Financial trading itself has high information asymmetry，Therefore，Financial consumers are groups with more weak information among consumers，Its right to know、Independent choice、Fair trading rights and other rights are vulnerable to the infringement of financial institutions。At the same time，Financial consumers have specific cognitive laws and decision -making models in financial transactions，These cognitive laws and decision -making models are accurately grasped and improperly used by financial institutions，further increased the possibility of the rights of financial consumers' rights and interests。For example, research in economics and psychology finds，Human existence excessive self -confidence、Congzang behavior、Congzang behavior、Cognitive bias such as psychological account，These cognitive deviations are projected in financial transactions，Financial consumers will generate irrational trading behavior，At the micro level, it will affect the fairness of financial transactions，At the macro level, it will affect financial security，It even gave birth to "irrational prosperity" and financial crisis。

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With the development of Internet technology and its extensive use in financial transactions，Financial product network marketing becomes a new way for financial transactions。The "Administrative Measures for Financial Products Network Marketing (Solicitation Draft)" released by the seven departments of the People's Bank of China in December 2021 defines "online marketing" as: "Through the Internet platform to financial products Activities for commercial publicity and promotion，Including but not limited to introducing information related to financial products or business brands of financial institutions，Provide consumer purchase of financial products with transfer channels "。In the network marketing of financial products，Consumer cognition has changed。

　　First，The expansion of the financial consumer group in the Internet background，The overall cognitive ability of financial consumers has decreased。The use of Internet technology in the financial market effectively realizes financial inclusive，Groups that are difficult to cover traditional financial services can enter the financial market with conveniently Internet technology，This is the positive significance of the "long tail effect" of Internet finance。"Long Tail Effect" also has negative consequences: financial institutions use Internet technology to conduct low -cost user search and fission products promotion，Use various means to induce users to participate in financial transactions，A large number of financial insufficient knowledge and low risk tolerance are absorbed into the financial market，Apricate financial risk。As the user base becomes larger，The overall cognitive ability of financial consumers has decreased。

　　Second，Financial consumers are more likely to be controlled by financial institutions through technical means。There are many examples of consumer cognitive bias，For example, improper expression of yield、Vague treatment of key contract terms, etc.，The current laws and regulations have been conducted more regulations。Financial Product Network Marketing，Financial institutions carry out lower -cost information control to financial consumers through technical means，and，This kind of information control is more hidden，More harmful。For example，Metal financial product marketing through mobile Internet applications，In the case where the mobile interface is extremely limited，Financial institutions can adjust the page layout at any time，Layers of the trading path，Increase consumer information search costs; change the recommendation sort of different financial products in the application interface，Show consumers to make purchase decisions through specific information; through pictures、Video and other ways to promote product promotion，Change consumer cognition，Strengthening persuasion for consumers。

　　third，Fundamental bias bias of financial consumer groups and the principle of appropriateness of financial consumers。Technical features of online transactions，Financial institutions can get a lot of information from consumers at lower costs，Analysis through big data、User portrait and other methods to accurately push financial product information to consumers，The best match for realizing financial transactions。Financial products are a unique trading category，According to the principle of "Advertising Law"，It should be limited to its advertising release platform、Putting objects、Advertising form, etc.，To meet the principle of appropriateness of financial consumers。But in practice，Financial institutions use Internet technology to conduct non -difference advertising delivery and product promotion，Financial products online marketing makes financial product information more widely realized、Low -cost communication，Cognitive bias caused by the financial consumer group，The principle of appropriateness of financial consumers is lost。

　Legal regulation of financial product network marketing 

Online marketing does not change the essence of financial transactions，But substantially changed the transaction form and rights structure，and challenge the current laws and regulations。Financial product network marketing requires special regulation，The main reason is that there is a significant difference between it and offline financial transactions，Legal regulations on financial product network transactions cannot simply copy and copy the relevant rules of traditional financial transactions。Online marketing can be more scene，Marketing methods are not limited to information transfer，More emotional appeal、Scenario interaction and other affect consumer cognition、New marketing methods of psychological and behavioral，The concealment and persuasion ability of these methods is stronger，Increased consumers' viscosity to financial services; the combination of network sales of financial products with general product sales，Under the consumerism，Makes consumers want to stop financial services，Forms deep binding，For example, more convenient installment services and faster credit loans，allows consumers to easily buy products that exceed their real consumption capacity，to form a deep dependence on credit financial services。The changes in the form of transaction can lead to substantial changes in the structure of the rights structure，so as to give birth to new legal needs。

"Measures for the Management of Financial Product Network Marketing (Draft for Solicitation)" (2021) stipulates，"Carry out financial product bet365 live casino games network marketing，It should abide by the relevant laws and regulations and the social order and the good customs，Honest and trustworthy，Fair competition，Guarantee the right to consumers' knowledge、Autonomous options and personal information security，Do not damage national interests、The legal rights and interests of the public interest and financial consumers "。This solicitation document specification on marketing publicity content、Marketing Publicity Behavior Specification、Marketing cooperation behavior specifications and other aspects made specific regulations。Features of the network marketing of financial products，The institutional framework of financial consumer protection should be improved。

　　First, build a rule system for financial product network transactions.Financial product network marketing is a relatively special transaction，The current legal rules of financial trading cannot effectively match new trading scenarios and trading forms，The trading relationship and behavioral characteristics of financial product network marketing should be，Re -examine relevant laws and regulations，Especially the need to be based on behavioralist economics、The relevant theories of psychology and cognitive science，Effective system supply based on the cognitive laws and decision -making models of financial consumers。Financial consumers in financial product network marketing have large cognitive differences with general financial consumers，This has been proof of related economics theory and psychology theory，On the basis of making full use of relevant theories，Effective rule design。So，The rules system of financial product network transactions should be constructed from the perspective of the overallist perspective。

　　Second, effective disclosure of specific transaction information.In traditional information asymmetry，Add information supply to the disadvantaged body，to change the information distribution，Can change the decision ability of the disadvantaged subject to a certain extent，Improve the quality of decision -making，So，Emphasized the compulsory disclosure of information in many systems。But information formed by the information formed by cognitive deviation，Simple information supply is far from enough，It may even appear reverse effect，Especially under the technical means of big data and user portraits，The user has built an information cocoon room，Form a specific cognition or preference，Not a simple information supply can be changed。So，In the sales of financial product network，Simple information disclosure is difficult to achieve the due system effect，Need to combine the transaction process、Product features、Consumer cognitive models and other factors，Effective disclosure of specific transaction information。For example，In loan financial product marketing，You need to accurately indicate the annual interest rate of the product，Similar expressions such as "1,000 yuan for only 0.15 yuan a day" are prohibited，Otherwise, it is easy to make consumers misunderstand the cost of borrowing.，Lending behavior that is inappropriate or exceeds its own spending power is there。In the online sales of ordinary products，The related financial services should be indicated in a clear way，It is forbidden to bind the sales of ordinary products and the network sales of financial products by default by default。

　　Third, the prohibition of recommendations in the sales of financial product network.Financial product network sales involve a large number of advertising behaviors，Therefore, it is also necessary to put it on the framework of the Advertising Law for review，At present, there are many things that need to be improved in the regulation of different types of products in my country。where，Not the design of financial product advertising clause is not accurate enough。Article 25 of the "Advertising Law" in my country is mainly specified for financial product advertisements，Among them, the prohibition of professional institutions and personnel shall be recommended to consumers，The purpose of this system is to avoid professional institutions and personnel to make recommendations with their professionalism，Consumers may make misjudgment based on the trust of professional institutions and personnel。The risk and income of financial products are affected by many factors，Professional institutions and personnel are also difficult to make accurate predictions。Therefore，Their recommendation and proof cannot be able to play a corresponding guarantee function for the effectiveness of financial products，Professional institutions and personnel are prohibited from implementing the risk logic of financial markets and financial products for consumers。But this article in the "Advertising Law" does not prohibit the recommendation permit of the stars and other subjects。With economic development and financial innovation，There are more and more types of financial products，The rise of Internet finance has accelerated the update iteration of financial products。The progress of Internet technology makes the release of financial products、Buy、Transaction、Return is more and more convenient，In the background of inclusive finance，There will be more and more financial consumers who do not have corresponding financial knowledge and risk tolerance to enter the Internet financial market，Buy the corresponding financial product。They lack financial knowledge，Consumption decisions are easily affected by spokespersons such as stars，to generate inappropriate trading behavior。So，From the system purpose of Article 25 of the Advertising Law，The institutional consequences generated by the star endorsement are the same as the institutional consequences of professional institutions and personnel endorsements，It can also cause improper induction of financial consumers。Therefore，In financial product network marketing，It shall prohibit any form of product recommendation certificate，Attention to protecting financial consumers，to ensure that it makes an independent judgment。

　　Fourth, the implementation of the principle of appropriateness of financial consumers.On the one hand，The information of the Internet era is wide、There is no difference to spread，Anyone may receive relevant information at low cost，Even being drowned by various information。In the financial market，The flood of financial product information will cause relevant information to be accepted by inappropriate subjects，and promote it to enter the transaction process，Therefore, the principle of appropriateness of financial consumers in the background of the Internet is difficult to effectively implement。On the other hand，Use big data、User portrait and other technical means，Financial institutions can obtain consumer information at a relatively low cost，Accurately grasp the cognitive laws and behavior mode of consumers，The property status of financial consumers is based on the condition of financial consumers、Behavior preference、Risk ability、Cognitive level，Matching and providing appropriate financial products for it，This also indirectly affects the implementation of the principle of appropriateness。Therefore，Financial Product Network Marketing，Technology has dual effects，It should strengthen the supervision of the financial institution algorithm，Avoid technical abuse，Effectively implementing the principle of appropriateness of financial consumers。

　(This article is the Study of Judicial Paths of Sharing Economic Legal Regulations "(19CFX065) phased achievement) 

(Author is an associate professor in Shenzhen University Law School)