The Research On System Of Financial Consumer's Privacy Protection

With the development of China's financial market, financial products evolves by leads and bounds. People have increasing willingness and enthusiasm to purchase financial products. Therefore, a large number of financial consumers emerge, so as the invasion of consumers' right to privacy, which attracts increasing attention of normal consumers, specialists and scholars. Because China's legal protection of the right to privacy has a late start, the issue of financial consumers' right to privacy starts catching attention only within few years, relevant specific suggestion is absent. However, several foreign country's (region's) legislation have already developed systematic protection of consumers' right to privacy. Therefore, this paper, with reference to foreign consumers right to privacy legal protection system and combined with China's reality, reveals existing problems of China's legal protection of consumers' right to privacy, and further proposes suggestions accordingly, so as to benefits the development of financial market.Apart from introduction and conclusion, this paper consists of four parts:The first part introduces existing problems of China's legal protection system of financial consumers' right to privacy. This section introduces the status quo, advance, deficiency and problems of China's de facto laws and regulations of financial consumers' right to privacy,i.e.loose internal management of financial institutions, narrow scope of confidentiality obligation under the current system, loophole of civil liability provision, poor supervision, preparing for the discussion of regulation method whereof.The second part mainly identifies the particularity of the protection of financial consumers' right to privacy, including its property character, the tension with information disclosure by financial institution, important influence on the establishment of personal credit system, tight connection with internet financial development. This section reveals the immense value and the importance of protecting financial consumers' right to privacy.The third part provides with enlightenment of foreign legal protection of consumers' right to privacy. This paper gives a brief introduction of US, EU and Chinese Taiwan's protection system, trying to explore improving foreign legislation of financial consumer's right to privacy protection with the development of financial market, and summarizes the progress of foreign legislation whereof and the enlightenment given by the historical development, searching for new thought, new thinking of protecting China's financial consumers' right to privacy.The fourth part proposes methods that shall be employed to protect China's financial consumer's right to privacy. After examining foreign legislation of protection of financial consumer's right to privacy, and identifying the referable merits whereof, this paper, combined with China's current deficiency of legislation and needs of reality, proposes several suggestions, including strengthening the establishment of financial institution's internal management system of financial consumer's protection of the right to privacy, defining the scope of confidentiality obligation, improving the liability mechanism of infringement of financial consumer's right to privacy, strengthening the supervision whereof, so as to benefit the protection of financial consumer's right to privacy.