Supreme Court: Effectively protecting the legitimate rights and interests of financial consumers and small and medium-sized investors
2024-10-24
Recently, the 2024 Financial Street Forum Annual Meeting held a parallel forum on "Financial Rule of Law Guarantee for Creating an International First Class Business Environment" in Beijing. At the forum, Zhou Lunjun, Vice President of the Second Civil Trial Division of the Supreme People's Court, stated in his speech that in recent years, the people's courts have coordinated and cooperated with financial management departments to vigorously enforce laws and handle cases, crack down on the "black sheep" in the financial market, purify the market ecology, effectively protect the legitimate rights and interests of financial consumers and small and medium-sized investors, equally protect the legitimate rights and interests of financial institutions and their customers, continuously optimize the financial legal environment, and safeguard the development of the financial industry. In terms of cracking down on illegal financial activities, the people's courts have lawfully tried a number of major financial crime cases such as Beijing's "e-Rent Treasure", Yunnan's "Pan Asia", Jiangsu's "Qianbao", Shanghai's "Fuxing", Hebei's "Zhuoda", and Guangdong's "Tuan Dai Network", making every effort to recover lost assets, safeguard the property safety of the people, and maintain financial market order. In terms of improving financial judicial rules, in recent years, the people's courts have successively formulated 11 financial judicial interpretations and issued 16 normative documents. At the same time, we will regulate the business behavior of financial institutions in accordance with the law, using the principle of "seller's responsibility, buyer's responsibility" as the benchmark, protecting the legitimate rights and interests of financial consumers and small and medium-sized investors in accordance with the law, and using the principles of "adverse interpretation of doubts" and "reasonable expectations" as the benchmark, protecting the legitimate rights and interests of policyholders and insured persons in accordance with the law. In terms of diversified resolution of financial disputes, prevention first, settlement and negotiation first, non litigation support first, and a one-stop dispute mechanism in the financial field with litigation as a backup have been formed. In 2023, the people's courts will receive 17.4598 million cases through pre litigation mediation, an increase of 34.66%, which is higher than the growth rate of litigation cases in the same period. 11.9981 million cases will be successfully mediated before litigation, an increase of 31.97%. The diversified resolution of financial disputes is more convenient, efficient, and cost-effective. (New Society)
Edit:Rina Responsible editor:Lily
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