일본 소비자금융 관리･감독체계의 변화와 시사점-소비자금융 관련 법률을 중심으로

Abstract

The financial crisis in the U. S beginning from sub-prime mortgage crisis, is giving an exorbitant change to the whole world economy. Regulatory authorities around the world are currently discussing ways to prevent another financial crisis. One idea is to separate supervisory regulations of soundness and consumer protection. Japan's reform of supervisory regulations on consumer finance in 2009 shows that a comprehensive solution would work better. Under the currently ruling regulatory framework the FSA(Financial Services Agency) is an external organ of the Japanese Cabinet Office and is managed by the Commissioner who is appointed by the Prime Minister. There is no board or other collective decision making body. The FSA controls entry into the financial sector for banks, security firms, insurance companies and financial companies. FSA grants licenses, set bank regulations and supervises banks. It was only body responsible for financial supervisory in Japan, but it shares supervisory authorities with Consumer Protection Agency(CPA) since 2009. This Paper studies the recent change of supervisory regulation on consumer finance in Japan and shows that Japan has chosen a little different approaches to consumer finance regulation and supervision and ask why Japan made own choice. Policy makers should learn from Japan's experience by improving the range of regulatory rules available and setting reasonable supervisory rules for financial consumer protection.