A Legal Consideration To Cooling-off Period Practice In Thefinancial Products Transactions

In the financial products innovation, financial mixed management, continuous development under the background of financial market internationalization, the protection of financial consumers’ rights and interests inevitably highlights for a major task faced by the financial legislation. Ensure the financial consumers to buy financial products for their own real reason, it is the important aim of finance law today. Compared to traditional products, however, more complex financial products, financial consumers need enough financial professional knowledge, especially for professional knowledge of a particular financial products, to realize the right to know of its own in financial products transactions; The financial consumers generally do not have this knowledge. At the same time, the gap of the financial consumers and financial institutions in information ability, ability to negotiate aspects, this leads to various financial products transactions that conduct on financial institutions which using its dominant position in reality. Therefore, in the financial products business, financial consumers compared with the general commodities trading are in a more weaker position. In 2014, the implemented, revised "The Consumers’ Rights and Interests Protection Law" regulates the cooling-off period system so that the protection of the rights and interests of consumers rises to a new level. However, whether the law suitable for the financial consumption occasion is still a question. Based on the consumption of financial products is that consumers are in the obvious weak position. Establishing the system of cooling-off period gives the financial consumers the right of “regret” in the cooling-off period, and this should be the true meaning of construction of financial law system; The practice of a cooling-off period in financial products transactions, to a certain extent, can overcome the imbalance of interests between the financial consumers and financial institutions.Due to a cooling-off period system in our financial products transactions against is not sound, even the practice of a cooling-off period in financial products transactions, but a serious shortage of low-cost, therefore, the practice of cooling-off period in the field of our country’s financial consumption thinking in this paper; Through the thinking, seeking the road for the perfection of a cooling-off period system in the financial products transactions is for providing some constructive ideas on the protection of financial consumers’ rights and interests.Articles is divided into three parts except the introduction and conclusion:Part I- A Cooling-off Period System Connotation and Practical Background in the Financial Products Transactions. Mainly from a cooling-off period system connotation in the financial products transactions and a cooling-off period practice background in the financial products trade of our country in two aspects to construe, explain why a cooling-off period will apply in financial products transactions.Part II – The Present Development Situation and Analysis of a Cooling-off Period in the Financial Products Transactions. The first part is legislation present situation of a cooling-off period in the outside financial products trading, and the second part is present situation and dialysis of a cooling-off period in the financial products trade of our country, from the aspects of legislative, judicial, financial products to construe and analysis the situation of a cooling-off period in the financial products trade of our country. At the legislative level, mainly refer to the people’s bank of China, the China insurance regulatory commission and insurance inspect bureaus about specific regulatory documents of a cooling-off period, analysis, summarize and make a statistical data of cooling-off period practice; In the judicial level, collect the financial consumption disputes of a cooling-off period practice on court, analysis, summarize,make a statistical data and analysis the judicial tendency of a cooling-off period practice; At the financial products level, compared to the launched products of several big insurance companies on a cooling-off period applicable details, find out specific practice of a cooling-off period in the financial products transactions in different circumstances. Certainly the value of a cooling-off period, find out the existing deficiency in a cooling-off period.Part III – The Suggestion of a Cooling-off Period System Perfecting in the Financial Products Transactions. To indicate the following ideas of a cooling-off period system construction, combining with the legislative, judicial, financial products to make the statistics, analysis and integration again, from the four aspects to put forward reasonable suggestions of a cooling-off period system perfecting. The paper’s purpose is to seek the best route of a cooling-off period practice in the real economic life, to protect the consumers’ rights and interests, to maintain the order of financial market.