Latest Development and Implantations of Consumer Financial Protection Legislative Reforms in England

Since the outbreak of the financial Big Bang in England in 1986, consumer financial protection became an important objective of financial supervision for England. An independent consumer financial protection agency was thereby founded and the Financial Ombudsman Scheme and Financial Service Compensation Scheme were set up. More than that, the attempt to achieve coordination between various financial regulators became one of the focuses of legislature. Now that China is experiencing a key period of economic reform reform, the reform and development of financial system will have a great influence on China's economy. Given that China always valued direct supervision of its financial system over indirect remedy measures to achieve consumer financial protection, China should presently draw experiences from England and other countries whose consumer financial protection related legislation has become relatively mature, and gradually set up a legislative protection system to maintain a stable and healthy economic and financial development.