The Necessity of Special Legal Protection for Financial Consumers

DOI: https://doi.org/10.62517/jel.202414308

Author(s)

Yufei Liao*

Affiliation(s)

School of Law, China Jiliang University, Hangzhou, Zhejiang, China *Corresponding Author.

Abstract

In recent years, around the proposition of the protection of financial consumers' rights and interests, China has introduced a series of normative measures, and initially formed a regulatory framework with financial consumers as the main body, laying a good institutional foundation for the stable development of the financial market. It is worth noting that the rapid development of Internet technology and big data technology has made more and more people participate in financial consumption transactions, and also made illegal acts that infringe on the rights and interests of financial consumers more hidden and complicated. It can be seen that the special legal protection of financial consumers is particularly important. Ignoring the effective protection of consumer rights will inevitably result in condoning market abuse, destabilizing financial stability, and possibly triggering a financial crisis. Based on fully respecting its own national conditions, China can learn from other countries' advanced experience to better safeguard the rights and interests of Chinese financial consumers.

Keywords

Financial Consumers; Financial Risk; Financial Regulation; Financial Legislation; Financial Products

References

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