Research On The Legal Protection Of Financial Consumers’ Right To Know

Maintaining the rights of financial consumers who are the main component of thefinancial market is the key to ensure the stability of financial markets. Financial goods andservices are invisible, professional and high risky. Moreover, compared with financialorganizations, financial consumers are the vulnerable groups, due to the substantialdifferences in professional knowledge, information-gathering ability, and risk identification.Therefore, the rights of financial consumers are generally trespassed by financialorganizations. Furthermore, the serious information asymmetry between financial consumersand financial organizations always damages the financial consumer’s right to know. Since thatthe right to know is the basis of the financial consumer’s right, protecting financialconsumer’s right to know is essential to effectively protect the other rights and thus thestability and safety of financial market.Except for the introduction section, this thesis consists of four parts:In chapter one, there is a brief introduction of the concept of financial consumer and thefinancial consumer’s right to know, which would provide the theoretical basis of the study onprotecting financial consumer’s right to know. Specifically, this chapter firstly overviews thedispute on the definition of financial consumer, and then defines the financial consumer.Based on these definitions, this chapter analyzes the nature of the financial consumer’s rightto know, and confirms the necessity of the protection of the financial consumer’s right toknow.Chapter two theoretically clarifies the specific contents of protecting the financialconsumer’s right to know, which includes information disclosure of the correspondingfinancial organization and financial goods, the financial organization’s obligation todeclaration and its relation with information disclosure, and the contents of financialconsumer’s self-protection.Chapter three introduces the typical cases of trespass of the financial consumer’s right toknow, analyzes current status of the protection of the financial consumer’s right to know inChina, and proposes the related main problems at the present stage. In specific, this chapterpoints out the existing problems, such as cheating or mislead marketing of the financialorganization, insufficient reminders of risky and obligation to declaration, incomplete regimeof information disclosure, and shortage of education and dispute resolution systems, and proposes the guidelines for the protection of the financial consumer’s right to know.Chapter four proposes some suggestions for improving the legal protection of thefinancial consumer’s right to know. In order to resolve the current problems of the protectionof the financial consumer’s right to know and improve the protection of the financialconsumer’s right to know in China, this chapter suggests that there is a need to complete thelegal protection of the financial consumer’s right to know and dispute resolution systems,strengthen the financial organization’s obligation to declaration, set up complete financialorganization’s information disclosure regimes and enhance financial education.