A Study Of Financial Consumers’ Information Security Right Protection

In the wave of globalization of information and with the development and spread of data analysis technology, China has entered the age of the Internet. While the profit which both Financial Institutions and Consumer Internet have made, a lot of disputes that financial consumers’ information security right is infringed have arose. Frequent incidents of Financial Consumer information leakage continue to call for us that protecting the financial security of consumer information is facing great challenges. What financial information of consumer should be protected, what remedies can be taken when consumer’s financial information security rights are infringed, and how the relevant regulatory authorities conduct supervision of financial institutions, has become a serious problem under this proposition of financial consumer protection. Protection of financial consumers’ information security right is necessary. It is not only good for China to respect human rights and guarantee the implementation of the constitutional concept, but also it is good to adapt to the needs for the development of free, open and globalized financial market.This essay is divided into three parts: introduction, body and conclusion. The body part is divided into three chapters. The first chapter is an overview of financial consumers’ information security right. The second chapter elaborates the problems in protecting the information security right for financial consumers. The third chapter makes suggestions to protect financial consumer information security right.The first chapter explores the concept of financial consumers from the perspective of the financial consumers and consumer relations, also discusses the relationship between financial consumers and investors, approving that financial consumers are the extension of the consumers in the financial sector. In addition, this chapter explores the concept of financial consumers’ information security right from three aspects, the scope of financial information protected by laws, the meaning of “security” in information security, and the relationship between consumers’ information security right and financial consumers’ information security right. Then the questions that why the laws shall be inclined to protect consumers and what is the value of financial consumers’ information security right were answered.From the perspective of China’s present protection situation for financial consumers’ information security right, the second chapter firstly generalizes all the terms of financial consumers’ information security right protection laws and regulations, and reviews the current protection system from many aspects. Then, this chapter summarizes protection problems that are financial consumers’ information security right not specified by current law, serious violations of financial consumers’ information right, and the imperfect dispute settlement mechanism which resolves dispute at high cost.In this essay, the third chapter puts forward that there is difference between information security right and privacy right and financial consumers’ information security right should be specified in the civil code. Also this chapter recommends that content of information security right, obligations and responsibilities of financial institutions as well as remedies shall be defined. In addition, characteristics of information protection in the American mode and the European mode are analyzed, and in view of the current situation of our country, European mode which is stricter than the American mode can be regarded as a panacea. Lastly, this chapter mainly focuses on the reform of China’s financial consumers’ litigation and non- litigation dispute mechanism. This chapter reflects and references the British Financial Ombudsman Service System from three aspects of relationships of FOS, specifically from the financial institutions and financial consumption. Then this chapter presents the way to build a diversified financial consumers’ dispute resolution mechanism from the perspective of litigation and non-litigation.The conclusion part as a text sublimation pointed out that our country is in the process of the financial legal construction and financial consumer protection system, and learning the experiences and practices of other advanced countries and regions is highly desirable. However, in the process of legal transplantation, we should pay more attention to the background and focus specific issues the country dealing with, rather than the system in which it originated. Therefore, in the reform process of China’s financial law, we not only need distinguish ability, but also need adapt factors which is incongruent to the local situations according to legal transplantation, so as to make full use of resources of the rule of law to construct a financial consumers’ information security system to protect information security right.