The Legal Protection of Personal Financial Information Rights: A Core Analysis of Data Ownership and Utilization Rules

DOI: https://doi.org/10.62517/jel.202514528

Author(s)

Zhao Xinyu

Affiliation(s)

Belarusian State Economic University, Minsk, Republic of Belarus

Abstract

FinTech innovation has caused an unprecedented proliferation and commodification of PFI as the financial industry quickly goes digital. While this change is great for convenience and being able to access things, it leaves people at a serious risk of data breaches, getting discriminated against based on their profile, and losing privacy. The article discusses the important legal problem of safeguarding PFI rights by concentrating on these two major parts：conceputation of ownship of data and creation of solid utilization rules. We argue an old-fashioned, property-based notion of ownership simply cannot properly accommodate the nonrivalrous and co-created qualities of PFI. rather than a framework focused on a "rights bundle" for individuals (rights of access, portability, etc.)and the imposition of a "data stewardship" or "fiduciary duty" on financial institutions. The paper assesses the shortcomings of consent - centric mechanism & pushes for greater focus on ex ante control s like Purpose limitation & Data minimization. By way of comparison between these emerging regulatory principles, it is argued that any successful sustainable protection of PFI must shift from reliance on an elusive notion of consumer consent to a set of concrete obligations for the controller of personal information that can be enforced to balance the needs for financial innovation against a fundamental right to privacy.

Keywords

Personal Financial Information (PFI); Data Protection; Data Ownership; Data Utilization Rules; Privacy Law; FinTech Regulation; Data Stewardship

References

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