In order to implement the requirements laid out in the Guiding Opinions of the General Office of the State Council on Enhancing Financial Consumer Rights Protection (Guobanfa No. 381 [2015]) and the Implementation Measures of the People’s Bank of China on Financial Consumer Rights Protection (Yinfa No. 314 [2016]), consolidate the achievements of the supervision and inspection on financial consumer rights protection, help financial institutions to strengthen management and effectively safeguard the legitimate rights and interests of financial consumers, the branches of the People’s Bank of China (PBC) followed the arrangements made by the PBC headquarters and continued to carry out the supervision and inspection on financial consumer rights protection in 2019. Inspected institutions included banking financial institutions and non-banking payment institutions, among others.
On the whole, the institutions under inspection basically followed the regulations on financial consumer rights protection, performed self-examination and implemented rectifications as required. However, it was also found in the inspection that some institutions still had problems in aspects such as the development of financial consumer rights protection mechanisms and systems, the performance of the duty of disclosure, personal financial information protection, financial products marketing and promotion, complaint management, standard terms, and publicity, education and training, which needed to be improved. The PBC notified the institutions of the inspection results in 2019, while requiring relevant institutions to establish and improve their long-term mechanisms, further boost the effectiveness of financial consumer rights protection, and facilitate solid implementation of various requirements for the work of financial consumer rights protection.
