A Study On Fiduciary Duty Of Banks In Commercial Financial Products

With the change of monetary policy by People ’s Bank of China,commercial banks produce financial products more frequently.However,according to the report of the Supreme People’s Court,the quantity of litigations between financial consumers and commercial banks is rising year by year with the expandation of financial market,which points out the trouble in the wildly growth of financial market.How to protect the interests of financial consumers and stabilize the financial market are of great significance to promote the long-term development of our financial market.Added the fiduciary duties on banks in the financial field is considered the best choice to solve the above problem.By showing and analyzing the two cases,sumed up fiduciary duties about the cases in law,including the nature of fiduciary duties on banks in the commercial financial products,legislation requirements and system established.The nature of fiduciary duties on banks in the commercial financial products is based on the inequality status between financial consumers and banks.In addition to the theory of inequality,the theory of property and trust are also standing by introducing fiduciary duties on banks in commercial financial market.From the foreign legislation,find out fiduciary duties on banks in Anglo-American law.In England,use the traditional form and "expert" standard to regulate the fiduciary duties on banks in the field of banking finance.Compared to the United Kingdom,The United States has innovated the regulation of bank’s fiduciary duties in financial products,using the "overall assessment" standard.From our current legislation,The embodiment of the fiduciary duties on banks is focused on several aspects: the first is the principle of bank behavior requirements,the second are specific behavior requirements about information and risk disclosure,appropriateness obligations,careful investment and so on.However,there are also problems in our legislation,such as the lack of maneuverability in principle regulations and consumer protection concept in financial products.Return to the settlement of financial disputes and banks’ responsibility,the construction of the system on bank’s fiduciary duties should start from several aspects: the first is the legalization of bank’s fiduciary duties,the second is to clarify the key content of bank ’s fiduciary duties in commercial financial products,and the end is to clear the consequences of bank default and improve the disciplinary mechanism.In the field of financial management,the fiduciary duty is not only the tools in Anglo-American countries,but also is the means in civil law countries by learning from the related theories with the trend of legal system integration.So in the road of protecting financial consumers and promoting the development of the financial industry,introducing the fiduciary duties on banks is undoubtedly a wise choice.