Study On The Legislation Of Protecting Financial Consumer’s Right To Know

In recent years, it’s not uncommon to see the phenomena that financial consumer’s right to know is injured by financial services providers. But the regulations about China’s financial consumer’s right to know, which scattered in the civil and commercial law and other areas of the financial laws, are lack of operability and not perfect, and relevant theoretical research is relatively rough. Hence this article tries to further study the legislation of protecting financial consumer’s right to know.Around the legislation on protecting the right to know of consumer, the author carried out in-depth analysis from three aspects. Firstly, in order to explain what the financial consumer’s right to know is, the author carries on the detailed analysis of theoretical definition of the concept of financial consumer and the right to know, and the characteristics, the nature and content of consumer’s right to know. Secondly, to compare with the foreign relevant legislative practice, the author selects the High-level Principles on Financial Consumer Protection which was adopted in October2011by G20, and related legislation in the United Kingdom, Japan and the United States. Thirdly, the author combs the current legal norms in China and points out the shortcomings of legislative system on financial consumer’s right to know.To the shortcomings, with the combinations of analysis on the related theory and legislative practices, the author offers some proposals. On the one hand, the legislators should improve the current regulations in principles, which include establishing the legislative philosophy of consumer protection, using the economic law rights protection mode to protect the financial consumer’s right to know and pay attention to the combination of prevention in advance and afterwards relief. On the other hand,the legislators should pay attention to four aspects in the legislation-perfect, including the recognition of the legal status of financial consumer, strengthening the disclosure obligations of financial services providers, improving the financial anti-fraud legal system and formulating relevant civil compensation rules.