The protection of rights of consumers in financial services and recommendations for improvement

Abstract

Vietnamese law has made positive adjustment to promote efficency in establishing the operating principles of entities involved in consumer financial service relationships. However, the current legal provisions still reveal many limitations and inadequacies, leading to the implementation of consumer financial service protection laws not achieving significant efficiency and causing considerable impacts on consumers. In the scope of this article, the author assesses the current situation of legal provisions related to principles and roles of relevant entities in protecting consumer rights in financial services, as well as methods and measures for handling violations of the law on protecting the rights of financial service consumers. On that basis, the author proposes some recommendations to improve the legal framework on this issue.