Financial consumer protection in the UK

下面为大家整理一篇优秀的assignment代写范文- Financial consumer protection in the UK，供大家参考学习，这篇论文讨论了英国的金融消费者保护。英国金融消费者保护开始时间较早，其一直都非常注重金融消费者的保护形式与教育方法的多样性，同时形成国家金融教育与行业内部自律机制相结合的金融消费者保护制度，将金融消费者权益保护作为金融监管机构在执法过程与监管过程中的首要目标，加强金融机构内部的消费者保护措施与纠纷处理解决机制，强化消费者自律同时加强行业纠纷解决与消费者权益的自我监督。

The financial consumers start time early education and protection, the public financial knowledge and quality are at the leading level in the developed countries, and has been very attention to financial forms of protection of consumers and the diversity of education method, at the same time to form the country's financial education and industry self-discipline mechanism of combining the financial consumer protection system, mainly including the following three aspects: The first is to take the protection of financial consumers' rights and interests as the primary goal of financial regulatory institutions in the process of law enforcement and supervision. The second is to strengthen the consumer protection measures and dispute settlement mechanism within financial institutions. The third is to strengthen the self-discipline of consumers and strengthen the self-supervision of industrial dispute settlement and consumer rights and interests. The UK has mainly established the following specific systems and behaviors in financial consumer protection.

As the legal basis for regulating the operation of the British banking industry and protecting the rights and interests of financial consumers, the code of banking operations has established an important institutional guarantee for the fairness and justice of the relationship between Banks and their customers, and has played an important role in the past 100 years. In 2000, the financial services and markets act, an important act of financial regulatory reform, was enacted in the UK, which changed the financial institutions in the UK from "industry self-discipline under law" to "single supervision under law". The system clarifies the main standards for financial institution supervision, takes financial consumer protection as an important goal of financial institution supervision in the form of law, and clarifies the only financial supervision institution in the legal sense -- financial service bureau. In 2006 the financial services authority (fsa) introduced to the arrival of the financial institutions, the business practices including financial institutions, regulatory standards, there are five is closely related to the consumer protection law and finance, mainly includes: give appropriate financial consumer attention, during the process of financial transactions to ensure that the principle of fair justice, public use of fair, open and fair way to solve the financial consumer disputes, give financial consumers the right to know, accurate and not misleading method is used to transfer financial information consumption.

Since 2009, the UK has promulgated the banking act of 2009 and the white paper on financial market reform and other legal provisions, among which the financial consumer protection and financial market stability are clearly set as the important goals of its financial regulation.

From a historical perspective, British financial education consumers can be divided into two stages based on the year 2003. The first stage is from 1998 to 2003, when the "consumer education plan" was jointly implemented by the coalition government, financial institutions and public welfare organizations. After the second stage from 2003, the British author concludes the experience of the first phase of the financial consumer protection and education, on the basis of the achievements of the first stage of the education at the same time expanding the consumer financial education program, the program promoted as "the country's financial ability strategy", will strengthen the financial consumers' financial ability "as important strategic target. At the same time, the financial services authority has set up two functional groups. First, the government, financial institutions and media jointly form a financial competence guidance group, which is responsible for promoting consumer financial education. Second, the ministry of finance, the ministry of commerce, the ministry of education, consumer associations and other financial ability advisory group to guide the implementation of financial consumer education strategy.

Since the financial crisis in 2008, the UK has learnt a lot from the financial crisis and strengthened its determination to promote financial education. In the financial services act enacted in 2010, it explicitly put forward the proposal of consumer financial education institutions, and carried out comprehensive financial education and literacy activities nationwide. The UK consumer financial education authority was also established during this period and has undertaken some of the financial education functions of the financial services authority. Since 2011, it changed its name to consulting services, through detailed financial education service and promotion plan, change the poor public financial management and financial spending habits, eliminating the public mistake cognition and understanding of financial products and services, the use of telephone, Internet and face to face counseling, for each family to provide one-to-one financial knowledge and consulting service.

In the white paper on financial market reform, the stability of the UK financial market is listed as an important goal. In order to supervise and control the major risks in the financial market and maintain its stable and effective operation efficiency, the financial services authority proposes to set up the financial stability board. The committee, which comprises the central bank, the financial services authority and the Treasury Department, regularly discusses major issues of systemic risk and financial security and stability in financial institutions and the financial system. In the process of solving financial disputes and conflicts, the financial service bureau integrated all the complaint channels of Banks, insurance companies and securities firms together and set up a financial complaint service company to provide free conflict coordination and resolution mechanism for financial consumers. Once it proposes the adjudication conflict resolution mechanism, the adjudication will have full legal effect on both financial consumers and financial institutions.

In the statistics and protection of financial consumers in Britain, minors and adults are placed in different systems. For minors, financial education should be incorporated into the necessary education system. It includes mathematical calculation skills, quality education of citizens, national governance mechanism and citizens' rights and obligations. Financial knowledge includes currency, credit, personal budget management and financial management. Daily financial knowledge also includes salary, tax, loan and various financial risks.

In the financial education program for adults, they include financial education in the continuing education program. For example, they can seek help from the financial literacy group, the public financial consulting department, financial institutions and so on. Other initiatives include the financial services authority's statutory requirements, financial literacy programme, social inclusion in the UK and financial capacity programme.

Britain will vulnerable groups apart from the financial rights from adults and minors, especially pay attention to the protection of their financial rights, incorporate the financial protection of vulnerable groups to the basic financial services, launched the weak basic account financial groups, on the one hand, to provide special financial services, including financial account access function, on the other hand put an end to the weak financial group's financial risk, to prevent its debt, that cause systemic financial risk.

The content of British consumer finance has different levels, based on financial decision-making ability, financial management as an important part, financial market participation as the highest level content. These abilities enable consumers to realize that their participation in the financial market may affect and change the environment of the financial market, which is also the inherent requirement of the principle of fairness in the financial market.

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