Research On The Protection Of Internet Financial Consumer's Right To Know

In the past few years,the internet technology is integrating into the traditional financial field promptly.Banks,Insurance companies and Securities companies have launched online-platforms one by one,leading the financial consumers being able to fininsh the financial transaction by using cellphone or Ipad.As the pioneer of the Innovation,the internet technology is not satisfied with merely providing financial consumers the operational convenience.On this basis,the internet technology is seeking for the further combination with traditional finance actively,which brings out the new financial model,such as peer-to-peer lending,crowd funding and big data finance.With the characters of inclusivity and disintermediation,this new financial model is different from the old one.However,the internet technology is providing the public with convenience and innovation as well as new challenges.In the function of the internet technology,the problem of Asymmetric Information is commonly found in the traditional financial field,which leads the financial consumers in a weak position.This problem should have been solved by the internet financial managers fulfilling the obligations of Information Disclosure strictly.However,the internet financial managers are not constrained as expected because of the absence of legal legislation,in adequate supervision and etc.Some internet financial managers refusing or not strictly fulfilling the obligations of Information Disclosure leads to the aggravation of Asymmetric Information issue.Furthermore,it causes the harm of international financial consumers' Right to Know,even the financial loss.Its basic reason lies in the preference to the financial institutions and the neglection of protecting financial consumers' right.On the contrary,after the global financial crisis in 2008,more and more financial developed countries have reflected on the root causes of this crisis actively.Furthermore,they have been carrying out progressive legislation and reform of the financial regulatory system.Their regulatory theories used to be the “Two Peaks”,which maeans the relative balance between prudential supervision and behavioral regulation.And now,their regulatory theories have changed into the slope protection to the financial consumers.On account of this,the article study the protection of internet financial consumer's right to know will be carried out from the following three aspects.Firstly,I will approve the importance of international financial consumers' Right to Know being existing by discussing its origin and define its concept.Secondly,I will reveal the status of international financial consumers' Right to Know being violated in our country and its reasons by example analysis.Finally,the suggestions of setting up a system which helps protecting international financial consumers' Right to Know will be put up,including the system of Information Disclosure,“Cooling-period” and Alternative Dispute Resolution.