Study On The Creative Issues Of Financial Consumer’s Right To Information In Chinese Legislation

In2008, the global financial crisis had exposed the mis-selling of financialproducts, financial fraud and other issues. It fully reflects the defects of the protectionof the financial consumers in the various aspects of the financial system. Facing withthe problems arising in the financial market, many western countries award of theconsistency between the protection of the financial consumers and long-term healthyand stable development of the entire financial system. Financial disputes, mainly dueto the asymmetric information. Because of the asymmetric information, financialinformation held by financial consumers of is not comprehensive. Financialinstitutions utilized the various vulnerable of financial consumers, they promotedtheir financial products by varieties means. Financial consumers’ right to informationoften been violated. To protect the right for effective, clear and preventive is the mostimportant concerning by the post-crisis countries in the reform of the financialsystem.To protect financial consumers’ rights to information, the United States hadmade a major attempt. America established a unified market coordination mechanism,and set up the financial consumer protection bureau. The CFPB specially protects therights of financial consumers. Australia combined macro and micro implementation ofthe financial markets from bimodal regulatory guidance. The UK established arelatively completed legal system in financial consumer protection, and made greatefforts in building a convenient consumer financial disputes settlement. The facts thatthe violation of financial consumers’ rights remind us that the complex features offinancial derivatives and strong financial strength of financial institutions cause thevulnerable even more obvious. We need more comprehensive legislation, the moresolid protection, as well as linkage measures for special protection to them. However,we haven’t precise legal definition of financial consumers still now, and we can’tprotect them by the Consumer Protection Act yet. Other Involving financial consumerprotection acts are also scattered in the various laws, regulations and departmentalrules. We must make great efforts to protect financial consumers, improve the integri-ty of the entire financial system, to build a healthy financial market.In view of the problems happened in the process of protection of the financialconsumer’s rights of information, we can draw on the useful experience of the UnitedStates, Australia and the United Kingdom of the legislation and regulation. Toresearch a innovational Chinese financial consumer right-to-know law and system. Inorder to establish a financial consumers’ right to informed.