Legal protection of the financial interests of consumers
|Keywords||financial consumption right to information fair deal privacy right legal protection|
The right of financial consumer has not protected perfectly in many disputes because we have no appropriate laws and regulations. During the passed two years many Chinese investors purchase mutual funds. Without mentioning risk, the fund company told the investors that they would gain profit when they sold the fond shares. And now many investors have a great loss. All these cases have told us we shall establish a system to protect the right of financial consumer.The article is divided into 5 chapters. The first one has a brief introduction to traditional conception of consumer. With the development of financial markets, conception of financial consumer was adopted by the theory and legislation. This thesis illustrates that asymmetric information theory is the economics foundation to protect the financial consumer’s the right. And contract of consumer theory; adoption of contract d’adhesion are the legal foundation.Chapter 2 probes into theory and case analysis about liability to explain which protects the right to information of financial consumer. During the course of making contract, the financial institution has a liability to explain the articles of contract, including those of specialty and of related documents, to the consumer, Due to the high specialty and technicality, the application of formatted articles, The financial institution should explain expressly and clearly to make t the consumer understand his rights, liability and risk under the contract. As a contractual colateral obligation ,explaining liability is statutory, supplementary ,attached and uncertain .By discussing case and the legal provisions of Japanese law ,we have known that how the financial institution performs its explaining liability.Chapter 3 discusses how to protect financial consumer’s the right of fair deal. legal regulation of contract d’adhesion can provide financial consumer with fair deal prerequisites such as guarantee of quality, reasonable prices and correct measurement. Because of prohibition of compulsory transaction, the bank shall not revise the contract to charge without agreement by the financial consumer.Chapter 4 is about legal protection of privacy right of financial consumer. The Financial Privacy Rule in The Gramm-Leach-Bliley Act, which regulates the collection and disclosure of Private financial information, provided a direct protection to the financial consumer. But, because of non-efficient, Privacy Rule can not provided sufficient protection to the financial consumer.In Chapter5, we are concerning about how to enact special law to enhance systematism and integrity of the legislation to protect the right of financial consumer. Furthermore, we must improve the regulatory system to prevent infringement from financial institute. By discusses the method of dispute resolution, we realize that financial consumers also need efficient, convenient、benefit procedure.