Study On The Legal Protection Of Financial Consumers’ Information Right In China

Since the outbreak of the U.S. financial crisis, many countries have more emphasis onthe protection of financial consumers in their financial reform; the same is true of domestic.However, there is no uniform concept of financial consumers in China; and there are noformal legal documents about special protection for financial consumers. In the discussion ofthe financial consumer protection, they mainly discuss the protection of the right toinformation and privacy, and emphasis on the information disclosure obligations of financialinstitutions. We lack of how to research consumers’ protect in personal financial information.On the age of information, the essential characteristics are information; it is already animportant social resource in our society, and it’s often occurs that people disclosure andabusive personal financial information illegal, so it is necessary to give special legalprotection for it. The right to personal financial information presented is based on need.In previous studies, they mainly bring in the protection of information right into thepreservation of privacy or the right to know. However, the scope of the right to information isfar greater than privacy or the right to know. It is necessary requirement to provide completeprotection for the interests of financial consumers that establish and improve the protection ofthe right to the information system. In addition to, it will have great significance to protectpersonal financial information and urge financial institutions to strengthen efforts to protectconsumers’ information and raise consumers’ awareness of self-protection.This article investigates the current situation of the protection of China’s financialconsumers’ information, by observing the empirical analysis, comprehensive analysis ofmulti-disciplinary, comparative studies, literary surveys and some other methods. This textbegins from the definition of the basic theory of financial consumers and the consumers’information right. Then this article studies on the basis theory and practical meaning about theindependent protection of financial consumers’ information rights, and the way to improve theprotection system of financial consumers’ information right. In this way to providing a viablereference views about provide more complete protection of the interests of financialconsumers and the improving of our financial consumers’ protection system.This paper is divided into five parts. The first part is an introduction. It explains clearly the origin of this topic and itstheoretical and practical significance; it also explains the innovation and shortage of thearticle writing.The second part is an overview of financial consumers’ right to information. Firstly, thispart defines the concept of financial consumers, and then demonstrates the meaning andconnotation of it. Furthermore, this part distinguishes the information right to privacy and theright to know. Finally, this section points out the theories and practical meanings of theprotection of financial consumers’ information right.The third part is analysis of current situation about the protection of China’s financialconsumers’ information. Firstly this article points out that the situation about the infringementcircumstances of financial consumers’ personal information is quite serious. In addition to,due to the existing laws and regulations are incomplete, the financial regulatory authorities isnot clear responsibilities, the financial institutions’ internal control mechanism is imperfect,the poor consumer awareness of self-protection, and restricted of financial consumers’ rightsremedies, they aggravate the circumstances of criminals implement against it.The fourth part is discussing the comparative analysis of the protection of personalfinancial information in foreign countries. It investigates the financial consumers’ informationprotection system from the U.S., EU and Japan and other countries and regions. Through acomparative analysis and combines with China’s national conditions, it put forward that wecan improve our financial consumers’ information protection system from the legislativemode, changing financial regulation objectives and principles of protect financial consumers.The last part is exploring ways to improve our protection system of financial consumers’right. This paper argues that if we want to establish and improve the financial consumers’protection system, firstly, we have to improve the existing laws and regulations, and then clearthe theoretical basis of information right. And based on this, we can discuss the establishmentof an independent protection system of financial consumers’ information rights. Afterwards,in connection with current situation and insufficient in our protection of personal financialinformation, this article discussed in terms of financial regulatory agencies, financialinstitutions, consumer protection and the right to self-relief channels, etc, in order to provideadequate safeguards for financial consumers’ right to information.