The Protection Of Financial Consumer’s Right To Know

With china’s economy skyrocketed, more and more people are not satisfied withthe past consumption demand. under the financial products have become increasinglydiverse in this opportunity, in order to meet the needs of its consumers increasinglydiversified consumer demand, also started to progressive into the financial market. Andcompared to the traditional consumption activity, the level of financial consumerobviously higher. Financial institutions often provide some very sophisticated andprofessional products and services, making financial consumers compared with theconventional consumer at a disadvantage. While the buyers and sellers of asymmetricinformation, inequality is more so that the interests of consumers against financial thingrepeated. However, through lessons of the financial crisis, we discover not hard, theprotection of financial consumers right to know is at the core of the whole financedevelopment. Only the financial consumer’s right to know has been effectivelyprotected, to ensure the stability of the financial market development. Visible, on thefinancial consumers the right to know has the urgency and necessity of legal protection.In our country, financial institutions in violation of consumer’s right to know thecase is frequent, this is reflected in the aspects of the legal protection of our right toknow the financial consumers also has the very big flaw. The relevant legislationimperfect, there are still have many deeply flawed; single supervision mode, financialtrading specification is not perfect; not yet establishes the special organization for theunified protection of financial consumers; remedy confusion, poor operability.To improve the level of protection about the financial consumer’s right to know inChina, Firstly, we must clear legislation of financial consumer protection of the right ofinformed concept. secondly, we must focus on the financial regulatory system andfinancial transaction specification; again to set up a specialized agency operation;finally is to increase the protection of the right to know the financial consumer rightsrelief can be respectively from the administrative relief and the judicial relief twoaspects. These measures are conducive to China gradually establish a financialconsumer rights and interests protection with Chinese characteristics system, andeffectively protect the interests especially the right to know of the financial consumers,development makes our country’s financial industry can be faster and better.