The year 2018 saw sustained public attention to the legitimate rights and interests of financial consumers. Multiple incidents, including the Alipay annual bill controversy in early 2018, the promulgation of China’s toughest-ever personal data protection law, and a series of personal information leakage scandals, have sounded a widespread alarm on personal data protection across society. Amid continuous fintech innovation and the rapid expansion of internet finance, how to effectively safeguard financial consumers’ rights and interests has become a key concern among academics and industry practitioners.

      Against the backdrop of discussions on how emerging financial technologies can innovatively protect consumers’ legitimate rights and interests, as well as how to review and restructure the financial consumer protection system, the Renmin Law and Technology Institute, the Center for Fintech and Internet Security Research, and the Laboratory for Big Data, Blockchain and RegTech of Renmin University of China hosted the "2019 The Sixth Financial 315 Summit" on March 15 of this year. The event was organized to implement the guiding principles set forth at the Fifth National Financial Work Conference and to carry out practical explorations for the effective protection of financial consumers’ legitimate rights and interests.

The protection of financial consumers’ legitimate rights and interests has attracted extensive public attention

      Wang Yi, Dean and Deputy Party Secretary of the Law School and Director of the Renmin Law and Technology Institute, Renmin University of China, delivered an opening address at the summit.

      Tang Weijian, Member of the 13th CPPCC National Committee and Professor of the Renmin University of China Law School; Ma Shaogang, Deputy Director-General of the Financial Consumer Rights Protection Bureau of the People's Bank of China; Wang Suzhen, Deputy Secretary-General of the Payment and Clearing Association of China; and Professor Yang Dong, Vice Dean of the Law School and Director of the Center for Fintech and Internet Security Research of Renmin University of China, shared their insights on safeguarding financial consumers’ legitimate rights and interests and personal information security.

      During the forum, many participating guests expressed the view that the protection of financial consumers' rights and interests is a relatively complex systematic undertaking. Accomplishing this task requires the involvement of more new forces, as well as the joint efforts of all sectors of society to contribute their wisdom and strength to the protection of financial consumers' rights and interests.

Centered on the Protection of Personal Privacy, Personal Information and Data

      At the summit, Professor Yang Dong, Vice Dean of the Renmin University of China Law School and Director of the Center for Fintech and Internet Security Research, together with Xu Ke, Executive Director of the Center for Digital Economy and Legal Innovation at the University of International Business and Economics and Research Fellow of the Renmin Law and Technology Institute of Renmin University of China, released the “2019 Research Report on Financial Consumer Protection”, which takes the protection of personal privacy, personal information and data as its core theme.

Innovative Approaches to Protecting Financial Consumers’ Rights and Interests

      The summit centered on implementing the requirements laid down at the Fifth National Financial Work Conference: stepping up publicity and guidance concerning financial consumer protection, effectively safeguarding financial consumers’ legitimate rights and interests, maintaining the stability and security of the financial industry and markets, and advancing social harmony, equity and justice.

      Zhou Yanli, Member of the 13th CPPCC National Committee and Former Vice Chairman of the China Insurance Regulatory Commission; Cai Esheng, Former Vice Chairman of the China Banking Regulatory Commission and Chairman of the Finance Center for South-South Cooperation; Xie Anshan, Former Vice President of the Supreme People’s Court and Former Member of the Standing Committee of the 9th National People’s Congress; Ai Anjun, Former Director of the 10th Bureau of the Ministry of Public Security; Academician Li Youping of the Chinese Academy of Engineering; Wu Zhen, Secretary-General of the National Expert Committee on Internet Finance Security Technology; Ding Yi, Senior Director of Alipay; and Zhang Xi, Vice President of 51Credit, delivered keynote speeches on relevant topics.

      During the session for speeches by deputies and members of the Two Sessions, Fang Yan—a deputy to the 13th National People's Congress, Vice President of the Shaanxi Provincial Bar Association, Senior Partner of Beijing Jincheng Tongda & Neal Law Firm, and Director of its Xi'an Branch—made a special trip to the site of the 315 Summit Forum immediately after the conclusion of the morning session of the Two Sessions to deliver a speech and offer her comments.

      During the award ceremony, the forum presented awards to enterprises such as Ping An Property and Casualty Insurance, China Galaxy Securities, China Merchants Financial Group, and China Securities Investor Protection Fund Corporation. Meanwhile, individuals who made outstanding contributions to financial consumer protection in 2018 were also commended.

      During the forum, speeches and discussions on topics such as financial consumer rights protection were delivered by experts from both within and outside the industry, including: Hu Zhenmin, former Vice Minister of the Publicity Department of the CPC Central Committee; Dai Jianming, former Inspector (at the deputy‑ministerial level) of the CPC Central Commission for Discipline Inspection; Zhang Jing'an, Academician of the International Eurasian Academy of Sciences and former Secretary‑General of the Ministry of Science and Technology; Song Chengmin, former Director‑General of the Department of Macroeconomic Management at the National Development and Reform Commission; Chen Baoshan, former Executive Deputy Director of the Coordination Office of the State Council's Joint Conference on Combating Counterfeit Currency; Zhao Zhongkang, former Director of the Service Bureau of the Ministry of Industry and Information Technology; He Yunchun, former Deputy Director of the General Office of the State Taxation Administration; Fang Yan, Deputy to the 13th National People's Congress, Vice President of the Shaanxi Provincial Bar Association, and Director of Beijing Jincheng Tongda & Neal Law Firm (Xi'an); Liu Feng, Chief Economist of China Galaxy Securities; Zhang Chen, Vice Chairman of the China Securities Investor Protection Fund Corporation; Tong Ying, General Counsel of China Merchants Financial Group; Wang Bing, General Manager of the Beijing Branch of Ping An Property and Casualty Insurance; Professor Zhu Daqi of Renmin University of China, Vice President of the China Banking Law Society; Professor Xing Huiqiang of Central University of Finance and Economics, Vice President and Secretary‑General of the Institute of Securities Law; and Researcher Liu Chengqing, Secretary‑General of the Chinese Academy of Financial Inclusion at Renmin University of China. Many participating guests expressed the view that the forum, fully integrating the current context of rapid technological development, had laid a solid foundation for the follow‑up work on consumer rights protection.

      It is reported that the Renmin Law and Technology Institute of Renmin University of China Law School and other affiliated institutions will continue to release quarterly research reports concerning consumer privacy, personal information and data protection. The 7th Financial 315 Summit was scheduled to be held on March 14, 2020, followed by the International Financial 315 Forum on March 15, 2020.

Editor:Xu Liuya

Reviewer: Zhu Peiwen