Study On The Consumers’ Right To Know In The Personal Financing Business Of The Commercial Bank

With the rapid development of our social economy and improvement of people’sliving standard, increaseing the value of property has become people’s basic needs.Financial consumption becomes the basic life of people. Personal financing businessof Commercial Banks of our country is in the rapid development. But there are a largenumber of financial disputes between consumers and the commercial Banks. Most ofthese disputes are caused by the infringement of the right to know of consumersbecause Commercial Banks did not fulfill its legal obligations. Right to know is themost basic financial rights of consumers. It is very important to strengthen theprotection of financial consumers’ right to know. The article has carried on thecomprehensive system research on the financial consumers’ right to know.This articleis divided into four main parts：The first part is the summary of consumers’ right to know in commercial bankpersonal financing business. The part put forward the topic about strengthening theprotection of financial consumers’ right to know, analyse the definition andconnotation of the consumers’ right to know in financing business detailedly,introduce the relative obligation of the commercial bank briefly, and discusse theactive significance of strengthening the protection of financial consumers’ right toknow.The second part analyses the theoretical basis of strengthening the protection offinancial consumers’ right to know. There are three aspects, economics, contract lawand consumer protection law. In the aspect of economic include information asymmetry, the risk of financial products and conflict of interest between Banks andconsumers. In the aspect of contract law include the principle of good faith, collateralobligation and format contract. In the aspect of consumer protection law include therequirements about consumers’ right to know.The third part analyses the present situation of the current financial consumerrights protection and deficiencies. Through the analysis of the laws and regulations toregulate financial consumers’ right to know, discusse the requirements of theregulations for commercial Banks to inform, risk warning and information disclosure.Found the deficiency in the aspect of financial legislation, administrative supervisionand judicial relief about consumer rights protection.The fourth part puts forward the suggestions of strengthening the protection offinancial consumers’ right to know. In the aspect of financial legislation, improve thelegal system of financial services, strengthen the commercial Banks’ obligation toinform and information disclosure, and establish the right infringement civil liabilityto pay compensation. In the aspect of administrative regulation, improve theregulatory mode, set up special financial protection mechanism about consumer rightsand interests, and strengthen the financial consumer education. In the aspect ofjudicial relief, upside down the burden of proof and reduce the burden about proof ofconsumers, perfect the judicial relief system, give full play of the role of financialintermediation in the financial dispute resolution.