Information Disclosure System Of China’s Banking Personal Finance Product

Information disclosure of personal financial products is exposed in a series of financial disputes in recent years. Since2004, China’s commercial banks personal finance business development, and quickly dominate the personal finance market in the country. However, along with the bank wealth management business in China is the rapid development, both related to the lack of the legal system as well as the regulatory aspects of the problem of weak gradually exposed, the legal nature of the financial products such as bank, financial consumers with the legal relationship of commercial banks in the wealth management business foundation Theoretical and practical lack of understanding of the consensus. As the basis of the legal relationship is clearly defined, the level of disclosure of the wealth management business of commercial banks, standards, and procedures is the lack of a clear standard practice Commercial Bank Disclosure lack of prejudice to the interests of investors cases have occurred. This article through a systematic analysis of the theoretical issues, at the same time drawing on the United States, the United Kingdom, Japan, Hong Kong, China and Taiwan Bank personal financial products based on the information disclosure system proposed covering the pre-sales of financial products, during and after sales stage complete information disclosure of the legal system. Specifically, it contains the following:Introduction section describes the basic theory of commercial bank personal wealth management products and financial consumers. This chapter, by types of financial products at home and abroad, the relationship between the consumer and the bank’s financial products, financial consumer rights and other issues to sort out, the proposed financial products based on the characteristics of the bank wealth management business, investors should be integrated financial products and development, multiple identities of creditors, clients and financial consumers, comprehensive enjoy legal rights, especially financial privacy, financial consumer’s right to know and the fair trading rights. The second chapter introduces the commercial bank personal finance product information disclosure system, as well as consumer protection and financial relations. Information disclosure of the commercial banks in China under the existing structure, financial products, disclosure of information at the level of information disclosure of financial consumers, including full disclosure of financial and non-financial information; mandatory disclosure system to encourage and rely on voluntary disclosure; Information the scope of the disclosure includes three stages:pre-sale disclosure, risk warning information disclosure and advertising information; sale disclosure, disclosure of client risk assessment and form contracts; aftermarket disclosure continued regular or irregular disclosures and termination of disclosure. The chapter then through typical financial disputes, analyze the main problems of financial products specific information disclosure system.The third chapter is systematically combing national and regional bank personal finance product information to disclose the specific practices and regulations, including the United States, the United Kingdom, Japan, China, Hong Kong, China Taiwan, In comparison, the United States and the United Kingdom in a system of banking supervision and financial supporting a relatively complete, after the financial crisis through a series of reforms, including the establishment of specialized agencies, the introduction of bills related to enhanced financial consumer protection, information disclosure The legal system construction has important reference. Japan in the protection of the financial instrument transactions to the financial interests of consumers system is relatively sound. China’s Hong Kong by the British "disclosure-based" principle affect clear information disclosure norms, not only through the legal system, and also clear the specific format and content of information disclosure, highly operational. These countries and regions due to its financial management system is not specifically for the legal system of the bank financial products, and its bank financial products mainly include sales of asset management products in the financial institutions in Taiwan, China for the bank channel sales of wealth management The products are designed to introduce a series of regulatory approaches, norms of bank financing products of separate operation environment has important reference.The fourth chapter analyzes the status quo and lack of personal financial product information disclosure system in China’s commercial banks from abroad relevant experience and practices suggestions for improvement. Than the information disclosure system in these countries and regions, China’s information disclosure system of financial products to the legal position is relatively low, and the rules and regulations are not specific enough, and supporting systems lack the rigidity of the law enforcement supervision and inadequate liability is not clear enough. In this regard, we future should first introduce bank financial products information disclosure standard format to improve the completeness, comprehensiveness and comparability of financial products information disclosure. Second, we need to refine the financial information disclosed in the content, promotional materials and other risks prompt material increase in the worst case, an intermediate situation, the three assumptions under the best-case revenue forecast, and easy for consumers to understand the risks and benefits of the product; need to adjust the current charges and the way again, and refinement of the proportion of the adjustment range adjustment must be the client’s approval of more than30%of the increase in fees and charges; should also strengthen the financial information disclosure checks, disclosure of financial information to check the situation and market access combination of supervision, administrative penalties; Finally, it is bound to strengthen industry self-regulation, to strengthen the oversight of complaints disclosed information on financial products, open, or to the dark check customers’ identity to carry out appropriate financial products information disclosure checks, In addition, China should also promote the improvement of the financial market and supporting systems, major financial consumer complaints and compensation system to strengthen financial consumer protection, and promote long-term healthy development of the financial system.