorities in financial regulations,regulatory system,industry development,rights protection system,and financial consumer education and their causes.The fifth part focuses on understanding the experience of financial consumer protection in the United States,the United Kingdom,and Japan,and considers how it can be referred to in light of the current situation in China.In the sixth part,we propose strategies to strengthen the protection of financial consumers’ rights and interests in China in five dimensions: building a legal system,improving the regulatory mechanism,strengthening the guidance for consumer financial institutions,strengthening the protection system,and enhancing financial consumer education.