A Study On The Guarantee Of Financial Consumers' Rights To Know And The Financial Consumers' Privacy

Concept of financial consumers is the consumer and professional extension of consumer concept in the financial sector, the relationship of them is logic master-slave. Therefore, financial consumers also should have the same rights as traditional consumers. In the rights system for financial consumers, the right to know is fundamental. It's the security of the rights for financial consumers. Compared with the traditional right to privacy for consumers, the right to privacy for financial consumers has the propertied property. Therefore, the security of right to privacy for financial consumers has double value, which can protect the personal liberty and the property security.Although the existing laws about how to protect the rights to know and privacy for financial consumers are uncertainty, but if we analyze the three essential factors of financial markets, we can generalize three modes:the self-preservation of financial consumers, the fulfilling obligations of financial managers, the protection of the country and society. On the national and social level, the goal of the current financial supervision is to maintain financial market development and protect financial consumers, which is named'Double-peak Theory'by Michael Taylor. By New Political Economy, the aforementioned two objectives are difficult to achieve at the same time, so, they must be distinguished in practice. In the light of this, we should establish an independent financial consumer protection agency to take the responsibility for protecting financial consumer.China's current legal system and institutional settings still exists shortness on protecting the financial consumer's right to know and privacy. On the one hand, the existing laws are silent on this point. On the other hand, the existing system and institutions can't assume the effective protection of the financial responsibility of the consumer right to know and privacy. Therefore, we can do something through the following three methods:First, in order to protect this two rights effectively, when the 'Law of the PRC on the Protection of the Rights and Interests of Consumers'is to be amended, we could make clear legal terms to protect financial consumer's right to know and privacy. At the same time, we should perfect the relevant financial legislation, making'Financial Services Law'. Second, financial supervision should be strengthened, we should set up an independent and unified financial consumer protection agency, and it should have the function and power such as making standardized document, enforcing the law, litigating and relieving, etc. Third, on legal relief, we should strengthen judicial relief, set up the court for finance litigation, and build the legal system to protect the financial consumer's right to know and privacy, which can be more suitable for the actual conditions of China's Financial System.