China’s Banking Regulator Issues New Consumer Rights Protection Rules

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The China Banking and Insurance Regulatory Commission (CBIRC) has just issued a new set of regulations governing the protection of the rights and interests of financial services consumers.

On 30 December CBIRC issued the “Banking and Insurance Institution Consumer Rights and Interests Protection Administrative Measures” (银行保险机构消费者权益保护管理办法), which are scheduled to to come into effect on 1 March 2023.

CBIRC said the new measures are fo rate purpose of “maintaining a fair and just financial market environment, pragmatically protecting the lawful rights and interests of banking and insurance sector consumers, and expediting the healthy and high-quality development of the sector.”

Key provisions of the new Measures include requiring that banks and insurers include the protection of consumer rights and interests in their corporate governance, enterprise culture and business development strategies, and establishing work mechanisms for inspecting the protection of consumer rights and interests, management and control of cooperative institutions and the conduct of internal inspections.