The Protection Of Private Law Of The Right To Know Of Financial Consumer

Financial consumer is a concept arising for the financial development，but thereare no written law define “financial consumer” in our country, and there are divergentviews about the definition of “financial consumer” in academic world. Both financialconsumers and ordinary consumers belong to the consumer, but there are different inthe consumer object, the ease of access to product information and risk,thesedifferences lead to the different ways to protect the right to know. Because of the lackof specialized knowledge and pursuing interest of financial managers, it is becomingharder and harder for financial consumer to get know the information of the productwhich they purchased. The particularity of financial product determines theconsumer’s right to know the financial connotation and denotation different fromordinary consumers’ right to know. Financial consumer’s right to know, including theright to access to relevant information freely and fairly, the right of access to relevantinformation accurately, the right to access to relevant information timely, the right toaccess to fully relevant information.Usually public law norms protect the legitimate interests of financial consumersby strengthen financial regulation, but such protection is an indirect way of protectingconsumer interests,when financial consumers interest are harmed by financialmanagers they could not obtain appropriate compensation,the interests of consumerscan not receive direct financial protection. Finance consumption substantially formedbetween financial managers and financial consumers is a contractual relationship,protected by private law are more in line with the nature of financial transactions.Protection of private law referred to herein, including the financial managers’specialprivate law obligations, private law rights of consumers, especially given thefinancial consumer the right to claim compensation when the financial managerfails to perform or fulfill its obligations entirely legitimate interests.The protection of the right to know of financial consumers ask the financialmanagers to fulfill its obligations, including: duty to comply with the suitabilityObligation; duty to advice, when financial manangers sells finance product,managers should reference consumers knowledge,experience,and the others’ information;dutyto explain,for the lack of financial knowledge and the limitation of time,consumerswill rely on managers explanation of finance product to know the exactly informationof product; duty to foreshow the risk of product, this duty is the strengthen of theobligation of explain of the manager, the nature of the financial product requiresfinancial manager to foreshow consumer the risk of product. The responsibility focuson the criminal and administrative responsibility，while the civil liability provisionsare hardly appear on laws and Normative documents. To protect the consumer ’s rightto know the financial implementation should improve the civil liability provisions ofthe financial managers, mainly from the following three aspects: perfectlegislation;explicit the compensation ranges; improvement of the burden of proof.