金融消费者保护制度研究
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摘要
近年来,随着我国社会主义市场经济迅猛发展、市场化程度不断深入,市场消费空间持续拓展以及消费层次不断提高,生产经营者在追求利益最大化而进行的市场争夺过程中侵害消费者权益的现象屡见不鲜,消费者权益保护问题已经成为经济社会发展中的一个重大问题。
本文在明确界定金融消费者这一基本概念的基础上,深入分析了金融消费者权益保护的理论及现实意义,系统阐述了保护金融消费者权益的必要性,进而提出了在保护金融消费者合法权益领域的国家立法核心、监管的根本目的以及监管的具体措施。金融消费者权益保护机制缺失是本次金融危机暴露出的金融监管重大缺陷之一。本文着重介绍了西方发达国家和地区在后金融危机时代对金融消费者权益保护体系的改革与创新,借以提出我国应充分借鉴的国际经验,立足我国国情实际,以界定金融消费者的基本概念及其基本权利为逻辑起点,明确立法思路和保护路径,努力构建适应我国金融市场改革与发展格局的金融消费者权益保护制度法律框架。
尽管目前国内法学界在对金融消费者这一概念的界定方面尚未达成统一的共识,但作为本文的理论基础,笔者仍决定引入金融消费者这一概念,以期在论述的过程中能够与国际上金融发达国家在监管理念及监管措施方面产生更好的兼容性,而且将金融投资行为定义为金融产品的消费行为也更符合国际金融市场监管倾向于保护金融消费者权益这一发展的新趋势。因为把金融投资者定位于金融消费者更符合证券市场交易制度的一般特点,能更好地保障金融消费者的合法权益,有利于维护证券市场交易秩序。因此,本文在论述过程中选用了金融消费者而没有采用传统意义上证券投资者概念。基于此,本文阐析了保障金融消费者合法权益的重要性及法理基础,进而深入剖析了金融监管法律制度和金融消费者权益保护之间的关系。
金融交易过程包含金融机构与金融消费者之间、金融机构与金融监管者之间、金融监管者与整个社会之间若干显性或隐性的法律关系。监管可以视为被监管者和监管者之间的一系列隐性合同关系,决定着签订该合同各方应遵守的行为,以及对违约方可能采取的措施。设计好的合同可以促使金融机构的行为避免或者减少系统性风险；反之,则可能阻碍或误导正常的金融秩序,加大市场风险。所以,监管的首要目的就是要使金融机构的行为和反应朝着社会所期望的方向发展。[1]我们认为,金融监管法律体系的监管客体是金融交易秩序,对象是金融机构,体系建立的出发点和落脚点是金融消费者。本文选取英国、美国和欧盟为研究样本,从金融消费者权益保护这一角度着手,考察了三个国家或地区金融监管体系的形成及演变,在监管目标、监管模式、监管体系以及对金融消费者的相关立法倾向等具体的政策选择方面进行了较为详细的阐述和比较,总结了在对金融消费者权益保护方面政府监管行为的共同特点。
后金融危机时代,各国开始重新审视近年来金融发展中所遗留的各种监管空缺,纷纷出台金融监管改革计划,试图在不阻碍金融业发展的前提下寻求保护金融消费者权益的最佳平衡点。英国金融系统在遭受重创后,当局采取了一系列措施,如在原有监管模式下加大金融服务局的监管权力,完善监管机制,加强消费者赔偿制度建设,巩固风险防范措施,等等。这些改革措施均以对金融消费者的保护为出发点和落脚点,对现有金融监管体系进行重构。2010年,美国《多德一弗兰克法案》的签署不仅标志着历时近两年的美国金融监管改革立法的完成,而且在一定程度上推动了美国金融市场利益分配的重新调整,从而让金融消费者有机会得到更多的保障。在以监管系统性风险和保护金融消费者两大核心原则指导下,《法案》创设了一系列规则,如美国将成立金融稳定监管委员会以负责监测和处理威胁国家金融稳定的系统性风险；对有“系统性重要性”的金融机构,提出了更高的资本充足率、杠杆限制和风险集中度等要求；在美联储下新设消费者金融保护局,对金融企业高管薪酬机制进行监督；美联储自身也将受到更严格的监管,国会下属的问责局将对美联储的一些政策操作实施审计等等。不难看出,金融消费者成为美国金融监管法案的最大受益者,而这些限制性规定势必对未来全球金融业的经营模式和发展产生深远影响。而欧盟在此次金融危机中所显现出来的金融架构不清晰、监管不力等行政性消耗,使欧盟区的金融消费者付出了巨大的代价。现阶段欧盟的首要任务集中在构建并完善框架性金融监管职能机构。全方位的体系重塑和几乎涵盖各个方面的担保计划将为金融消费者筑起一道有效防御风险的屏障。
从英、美及欧盟金融监管领域正在发生的这些变革中不难发现,各主要发达国家或地区的金融监管模式正逐步趋同并朝着相互协调配合的方向发展。英国等以往采取自律性监管模式的国家则开始强化政府监管,走向法制化的道路；美国等过去以政府集中型监管为主的国家开始重视发挥行业自律管理的作用。各金融监管当局普遍认识到,一个高效的金融监管体系和有效的金融消费者保障机制须以政府立法干预和监督管理为核心,积极谋求政府调控、自律监管和司法救济等各层级之间的合理分工与有机协调,并能够随着外部环境的变动而及时做出制度上的调整和有效的变革。[2]
20世纪70年代末,我国开始对社会主义计划经济体系进行改革。这场渐进性的、双轨制的改革取得了一定的成功。在过去的25年中,我国年均GDP增长率为9.3%,是全世界增长最快的国家；年均贸易增长率达到了16%。聚焦到金融业,改革开放以来,我国金融业的发展和进步不仅体现在各种指标和数据上,更充分地体现在市场规模、行业结构、资本构成、业务种类诸方面的重大变化,金融监管能力和水平得到同步提升。我国金融机构在国有化控制、隐性存款保险、危机救助等方面都与西方金融市场存在较大差异。尽管这些监管差异在是否制约了金融业的效率、加大了金融监管的成本以及金融业道德風险等方面还有待进一步讨论,但30年来,我国金融业的稳步发展从一定程度上证明我们的金融监管总体上是成功的。当然,这并不能掩盖我国金融监管体系现存的缺陷和不足。当前,金融领域仍旧有许多亟待解决的问题值得我们关注和反思,譬如法制不健全,监管手段和方法较为落后,业务运营不合规,投诉渠道不通畅,政府过度干预金融业,以及公平服务不到位,等等。在全球经济和金融一体化进程中,随着我国经济市场化改革的逐步深入,金融业所面临的内外部环境都将发生巨大变化。因此,如何充分借鉴国外金融业监管的先进经验并有效结合我国客观实际,不断改进监管方法,提高监管效率,更好的保护金融消费者的合法权益将是我国金融监管研究的重大课题。
中国金融市场的发展仍然处在初级阶段,尽管在此次金融危机中,我国的金融市场尚能独善其身,但金融危机的潜在诱因已经在国内金融市场中显露端倪。而金融监管的不到位也为金融市场深化改革埋下了隐患。监管理论空洞和体制不完善、对信息披露缺乏监督、金融业务泛滥失控和监管外部环境等等问题十分严重。中国与西方发达国家和地区的金融实物水平处在不同层次,金融发达国家和地区的金融业高风险交易品种较多,而中国金融业产品创新程度不高,金融业务相对稳健。这决定了中国金融监管体系没有必要也没有能力照搬西方金融改革的具体操作办法,但其所创设的优质内核及相关规则,仍将带给我们较大启示,值得我国借鉴。
据此,本文作者提出了若干政策建议：加强金融消费者保护立法,健全金融消费保护组织,建立合格的金融消费者投资制度,完善公平金融服务,搭建高效的金融消费者投诉处理平台并完善救济机制,等等。后金融危机时代的金融监管改革,既要强调国际监管核心原则和标准的一致性,又应充分考虑我国金融市场与其他国家的差异性,提高金融监管的针对性和有效性,根据自身问题制定切实有效的保护金融消费者合法权益的政策。
In the lately years, with the rapid development of China's socialist market economy and the deepening of market-oriented, space for continued expansion in consumer spending, and rising levels of consumption, in the pursuit of maximizing the interests, producers and operators infringe upon the rights and interests of consumers in the process of market competition are common occurrences. Consumer protection has become a serious issue in the economic and social development.
On the ground of clearly defined the basic concept of financial consumers, this dissertation makes a profound analysis on the theory and realistic meaning of financial consumers rights protection, and systematically illustrates the necessity of protect the interests of financial consumers. Accordingly, the author further presents the national legislation core, the fundamental purpose of regulation and specific measures of supervision in the realm of protection of legitimate rights and interests of finacial comsumers. Lack of protection system of interests of financial consumer is one of significant shortcomings of financial regulation which is exposed in the finacial crisis. This dissertation focuses on the reform and innovation of western developed countries and regions in the protection system of interests of financial comsumers in the post-crisis era; based on the aforementioned reforms and innovation, the author presents the views that our country should fully learn from the international experience, based on the actual situation of our country, make clear of legislative thinking and protection path and strive to build the legal framework for system of interests of financial comsumers with the definition of basic concept and basic rights as the logical starting point.
Despite the fact that currently domestic legal circles has not yet reached a unified consensus on the definition of the concept of financial consumer; however, as the theoretical basis of the dissertation, this dissertation still decided to introduce the concept of financial consumer and hope to be able in the course of discussion to produce better compatibility with the regulation ideas and regulatory measures in developed countries. At the same time, the dissertation holds a standpoint that it will better accord with new tendency of development in tending to protect the interests of financial consumer providing that the financial investment behavior is defined as the consumption behavior of financial market. In the past general legal knowledge, the financial investor is always in the strong position in the financial transactions. However, with the continued development of the financial markets, the highly specialization and complex of products makes a subtle change of the dominance position between the two parties in financial product transactions. The author also considers that defining the financial investor as financial consumer is better in line with the general characteristics of the security market transaction system, and is better beneficial to protect the legitimate rights and interests of financial consumer, and is more conducive to maintaining the order of security market transaction. As a result, the dissertation uses the concept of financial consumer in the course of discussion rather than the concept of security investor in the traditional sense. Based on the foregoing statement, the dissertation makes a systematic analysis on the importance as well as the legal basis of protection of legal rights and interests of financial consumers, and then further researches in depth the relationship between the legal system of financial supervision and the protection of interests of financial consumer.
The whole process of financial transactions includes several dominant or recessive legal relations between financial institutions and financial consumers, financial institutions and financial regulators, and financial regulators and society as a whole and so on. Regulation could be regarded as a series of implicit contractual relationship between the supervisors and the counterparts, which decides the behaviors of the parties who sign the contract, and the measures could be adopted against the breaching parties. Contract could be designed to lead the behavior of financial institutions to avoid or reduce systemic risk; otherwise, it could impede or mislead the normal financial order, thereby increasing risk in the market. Therefore, the primary purpose of supervision is to enable the behaviors and reactions of financial institutions develop toward the direction which society desires. We could understand that the supervision object of financial regulatory legal system is the financial transaction order, the subject is financial institutions and the starting point and the ultimate goal of the system construction is financial consumer. The dissertation chooses the United Kingdom, United States and European Union for the research samples, researches from the perspective of protection of rights and interests of financial consumers, look back the formation and evolution of financial regulatory system in the three above countries, and describes in detail and compares the specific policy choose aspects like regulatory objectives, regulatory system, regulatory approach and the relevant legislation toward financial consumers, and summaries the features of regulatory behaviors which are made by the government in respect of protection of rights and interests of financial consumers. We find that although countries in the world are committed to the protection of rights and interests of financial consumers, the specific measures that the governments adopt are different.
In the post-crisis era, countries in the world begin to re-examine various regulation vacancies which are the legacy of financial development and innovation in recent years, introduce financial regulatory reform plans and try to seek the best balance for protecting the financial interests of consumers under the premise of not hindering the development of the financial industries. After suffering heavy losses in the financial system, the authorities in the United Kingdom increase the regulatory powers of Financial Services Authority under the existing regulatory approach, improve monitoring mechanisms, strengthen the construction of consumer compensation system, and consolidate measures of risk prevention, etc. The aforementioned reforms and measures are based on protection of interests of financial consumers and attempt to reconstruct the existing financial regulatory system which regarding the protection of interests of financial consumers as the starting point and end point. In 2010, the signature of "Dodd-Frank Bill" in the United States is not only the milestone that meaning the completion of nearly two years long the U.S. financial regulatory reform legislation but also to some extent promotes the realignment of the distribution of benefits in the U.S. financial markets, thereby financial consumers have more opportunities to obtain more protection. Through using the monitor systemic risk and protection of financial consumers as the two core principles and guidance, the Bill creates a series of rules, such as:the United States will set up a Financial Stability Monitor Board to monitor and deal with the systemic risks which threatens the national financial stability; proposes higher requirements of capital adequacy, leverage limit and risk concentration to the financial institutions which have the "systemic importance"; sets up the new Consumer Financial Protection
Agency under the Federal Reserve and monitors the executives compensation mechanism in the financial enterprises; the Federal Reserve itself will be subject to more stringent oversight while the Accountability Office which is affiliated to the Congress will audit some policy and operation of the Federal Reserve, and so on. It is obvious that financial consumers are the biggest beneficiaries of the U.S. financial regulatary act, and these restrictive provisions are bound to produce the far-reaching impact on the mode of operation and development of the global financial industries in the furture. The EU's administrative consumption which emerges in the apparent financial crisis, such as unclear financial structure, lack of supervision, makes financial consumers in the EU district paid a heavy price. The primary task of the EU at this stage focuses on constructing and improving a framework for financail supervision function agent. Comprehensive system reconstruction and guarantee program almost covering all aspects will build a barrier to effectively protest agasinst the financial risk for financial consumers.
It is noteworthy from the financial monitor reforms taking place in the United States, the United Kingdom and EU that all the major developed countries or regions are gradually converging financial regulation towards the derection of mutual coordination. The countries like UK which adopts the self-discipline supervison mode in the past have begun to to strengthen the government regulation and walk the path toward legalization. The countries such as US which adopts the government centralized control supervision have begun to pay more attention to the functions of industries self-discipline management. The financial regulatory authories generally recognizes that an efficient financial regulatory system and effective financial consumer protection mechanism should regard the government leislative intervention and monitor management as the core, and actively seek government regulation, self-regulation and judicial relief, etc., in which various levels have reasonable division of labor and organic coordination, and could make institutional adjustmetns and timely and effective reform with the external environment changes.
China began to reform the socialist planned economy system from the late 1970s. This progressive, two-track reform has achieved certain success. In the past 25 years, China's annual GDP growth rate is up to 9.3% which is the fastest growing country in the world, and the average annual trade growth rate is up to 16%. Focus to the financial sector. Since the reform and opening up, China's financial sector development and progress are not only reflected in the variety of indicators and data, but also fully reflected in the great change taking place in the market size, industry structure, capital structure and business types, and ability and level of financial supervision are simultaneously improved. The financial institutions in China are quite different from the western financial markets in the nationalization control, implicit deposit insurance, crisis aid and other aspects. Despite whether these regulatory differences restrict the efficiency of the financial industry, raise of financial regulatory costs, increase of risk of moral hazard in financial industry should be further discussed; three decades of steady development of China's financial sector to some extent prove that the financial regulation in China is successful in general. Of course, these also could not cover up the existing defects and deficiencies of China's financial regulatory system. Currently, there are still many problems in the financial sector to be solved which are worthy for our attention and reflection, such as the legal system is still not perfect, means and methods of regulation are more backward, operations of business are non-compliance, complaint channels are not clear, government excessively intervenes financial sector and the equal service are not appropriate, and so on. In the process of global economic and financial integration, as China's market economy reform gradually deepens, both internal and external environment that financial industry confronts will be changing dramatically, the financial risk will be different from the former one in the past in terms of way of formation, transmission channels and the degree of damage. It will be important research tasks in China's financial regulatory research to study how to fully learn the advanced foreign experience in financial sector regulation as well as effectively combine the objective reality in China, and continuously improve the regulatory methods, improve regulatory efficiency and better protect the legitimate rights and interests of financial consumers.
China's financial market development is still at the initial stage; in spite that in the financial crisis, China's financial markets are still capable of immune, but the potential incentive of the financial crisis has emerged in the domestic financial markets. And the unsuitable financial regulation leaves worries when further deepening the reform of financial reform. There are still many serious problems, for instance, void of regulatory ideas and vacancy of institution, lack of disclosure of regulation information, the out control of the proliferation of financial innovation, as well as the shortcomings of the external environment of regulation. The financial physical levels between China and western developed countries and regions are at different levels, i.e., financial developed countries have more varieties of high risk transaction in financial industry, however, the product innovation of China's financial sector is not high, and the financial business are relatively stable. This determines that China's financial regulatory system is not necessary and has no ability to copy the western way of financial reform in specific operations; however, the rules and the high-quality kernel that the western countries create will give China more inspiration, which are worthy of reference.
Accordingly, this dissertation makes a number of policy recommendations, such as: strengthen the financial consumer protection legislation, improve the financial consumer protection organizations, establish a qualified financial consumer investment system, improve the fair financial services, build efficient financial consumer complaint processing platform and improve the relief mechanism and so on. Meanwhile, regarding the financial regulation reform in the post-crisis era, it is necessary to emphasize the consistency of core principle and standards of international regulation, while China should give full consideration to the differences between China's financial market and other countries'financial markets, and then improve the relevance and effectiveness of financial regulation and establish effective policy for protecting legitimate rights and interests of financial consumers pursuant to China's own problems.
本文在明确界定金融消费者这一基本概念的基础上,深入分析了金融消费者权益保护的理论及现实意义,系统阐述了保护金融消费者权益的必要性,进而提出了在保护金融消费者合法权益领域的国家立法核心、监管的根本目的以及监管的具体措施。金融消费者权益保护机制缺失是本次金融危机暴露出的金融监管重大缺陷之一。本文着重介绍了西方发达国家和地区在后金融危机时代对金融消费者权益保护体系的改革与创新,借以提出我国应充分借鉴的国际经验,立足我国国情实际,以界定金融消费者的基本概念及其基本权利为逻辑起点,明确立法思路和保护路径,努力构建适应我国金融市场改革与发展格局的金融消费者权益保护制度法律框架。
尽管目前国内法学界在对金融消费者这一概念的界定方面尚未达成统一的共识,但作为本文的理论基础,笔者仍决定引入金融消费者这一概念,以期在论述的过程中能够与国际上金融发达国家在监管理念及监管措施方面产生更好的兼容性,而且将金融投资行为定义为金融产品的消费行为也更符合国际金融市场监管倾向于保护金融消费者权益这一发展的新趋势。因为把金融投资者定位于金融消费者更符合证券市场交易制度的一般特点,能更好地保障金融消费者的合法权益,有利于维护证券市场交易秩序。因此,本文在论述过程中选用了金融消费者而没有采用传统意义上证券投资者概念。基于此,本文阐析了保障金融消费者合法权益的重要性及法理基础,进而深入剖析了金融监管法律制度和金融消费者权益保护之间的关系。
金融交易过程包含金融机构与金融消费者之间、金融机构与金融监管者之间、金融监管者与整个社会之间若干显性或隐性的法律关系。监管可以视为被监管者和监管者之间的一系列隐性合同关系,决定着签订该合同各方应遵守的行为,以及对违约方可能采取的措施。设计好的合同可以促使金融机构的行为避免或者减少系统性风险；反之,则可能阻碍或误导正常的金融秩序,加大市场风险。所以,监管的首要目的就是要使金融机构的行为和反应朝着社会所期望的方向发展。[1]我们认为,金融监管法律体系的监管客体是金融交易秩序,对象是金融机构,体系建立的出发点和落脚点是金融消费者。本文选取英国、美国和欧盟为研究样本,从金融消费者权益保护这一角度着手,考察了三个国家或地区金融监管体系的形成及演变,在监管目标、监管模式、监管体系以及对金融消费者的相关立法倾向等具体的政策选择方面进行了较为详细的阐述和比较,总结了在对金融消费者权益保护方面政府监管行为的共同特点。
后金融危机时代,各国开始重新审视近年来金融发展中所遗留的各种监管空缺,纷纷出台金融监管改革计划,试图在不阻碍金融业发展的前提下寻求保护金融消费者权益的最佳平衡点。英国金融系统在遭受重创后,当局采取了一系列措施,如在原有监管模式下加大金融服务局的监管权力,完善监管机制,加强消费者赔偿制度建设,巩固风险防范措施,等等。这些改革措施均以对金融消费者的保护为出发点和落脚点,对现有金融监管体系进行重构。2010年,美国《多德一弗兰克法案》的签署不仅标志着历时近两年的美国金融监管改革立法的完成,而且在一定程度上推动了美国金融市场利益分配的重新调整,从而让金融消费者有机会得到更多的保障。在以监管系统性风险和保护金融消费者两大核心原则指导下,《法案》创设了一系列规则,如美国将成立金融稳定监管委员会以负责监测和处理威胁国家金融稳定的系统性风险；对有“系统性重要性”的金融机构,提出了更高的资本充足率、杠杆限制和风险集中度等要求；在美联储下新设消费者金融保护局,对金融企业高管薪酬机制进行监督；美联储自身也将受到更严格的监管,国会下属的问责局将对美联储的一些政策操作实施审计等等。不难看出,金融消费者成为美国金融监管法案的最大受益者,而这些限制性规定势必对未来全球金融业的经营模式和发展产生深远影响。而欧盟在此次金融危机中所显现出来的金融架构不清晰、监管不力等行政性消耗,使欧盟区的金融消费者付出了巨大的代价。现阶段欧盟的首要任务集中在构建并完善框架性金融监管职能机构。全方位的体系重塑和几乎涵盖各个方面的担保计划将为金融消费者筑起一道有效防御风险的屏障。
从英、美及欧盟金融监管领域正在发生的这些变革中不难发现,各主要发达国家或地区的金融监管模式正逐步趋同并朝着相互协调配合的方向发展。英国等以往采取自律性监管模式的国家则开始强化政府监管,走向法制化的道路；美国等过去以政府集中型监管为主的国家开始重视发挥行业自律管理的作用。各金融监管当局普遍认识到,一个高效的金融监管体系和有效的金融消费者保障机制须以政府立法干预和监督管理为核心,积极谋求政府调控、自律监管和司法救济等各层级之间的合理分工与有机协调,并能够随着外部环境的变动而及时做出制度上的调整和有效的变革。[2]
20世纪70年代末,我国开始对社会主义计划经济体系进行改革。这场渐进性的、双轨制的改革取得了一定的成功。在过去的25年中,我国年均GDP增长率为9.3%,是全世界增长最快的国家；年均贸易增长率达到了16%。聚焦到金融业,改革开放以来,我国金融业的发展和进步不仅体现在各种指标和数据上,更充分地体现在市场规模、行业结构、资本构成、业务种类诸方面的重大变化,金融监管能力和水平得到同步提升。我国金融机构在国有化控制、隐性存款保险、危机救助等方面都与西方金融市场存在较大差异。尽管这些监管差异在是否制约了金融业的效率、加大了金融监管的成本以及金融业道德風险等方面还有待进一步讨论,但30年来,我国金融业的稳步发展从一定程度上证明我们的金融监管总体上是成功的。当然,这并不能掩盖我国金融监管体系现存的缺陷和不足。当前,金融领域仍旧有许多亟待解决的问题值得我们关注和反思,譬如法制不健全,监管手段和方法较为落后,业务运营不合规,投诉渠道不通畅,政府过度干预金融业,以及公平服务不到位,等等。在全球经济和金融一体化进程中,随着我国经济市场化改革的逐步深入,金融业所面临的内外部环境都将发生巨大变化。因此,如何充分借鉴国外金融业监管的先进经验并有效结合我国客观实际,不断改进监管方法,提高监管效率,更好的保护金融消费者的合法权益将是我国金融监管研究的重大课题。
中国金融市场的发展仍然处在初级阶段,尽管在此次金融危机中,我国的金融市场尚能独善其身,但金融危机的潜在诱因已经在国内金融市场中显露端倪。而金融监管的不到位也为金融市场深化改革埋下了隐患。监管理论空洞和体制不完善、对信息披露缺乏监督、金融业务泛滥失控和监管外部环境等等问题十分严重。中国与西方发达国家和地区的金融实物水平处在不同层次,金融发达国家和地区的金融业高风险交易品种较多,而中国金融业产品创新程度不高,金融业务相对稳健。这决定了中国金融监管体系没有必要也没有能力照搬西方金融改革的具体操作办法,但其所创设的优质内核及相关规则,仍将带给我们较大启示,值得我国借鉴。
据此,本文作者提出了若干政策建议：加强金融消费者保护立法,健全金融消费保护组织,建立合格的金融消费者投资制度,完善公平金融服务,搭建高效的金融消费者投诉处理平台并完善救济机制,等等。后金融危机时代的金融监管改革,既要强调国际监管核心原则和标准的一致性,又应充分考虑我国金融市场与其他国家的差异性,提高金融监管的针对性和有效性,根据自身问题制定切实有效的保护金融消费者合法权益的政策。
In the lately years, with the rapid development of China's socialist market economy and the deepening of market-oriented, space for continued expansion in consumer spending, and rising levels of consumption, in the pursuit of maximizing the interests, producers and operators infringe upon the rights and interests of consumers in the process of market competition are common occurrences. Consumer protection has become a serious issue in the economic and social development.
On the ground of clearly defined the basic concept of financial consumers, this dissertation makes a profound analysis on the theory and realistic meaning of financial consumers rights protection, and systematically illustrates the necessity of protect the interests of financial consumers. Accordingly, the author further presents the national legislation core, the fundamental purpose of regulation and specific measures of supervision in the realm of protection of legitimate rights and interests of finacial comsumers. Lack of protection system of interests of financial consumer is one of significant shortcomings of financial regulation which is exposed in the finacial crisis. This dissertation focuses on the reform and innovation of western developed countries and regions in the protection system of interests of financial comsumers in the post-crisis era; based on the aforementioned reforms and innovation, the author presents the views that our country should fully learn from the international experience, based on the actual situation of our country, make clear of legislative thinking and protection path and strive to build the legal framework for system of interests of financial comsumers with the definition of basic concept and basic rights as the logical starting point.
Despite the fact that currently domestic legal circles has not yet reached a unified consensus on the definition of the concept of financial consumer; however, as the theoretical basis of the dissertation, this dissertation still decided to introduce the concept of financial consumer and hope to be able in the course of discussion to produce better compatibility with the regulation ideas and regulatory measures in developed countries. At the same time, the dissertation holds a standpoint that it will better accord with new tendency of development in tending to protect the interests of financial consumer providing that the financial investment behavior is defined as the consumption behavior of financial market. In the past general legal knowledge, the financial investor is always in the strong position in the financial transactions. However, with the continued development of the financial markets, the highly specialization and complex of products makes a subtle change of the dominance position between the two parties in financial product transactions. The author also considers that defining the financial investor as financial consumer is better in line with the general characteristics of the security market transaction system, and is better beneficial to protect the legitimate rights and interests of financial consumer, and is more conducive to maintaining the order of security market transaction. As a result, the dissertation uses the concept of financial consumer in the course of discussion rather than the concept of security investor in the traditional sense. Based on the foregoing statement, the dissertation makes a systematic analysis on the importance as well as the legal basis of protection of legal rights and interests of financial consumers, and then further researches in depth the relationship between the legal system of financial supervision and the protection of interests of financial consumer.
The whole process of financial transactions includes several dominant or recessive legal relations between financial institutions and financial consumers, financial institutions and financial regulators, and financial regulators and society as a whole and so on. Regulation could be regarded as a series of implicit contractual relationship between the supervisors and the counterparts, which decides the behaviors of the parties who sign the contract, and the measures could be adopted against the breaching parties. Contract could be designed to lead the behavior of financial institutions to avoid or reduce systemic risk; otherwise, it could impede or mislead the normal financial order, thereby increasing risk in the market. Therefore, the primary purpose of supervision is to enable the behaviors and reactions of financial institutions develop toward the direction which society desires. We could understand that the supervision object of financial regulatory legal system is the financial transaction order, the subject is financial institutions and the starting point and the ultimate goal of the system construction is financial consumer. The dissertation chooses the United Kingdom, United States and European Union for the research samples, researches from the perspective of protection of rights and interests of financial consumers, look back the formation and evolution of financial regulatory system in the three above countries, and describes in detail and compares the specific policy choose aspects like regulatory objectives, regulatory system, regulatory approach and the relevant legislation toward financial consumers, and summaries the features of regulatory behaviors which are made by the government in respect of protection of rights and interests of financial consumers. We find that although countries in the world are committed to the protection of rights and interests of financial consumers, the specific measures that the governments adopt are different.
In the post-crisis era, countries in the world begin to re-examine various regulation vacancies which are the legacy of financial development and innovation in recent years, introduce financial regulatory reform plans and try to seek the best balance for protecting the financial interests of consumers under the premise of not hindering the development of the financial industries. After suffering heavy losses in the financial system, the authorities in the United Kingdom increase the regulatory powers of Financial Services Authority under the existing regulatory approach, improve monitoring mechanisms, strengthen the construction of consumer compensation system, and consolidate measures of risk prevention, etc. The aforementioned reforms and measures are based on protection of interests of financial consumers and attempt to reconstruct the existing financial regulatory system which regarding the protection of interests of financial consumers as the starting point and end point. In 2010, the signature of "Dodd-Frank Bill" in the United States is not only the milestone that meaning the completion of nearly two years long the U.S. financial regulatory reform legislation but also to some extent promotes the realignment of the distribution of benefits in the U.S. financial markets, thereby financial consumers have more opportunities to obtain more protection. Through using the monitor systemic risk and protection of financial consumers as the two core principles and guidance, the Bill creates a series of rules, such as:the United States will set up a Financial Stability Monitor Board to monitor and deal with the systemic risks which threatens the national financial stability; proposes higher requirements of capital adequacy, leverage limit and risk concentration to the financial institutions which have the "systemic importance"; sets up the new Consumer Financial Protection
Agency under the Federal Reserve and monitors the executives compensation mechanism in the financial enterprises; the Federal Reserve itself will be subject to more stringent oversight while the Accountability Office which is affiliated to the Congress will audit some policy and operation of the Federal Reserve, and so on. It is obvious that financial consumers are the biggest beneficiaries of the U.S. financial regulatary act, and these restrictive provisions are bound to produce the far-reaching impact on the mode of operation and development of the global financial industries in the furture. The EU's administrative consumption which emerges in the apparent financial crisis, such as unclear financial structure, lack of supervision, makes financial consumers in the EU district paid a heavy price. The primary task of the EU at this stage focuses on constructing and improving a framework for financail supervision function agent. Comprehensive system reconstruction and guarantee program almost covering all aspects will build a barrier to effectively protest agasinst the financial risk for financial consumers.
It is noteworthy from the financial monitor reforms taking place in the United States, the United Kingdom and EU that all the major developed countries or regions are gradually converging financial regulation towards the derection of mutual coordination. The countries like UK which adopts the self-discipline supervison mode in the past have begun to to strengthen the government regulation and walk the path toward legalization. The countries such as US which adopts the government centralized control supervision have begun to pay more attention to the functions of industries self-discipline management. The financial regulatory authories generally recognizes that an efficient financial regulatory system and effective financial consumer protection mechanism should regard the government leislative intervention and monitor management as the core, and actively seek government regulation, self-regulation and judicial relief, etc., in which various levels have reasonable division of labor and organic coordination, and could make institutional adjustmetns and timely and effective reform with the external environment changes.
China began to reform the socialist planned economy system from the late 1970s. This progressive, two-track reform has achieved certain success. In the past 25 years, China's annual GDP growth rate is up to 9.3% which is the fastest growing country in the world, and the average annual trade growth rate is up to 16%. Focus to the financial sector. Since the reform and opening up, China's financial sector development and progress are not only reflected in the variety of indicators and data, but also fully reflected in the great change taking place in the market size, industry structure, capital structure and business types, and ability and level of financial supervision are simultaneously improved. The financial institutions in China are quite different from the western financial markets in the nationalization control, implicit deposit insurance, crisis aid and other aspects. Despite whether these regulatory differences restrict the efficiency of the financial industry, raise of financial regulatory costs, increase of risk of moral hazard in financial industry should be further discussed; three decades of steady development of China's financial sector to some extent prove that the financial regulation in China is successful in general. Of course, these also could not cover up the existing defects and deficiencies of China's financial regulatory system. Currently, there are still many problems in the financial sector to be solved which are worthy for our attention and reflection, such as the legal system is still not perfect, means and methods of regulation are more backward, operations of business are non-compliance, complaint channels are not clear, government excessively intervenes financial sector and the equal service are not appropriate, and so on. In the process of global economic and financial integration, as China's market economy reform gradually deepens, both internal and external environment that financial industry confronts will be changing dramatically, the financial risk will be different from the former one in the past in terms of way of formation, transmission channels and the degree of damage. It will be important research tasks in China's financial regulatory research to study how to fully learn the advanced foreign experience in financial sector regulation as well as effectively combine the objective reality in China, and continuously improve the regulatory methods, improve regulatory efficiency and better protect the legitimate rights and interests of financial consumers.
China's financial market development is still at the initial stage; in spite that in the financial crisis, China's financial markets are still capable of immune, but the potential incentive of the financial crisis has emerged in the domestic financial markets. And the unsuitable financial regulation leaves worries when further deepening the reform of financial reform. There are still many serious problems, for instance, void of regulatory ideas and vacancy of institution, lack of disclosure of regulation information, the out control of the proliferation of financial innovation, as well as the shortcomings of the external environment of regulation. The financial physical levels between China and western developed countries and regions are at different levels, i.e., financial developed countries have more varieties of high risk transaction in financial industry, however, the product innovation of China's financial sector is not high, and the financial business are relatively stable. This determines that China's financial regulatory system is not necessary and has no ability to copy the western way of financial reform in specific operations; however, the rules and the high-quality kernel that the western countries create will give China more inspiration, which are worthy of reference.
Accordingly, this dissertation makes a number of policy recommendations, such as: strengthen the financial consumer protection legislation, improve the financial consumer protection organizations, establish a qualified financial consumer investment system, improve the fair financial services, build efficient financial consumer complaint processing platform and improve the relief mechanism and so on. Meanwhile, regarding the financial regulation reform in the post-crisis era, it is necessary to emphasize the consistency of core principle and standards of international regulation, while China should give full consideration to the differences between China's financial market and other countries'financial markets, and then improve the relevance and effectiveness of financial regulation and establish effective policy for protecting legitimate rights and interests of financial consumers pursuant to China's own problems.
引文
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[19]以战略目标之一的“帮助零售消费者实现公平交易”为例,其细化的结果指标为以下三项：(1)消费者能从企业和FSA获得并使用明确的、简单易解的相关信息；(2)消费者与金融服务行业进行交易时,有能力并有信心的履行责任；(3)金融服务机构公平对待客户,并帮助客户满足其需求。
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[10]完全由中央银行监管银行业的体制有一些固有的弊端,如央行一般对保护消费者利益和提高企业效益不感兴趣,而这些是现代金融监管的重要内容。相关分析可参见谢伏瞻.金融监管与金融改革[M].北京：中国发展出版社,2002:143.
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[13]这10家机构包括证券投资局(S1B)、证券期货协会(SFA)、个人投资协会(PIA)、投资管理监管组织(IMRO)、英格兰银行的银行监管部、注册互助委员会(RFC)、住房合作委员会(BSC)、互助合作委员会(FSC)、由贸易工业部划转到财政部的保险监管司以及伦敦交易所的英国发行上市监管部(UKLA).
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[19]以战略目标之一的“帮助零售消费者实现公平交易”为例,其细化的结果指标为以下三项：(1)消费者能从企业和FSA获得并使用明确的、简单易解的相关信息；(2)消费者与金融服务行业进行交易时,有能力并有信心的履行责任；(3)金融服务机构公平对待客户,并帮助客户满足其需求。
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