NEWS & PUBLICATIONS
PBC Issues Implementing Measures for Safeguarding Financial Consumers' Rights and Interests
Mon Oct 26 17:06:00 CST 2020 Published by:Editor

The People's Bank of China ("PBC") recently issued the Implementing Measures for Safeguarding Financial Consumers' Rights and Interests (the "Measures"), with effect from November 1, 2020.

 

The Measures consist of seven chapters, namely, general provisions, code of conduct for financial institutions, protection of financial information of consumers, resolution of disputes over financial consumption, mechanism of supervision and administration, legal liability, and supplementary provisions. In particular, the Measures point out that banks and payment institutions should implement the laws and regulations on and relevant supervision provisions on relevant requirements for safeguarding financial consumers' rights and interests, and establish ten sound internal control systems for safeguarding financial consumers' rights and interests, such as the system for assessment and evaluation of the safeguard of financial consumers' rights and interests. The Measures also stipulate that banks and payment institutions shall neither use technological means or superior positions to force or force in disguised form financial consumers to accept financial products or services, nor exclude or restrict financial consumers from accepting financial products or services provided by institutions in the same industry. Meanwhile, banks and payment institutions are not allowed to collect consumers' financial information irrelevant to the business, or collect such information by improper methods, or compulsorily collect consumers' financial information in disguised form.

 (Source: www.pbc.gov.cn)


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