The Legal Protection Of Financial Consumers’Right To Know

Financial consumer is the extension of the concept of the consumer in the financial sector. Between financial institutions and consumer market status differences between the two there is a huge difference in the financial markets, access to information and master. Compared with the traditional markets, the financial markets with a high degree of professionalism, efficiency, risk, a high degree of market players and the strength of the imbalance of the characteristics of financial consumers due to the restrictions of their own strength and expertise in the financial markets are often in weak position, the rights of financial consumers vulnerable to financial service providers against. Financial consumer’s right to know the nature of asymmetric information between financial institutions and consumers in the financial markets, the law gives financial consumers against financial institutions, safeguard their legitimate rights and interests of the right tools. 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. Financial consumer right to know is one of the most important rights of financial consumers, is the basis of financial consumers to exercise other rights. Protection of the financial consumer’s right to know the requirements of the financial consumer "prior protection", the inevitable requirement of the rules of the financial market risks. Capital markets in developed countries financial consumers’ right protection system provides a useful reference for our financial consumer protection system. Very detailed provisions on the disclosure obligations of financial institutions in the United States, Britain, Japan, EU, Korea and other countries and regions, the financial legal system, the protection of the financial consumer’s right to know is also very comprehensive, especially in the United States in the summary of the financial crisis, lessons learned After drastic financial reform is impressive. Contrast, China’s current legal system, no systematic provision of financial 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. In addition, for financial institutions to induce the investment of the financial consumer unreasonable acts of false advertising, lack of regulation. Most importantly, 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, you first need the legal concept of the legislation clearly financial consumers ". Can be specific by integrating the "Securities Act","Insurance Law","Banking Supervision Law" and other legal norms, to develop a comprehensive financial laws and financial consumer protection regime established in the form of a special chapter, or in the current financial consumer protection legal system is based on the introduction of the financial consumer protection laws, to improve the financial consumer rights protection system, a clear financial consumer’s right to know. Second, 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. Finally, the protection of financial consumers’ right to financial regulatory authorities play an important role concrete can learn from the UK financial regulatory system, set up similar to the institutions of the British Financial Services Authority (FSA). Can be established similar to the U.S. financial consumer protection bureau of professional financial consumer protection agency in the future the conditions are ripe, and to strengthen supervision of financial institutions to ensure that financial consumers’ right to rights ought to be effectively converted to the Real interest.