The definitional system of financial consumers, formed under the traditional separate regulatory framework, increasingly exhibits fragmentation and inconsistency. Concepts of consumers or investors constructed by industries such as banking, securities, and insurance based on their respective institutional logics fail to accurately reflect the true risk structure of financial products in cross-institutional and cross-channel sales scenarios. This not only leads to practical dilemmas such as inconsistent regulatory standards and divergent judicial adjudication scales but also hinders the effective flow of behavioral risk information within the financial regulatory system. Against the backdrop of unified legislation for the Financial Stability Law, reconstructing the legal definition of financial consumers has become both a practical necessity and an institutional imperative. It is essential to construct a cross-industry unified basic definition of financial consumers, centered on functional attributes and risk exposure. Under this unified concept, a multi-tiered protection rule system should be established, institutional behavioral obligations unified, and consumer behavioral data integrated into the systemic risk monitoring framework. By promoting the coordinated application of regulatory, judicial, and industry self-regulatory rules, a unified definition of financial consumers is poised to become a crucial institutional fulcrum connecting micro-prudential conduct regulation with macro-financial stability, providing a solid conceptual foundation for the effective implementation of the Financial Stability Law.
Financial Consumer; Financial Stability Law; Integrated Operation; Behavioral Risk; Functional Regulation; Macro-prudential Supervision.
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