A Study on the Remedial Paths of Civil Public Interest Litigation for Financial Consumers

Abstract

Currently, individual financial consumers are confronted with dilemmas including high costs of rights protection, the strong concealment of infringements upon their rights and interests, and inadequate institutional safeguards. Traditional private relief approaches are incapable of addressing group-based, small-sum and scattered financial disputes, and the rapid development of digital finance and inclusive finance has further aggravated this situation. Against this backdrop, this paper endeavors to explore the protection of financial consumers’ rights and interests within the framework of the civil public interest litigation system for consumption.Oriented by the value of safeguarding social public interests, the civil public interest litigation system for consumption attaches importance to the protection of vulnerable consumer groups and exerts a significant role in resolving group consumer disputes. By dissecting the current legislative situation of civil public interest litigation for consumption and the dilemmas financial consumers face in safeguarding their rights, this paper demonstrates the legitimacy and necessity of civil public interest litigation remedies for financial consumers.

This paper suggests that the eligible subject qualification of professional social organizations should be appropriately expanded. Meanwhile, the rule of reversal of the burden of proof shall be established, and litigation claims such as punitive damages should be explored, so as to reinforce the protection of financial consumers’ legitimate rights and interests.