Study On Legal Protection Of Financial Consumers’ Right To Know In Financing Business Of Commercial Bank

In recent years, as China’s economic development, urban and rural residentscontinue to accumulate personal wealth, the growth in personal wealth makes thedemand for asset preservation and appreciation is also growing, which spawned avariety of commercial banking wealth management business. Since in2004Everbright Bank launched the first financial products to the public, personal financialservices of commercial banks have developed rapidly, the financial business market isfilled with all kinds of financial products, and the number of financial customers isalso growing fast. However, many problems have been exposed with the rapiddevelopment of personal financial business, such as lack of regulatory mechanismsduring the financial products were being designed, client risk assessment is doneFormally, the bank information disclosure is not in the right place, employees behaveinappropriately in the sale of financial products, and other problems. And legaldisputes are not uncommon in financial business market, especially the disputescaused by the violation of the consumer’s right to know.Just as a kind of financing consumer, the financial products consumers(hereinafter referred to as financial consumers) are often in a disadvantaged positionabout information, profession and so on with respect to banks. Therefore, financialconsumers interests are easily invade in financial consumption, especially the right toknow. The right to know is a prerequisite for financial consumers’ consumption, therealization of other rights also depend on this. Therefore, we must strengthen thefinancial consumer right protection. At present, the mechanism of legal protection for financial consumers’ right to know is not perfect, there are many problems,such asLegislation rank low, relevant norms lack of interoperability, the relief route of thecompensation for the interests of financial consumers is not clear, the judicial burdenof providing proof is set vaguely, associated regulatory mechanisms is inadequate,which results in the financial consumer’s right to know can not be effectivelyguaranteed. Therefore, study on legal protection of financial consumers’ right inbanking financing business is not only theoretical feasible, but also practicallynecessary. Based on this, this thesis will stand in the core of legal protection forfinancial consumer’s right to know, and analyze the status of legal protection forfinancial consumer’s right to know, draw advanced theory and practice in legalprotection of financial consumer’s right to know from foreign countries, and finallyprovide advices to improve our country’s legal protection mechanisms of financialconsumer’s right to know.This thesis includes three parts, such as introduction, body and conclusion, inwhich the body is divided into four chapters.The first chapter discusses the connotation of wealth management business ofcommercial banks, and reveals its complexity and risk through analyzing its concept,development status and so on. The discussion of this chapter also focuses on theconnotation of consumer’s right to know, unfolds and reveals its specific safeguardsapproaches in perspectives of concept, content, features of this right, and finallyexplain the necessity and significance of financial consumers’ right protection.The second chapter mainly discusses the theoretical basis of the protection offinancial consumers’ right to know, respectively, from the perspective of sociology,economics, law and regulation theories.As one of the core chapters of this thesis, Chapter III, from the aspects oflegislative, judicial, administrative and social, comprehensively and Systematicallyassesses status of the protection of financial consumers’ right to know, setting thefoundation for later suggestions of improvement.The fourth chapter expands on the improvement of the legal protection offinancial consumers’ right to know, comparing to foreign advanced protectionmechanisms related, and finally raises suggestions from legislative protection, judicial protection, executive protection and social protection.