On The Legal Protection Of Financial Consumers' Right To Know In China

The trend of economic globalization helped the development of the global financial industry and brought frequent financial crisis. Due to the economic ability, professional background and financial institution, financial consumers became the. biggest victim of the financial storm. At present, countries around the world have realized the financial consumers in the high risk and high efficiency of financial market extreme weak position, and the financial reform focusing on financial consumer protection. Right to know, is the foundation of financial consumers enjoy other rights,can balance the financial information asymmetry between consumers and financial institutions. It became the financial consumers against financial goods and service providers, to maintain their legal rights and interests of the most advantageous weapon. Financial consumers’ right to include the right to access information timely and accurate access to information rights, the right to equitable access to information, the right to full access to information. After the reform,the United States, Britain, Japan, and even in Taiwan, there were detailed information disclosure of financial institutions and rules, the comprehensive rights relief system, formed a relatively complete financial consumer right protection system. In contrast,it is still stalled on financial protection consumers right to know in our country. China’s current legal system, no systematic provision offinancial consumers ’right to financial consumers’ right protection provisions are scattered throughout the "Securities Act", the laws of the Law on Commercial Banks, Insurance Law and other departments as well as by The China Securities Regulatory Commission, Insurance Regulatory Commission,departmental rules and regulations formulated by the CBRC. Legislation and there is no clear financial consumers and its related concept of rights, the Consumer Protection Act has yet to financial consumers included in the scope of protection, the lack of special provisions for financial consumers. Financial consumer’s right to know the current legal system, only the "Securities Act","Commercial Bank Law"," Insurance Law" and other sectoral laws and administrative regulations, a matter of principle provides for the disclosure obligations of financial institutions, and these provisions too abstract, and the lack of specific disclosure standards? the lack of financial institutions, information on the tort liability system in the existing legal system. The future of our country to improve China’s financial consumers’ right protection system, we first need to improve the financial consumer rights protection system, a clear financial consumer’s right to know. the legislation needed to strengthen information disclosure obligations for financial services institutions, including the strengthening of information disclosure of quantitative criteria, to improve the quality of information disclosure, the tort liability of a clear financial institution information. Secondly.Optimize the mode of financial supervision, strengthen the financial regulators of consumer protection functions. Finally, Strengthening the construction of right relief system, perfect the lawsuit system, establish Alternative Dispute Resolution.