Abstract
Along with the rapid development of Internet finance in China, the irregularities in Internet finance industry has violated the Internet financial consumer rights at many levels. Learning from domestic and foreign experience, the improvement on the legislation on Internet finance, the financial supervision system and the Internet financial consumer dispute resolution mechanisms should be achieved, so as to enhance the protection of Internet financial consumer rights.
Highlights
Internet finance is a new type of financial business model in which traditional financial institutions and Internet companies use Internet technology and information communication technology to provide funding, payment, investment and information intermediary services
As for the documents of the supervisory authorities, the People’s Bank of China Management Measures for the Protection of Financial Consumer Rights and Interests (Trial) issued on May 7, 2013 defined “financial consumers” for the first time: Financial consumers refer to natural persons who purchase and use financial products sold by financial institutions or accept financial services provided by financial institutions within the territory of the People’s Republic of China
Several practical problems in the field of Internet finance in China has been exposed, and the Chinese government has issued a large number of documents to regulate the industry, calling for the protection of Internet financial consumer rights
Summary
Internet finance is a new type of financial business model in which traditional financial institutions and Internet companies use Internet technology and information communication technology to provide funding, payment, investment and information intermediary services. The development model of Internet finance can be roughly divided into seven types, namely online payment, online lending, equity crowdfunding, online fund selling, online insurance, online trust and Internet consumer finance
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