Protection Of Financial Consumers Right To Know

With the breaking out of the international financial crisis in2008, what peoplehave to accept is not only the losses of their fortune, but also a profound considerationon the problems brought out by the speedy development of the financial market. Andthe key point is to pay attention to the protection of the financial consumers. For thefinancial products become increasingly diversified as well as specialized, theinformation asymmetry between financial institutions and financial consumers isbecoming more and more serious, which leads more mislead and deceive salesbehaviors. As the fierce competition in the financial market, the financial institutionsalways emphasis on product performance and neglect or even deliberately not toconsider consumers’ understanding of the financial products in the process ofproviding goods and services, and the infringement of the consumers’ right to knowis being more serious. In order to improve the healthy development of financialmarket, strengthen its ability to cope with the crisis, financial protection of consumer’sright to know as the basis of financial consumer rights protection must be sufficientattention.In this paper, in order to complete the financial protection of consumer’s right toknow detail is divided into four parts. First, in order to give financial consumers’research on the protection of rights to provide basis, the first chapter of this papertakes impressions on "the concept of financial consumer", which emphasizes on therelationship between financial consumers and investors, this also for the right to do afull preparation? Then in the second chapter to discuss the importance of the rights aswell as the right to know theory and the content of the right of discourse. In the thirdchapter respectively from the aspects of financial legislation (banking, securities,insurance), financial supervision level and judicial relief layer facing the situation andproblems in protecting the right to know is analyzed, discusses the combination ofbefore the end of the fourth chapter of this paper, put forward for the protection of theright to know some of the recommendations and ideas.To improve the protection of the right to know the financial consumers in China,the author thinks that can start from the following four aspects: firstly, in legislation to establish the concept of financial consumers, the first increase in the revision of the"consumer protection law", in legislation to establish the concept of financialconsumers, increase the financial consumer protection in the "revision of theconsumer rights and interests protection law", and in the financial sector legislation toimprove the financial consumer protection legislation aims and principles of height.Secondly, by improving the financial institutions of the explanation obligation andduty to disclose information to regulate their behavior, and the provisions of the civilliability for breach of the, further increase the punishment. Thirdly, the right to relief,to open the litigation and non-litigation ways, and treatment of non litigationsupervision and feedback. Fourth, in the financial consumer education, led by theregulators, and Consumer Protection Committee of independent financial, let itsregular survey of financial consumer protection issues, according to the situation ofregulatory proposals.