Research and Development Proposals on Consumer Protection Mechanisms

Yanlu Xie ()
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Yanlu Xie: Jinqiao College of Kunming University of Technology

A chapter in Proceedings of the 8th International Conference on Financial Innovation and Economic Development (ICFIED 2023), 2023, pp 785-791 from Springer

Abstract: Abstract While the term consumer is now well known, and the rights and interests of consumers are playing an increasingly important role, the concept of financial consumer is still relatively unknown in China, and its first official appearance in a public document issued by a government department was in the “Guidelines on Financial Innovation for Commercial Financial Institutions” published by the CBRC in 2006, this includes the topics “Financial innovation needs to better meet the needs of financial consumers” and “Safeguarding the interests of financial consumers”. The document that formally defines the concept of financial consumer can be traced back to the “Administrative Measures for the Protection of Financial Consumer Rights and Interests” issued in 2013, which states in its General Provisions that: “Financial consumers are natural persons who purchase or use financial products sold by financial institutions or receive financial services provided by financial institutions in the People's Republic of China.“ The definition was later simplified in the “Implementation Measures for the Protection of the Rights and Interests of Financial Consumers of the People's Bank of China” issued by the Central Bank in 2016 to read: “A financial consumer is a natural person who purchases and uses financial products and services provided by a financial institution”, and this definition has not been changed again in subsequent relevant policies.

Keywords: Financial consumers; Protection of rights and interests; Consumer finance (search for similar items in EconPapers)
Date: 2023
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DOI: 10.2991/978-94-6463-142-5_89

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