Legal Protection Of Internet Financial Consumers' Security Rights

Internet finance not only brings us the happiness, but also brings us new problems and challenges. To make Internet finance more healthy, orderly and long-term development, our first job is to protect the safety rights of Internet financial consumers. In this paper, the characteristics of the Internet finance as a starting point, we offer some suggestions depending on the differences between the Internet financial consumers’ the right to safety and traditional financial consumers’. Specifically, this paper has four parts:The first part is the definition of the conception, which is divided into three points: first, through introducing the definition of "Internet finance" from foreign scholars comes to the "Internet finance" concept. Secondly, define the connotation and the extension of the "Internet financial consumer" by the same method. Finally, describe the characteristics of the Internet financial consumers’ safety rights by contrast way, from which we can know the particularity and necessity to protect safety rights of Internet financial consumers.The second part is the problem analysis. Sum up the inadequacies in the protection of the right to safety of Internet financial customers based on the current situation to the development of Internet finance, which were summarized in three points: First, Internet financial institution is unclear qualitative in law, mainly referring to the concept of legal and regulatory behind the reality. Second, there exists lots of problems in protecting the fund safety of Internet financial consumers, including precipitation funds security, third-party collocation system, guarantee utility issues, fund security issues after the bankruptcy of Internet financial platform and so on. Third, there are many issues in protecting information safety of Internet financial consumers, which are from the process of the Internet financial institutions collecting, processing, using, storing and transmitting personal information.The third part is to introduce the international experience. This paper mainly describes the UK and the US legislation and practices in protecting Internet financial consumers’ the right to safety in order to solve the problems mentioned above.The forth part is to make relevant suggestions. This paper makes the following suggestions in three points in order to protect the safety rights of Internet financial consumers, specifically including: First, update regulatory philosophy. Second, improve the fund security of Internet financial consumers’ protection system, including the establishment of "qualified investors" access system, third-party collocation system, the deposit insurance system, and so on. Third, improve the information security of Internet financial consumers’ protection system, including the definition of " financial consumers’ information", establishing the information protection rules of financial consumers, the information protection rules after bankruptcy and so on.