Britain's financial consumer protection system

下面为大家整理一篇优秀的assignment代写范文- Britain's financial consumer protection system，供大家参考学习，这篇论文讨论了英国的金融消费者保护体系。英国民众的金融知识和金融素质相对较高，英国政府对金融消费者保护也给予了高度重视，形成了强制性和自律性相结合的保护体系，英国金融消费者保护体系在层次多元化和集中统一性方面，最具代表性。

Reflecting on the financial crisis that began in 2008, regulators across the world generally realized that focusing only on the interests of financial institutions and ignoring the effective protection of the interests of financial consumers would undermine the foundation of the development of the financial industry and affect the stability of the financial system. Therefore, strengthening the protection of financial consumers has become an important part of the reflection and reform of financial regulatory authorities in various countries and regions. Among the many reform measures, although the us is the most powerful, the financial consumer protection system in the UK has been built for a century, and its relatively perfect regulations and protection measures are worth learning from.

The British public financial knowledge and financial quality is relatively high, the British government to the financial consumer protection also gave high attention, formed the mandatory and self-discipline of combining the protection system, the financial consumer protection system in terms of level of diversification and concentration of unity, the most representative: one is ranked consumer protection clear regulatory goal, become the basic duties of financial institutions supervision; The second is to regulate and strengthen the obligation of consumer protection and the internal resolution mechanism of financial institutions; Third, establish industry self-discipline mechanism to strengthen the communication and self-communication within the industry in resolving consumer disputes and protecting consumers' rights and interests. These three aspects are reflected in the development process of Britain's financial consumer protection system.

As the most representative country to protect the rights and interests of financial consumers, Britain's financial consumer protection is good at organizing rules. The UK enacted the financial services and markets act in 2000, recognizing that consumer protection is closely linked to the overall interests of maintaining the international competitive position of the financial market, and that the law gives full protection to consumers. The legislation clearly stipulates that the financial services authority is responsible for the supervision of all financial services, and sets up a single ombudsman and a compensation scheme to further protect consumers of financial services. The legislation also requires the FSA to be responsible for implementing consumer education, increasing public awareness of the financial system and ensuring that consumers are properly protected.

In June 2001, the FSA launched the fair treatment project, requiring the 35 largest financial groups in the UK to report the implementation of the project every year. Meanwhile, the FSA required financial institutions to be highly transparent in promoting their financial products, so that every consumer could clearly know their risks when buying financial products. In May 2005, the FSA issued a guidance on complaints about financial services, detailing the circumstances under which consumers may file complaints about the services or products of financial institutions. In l0, 2006, the FSA issued a new financial institution "business principles", which determines the basis of the principles to measure whether financial institutions conform to the regulatory standards, among which there are five provisions concerning the protection of consumers' rights and interests. The FSA has put the interests of consumers in a very important position, with the aim of providing financial institutions with fair, clear and unmisleading information to consumers and enhancing consumers' confidence in the financial market.

In order to achieve the regulatory goal of protecting consumers, the FSA, in accordance with the financial services and markets act, integrates the original financial industry inspectors' organization, sets up a unified financial inspector service company to exercise jurisdiction over financial institutions and handle complaints and disputes between consumers and financial institutions. FOS settled disputes on the basis of neutral position, conducted mediation and made a decision. Its dispute processing procedures are scientific, transparent, rigorous and pragmatic. The complainant must first make a complaint to the financial institution before making a complaint to the complainant. The procedures for handling internal disputes of financial institutions shall apply. FOS is a complaint that is not satisfied with the handling of financial institutions or has not received a complaint within a specified period of time. If a consumer disputes the final judgment on FOS, it can also go to court and enter proceedings. FOS provides consumers with an alternative to dispute resolution.

Britain's industry discipline also plays an important role in protecting consumers' rights and interests. For example, the banking code, which is agreed to by major UK Banks and the home loan association, is the industry's self-regulatory rule. It contains the main things the banking industry has to commit to ensuring that all products and services offered are in compliance with the code. The banking standards committee is responsible for registering Banks and building societies that have adopted the code, providing guidance on the interpretation of the code to the organisations that have adopted it, and monitoring their compliance with the code. In cases of financial institution violations, the commission normally transfers the charge of violation to the relevant financial institutions and asks them to make an explanation. In order to ensure the implementation of the code, the committee has the power to warn, condemn and warn those who fail to comply with the code. The financial industry's self-regulatory mechanism in the UK aims to reduce the costs of regulators and financial institutions and win more consumers' recognition and trust for financial institutions.

In terms of consumer education, one is that the FSA provides information and guidance to consumers, provides "one-stop" public consultation services, consumer publications and compiles financial product comparison tables. Second, expand and deepen campus finance education. The British compulsory syllabus contains in-depth financial education content. Third, strengthen government-led promotion. Set up financial education organization and coordination department in the ministry of finance, responsible for coordinating the ministry of education, the ministry of industry and other relevant departments to participate in financial education. Fourth, conduct financial consumer survey to find out the issues that consumers are most concerned about and the financial knowledge and credit knowledge that they are most eager for, so as to carry out targeted financial knowledge education.

Despite all the good work done on consumer protection in Britain, the financial crisis has revealed some flaws. To this end, the UK passed the banking act of 2009 and released the white paper on reforming financial markets, which reforms the existing financial consumer protection system.

The UK has fine-tuned the existing financial consumer protection system, mainly in the form of more adequate ex ante financing for a pair of FSCS. The white paper suggests that the financial industry should consider more sufficient prior financing of FSCS in the future, so as to avoid the situation in which the financial institutions made mistakes but the taxpayer should pay for them, and maintain the principle of "who made the mistakes and who paid the bills". Second, we will further protect consumers' interests. In providing services, financial institutions should provide consumers with well-understood and highly transparent financial products, and they must ensure that consumers have access to the financial services they need, according to the white paper. When disputes arise, consumer complaints should be settled more quickly, and dispute settlement procedures should be simplified. Consumers have the right to bring representative lawsuits against financial services and products that cause damage to a large number of consumers. In the process of equity compensation, the deposit protection arrangement should be further improved in order to better protect the interests of depositors. Third, we need to strengthen market discipline, strengthen supervision, and financial institutions should prepare contingency plans to deal with the risks of failure in advance, and improve the market structure of securitized products and financial derivatives to prevent and control the new risks of large financial institutions. Fourthly, it stipulates that the British government has the right to nationalize the depository institutions when they encounter risks seriously harming financial stability, so as to prevent the spread of systemic risks from harming the interests of more financial consumers.

One is to increase protection for lenders. As of November 1, 2009, the FSA has stepped up its oversight of daily contacts between Banks and building societies, from direct credit, payments and deposit accounts to changes in trading and interest rates. The second is to strengthen the information disclosure of complaint handling and consumer compensation. The FSA requires financial institutions to publish how they handle consumer complaints, receiving 500 or more in six months and requiring biennial disclosures. It also proposes to speed up the payment period for customers under the post-bankruptcy financial services compensation scheme, streamline the compensation process and ensure customers receive compensation within seven days. Three whether effective protection of consumer interests as an important evaluation indicator. Fourth, strengthen the ex post facto recovery and punishment. In addition, on March 11, 2010, the FSA, OFT, FOS jointly issued the "consumer complaint handling method", has been clear about the financial institutions, the FSA, OFT and FOS responsibility in fair dealing with customer complaints, emphasizes to establish the cooperation mechanism, for the first time in response to emerging risk and mass complaint procedures and measures, restore consumer confidence.

We will continue to promote the spread of financial knowledge by deepening campus education, increasing financial support and encouraging social participation. First, continue to increase financial support. The Treasury's 2007 financial education budget was 11.5 million pounds, and the year after the crisis has increased. The FSA spends about 20 million pounds a year on financial education, accounting for about 7% of its annual budget. Second, expand education coverage. After the crisis, the financial education of the vulnerable groups was attached more importance to, and government promotion and financial support were strengthened to expand the coverage of financial education.

Although China's financial regulators have also made beneficial explorations and attempts in protecting the rights and interests of financial consumers, many problems still need to be faced up to. The industry self-discipline mechanism is insufficient to protect financial consumers; The basic path of financial consumer protection - inadequate complaint and acceptance mechanism. The current series of reform measures taken by national and regional regulatory authorities on financial consumer protection shows that financial consumer protection is placed at an unprecedented high level. Strong protection measures can effectively enhance consumers' confidence in financial markets, and can also strengthen the financial system to a large extent. Britain's financial consumer protection system gives us important lessons:

According to article 1 of the people's bank of China law, the current goal of China's financial supervision is to "ensure the correct formulation and implementation of the national monetary policy, establish and improve the central bank's macro-control system, and maintain financial stability". With the continuous development and maturity of China's financial market, the financial regulatory target should be adjusted in a timely manner. In order to enable the financial supervision and regulation institution to perform this duty strictly, the financial legislation institution of our country should clearly take this duty as one of the objectives of financial supervision and regulation in the form of law. At present, China's banking supervision and management law has included "maintaining public confidence in the banking industry" in the objectives of banking supervision, but has not used a more direct and explicit expression. In contrast, the financial services and markets act clearly stipulates that the regulatory objective of the financial services authority is to "provide appropriate protection for consumers, promote public understanding of the financial system, maintain public confidence in the financial system and reduce various types of financial crimes".

At present, China has not formulated special laws and regulations to adjust the relationship between consumers and financial institutions of financial products. In this regard, the UK's financial legislation is worth our country to learn well. Financial regulation in the UK is known for its "self-discipline". The laws and regulations that have been implemented in the UK have strong operability and can well realize the legislative intention. In dealing with disputes between consumers and financial institutions, the UK financial regulator has a highly operational set of laws and regulations with "ex ante control - resolution in the event - remedy afterwards". China needs to formulate special laws and regulations with good operability to adjust the relationship between consumers and financial institutions. At the same time, the legislature should revise existing financial laws and regulations to enhance their operability.

Britain's banking industry has a perfect self-discipline mechanism to protect consumers' rights and interests. Although China's banking association has been established for many years, it has not yet played a substantial role in the protection of consumers' rights and interests at the level of inter-bank cooperation and coordination due to many reasons in the aspects of system, mechanism and supervision. Therefore, financial regulators need to force the financial industry's self-regulatory organizations to formulate a series of self-regulatory codes for the protection of consumers' rights and interests and strictly implement them. Self-regulatory organizations should be responsible to financial regulators for matters involving the rights and interests of consumers.

FOS built a robust financial inspector education training system. This system not only ensures that existing inspectors handle disputes correctly and efficiently, but also stores a large number of talents for FOS, and ensures the long-term effective operation of the financial inspectors system. At the same time, FOS also undertakes the task of popularizing financial knowledge to the public of education, aiming to make the public more rational in participating in financial market activities, learn to properly deal with financial risks and improve their ability to protect themselves. At present, the overall quality of the personnel of China's financial supervision and regulation institutions is not high, especially the lack of inter-disciplinary talents in finance and law, while the financial professional knowledge of the public is even poorer. Therefore, it is necessary to increase the investment in human capital, establish a corresponding perfect education training system, improve the efficiency of financial supervision, and reduce the cost of financial supervision.

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