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On June 28, the State Administration of Financial Supervision and Administration, the People's Bank of China and the China Securities Regulatory Commission issued an announcement on work arrangements related to the protection of the rights and interests of financial consumers.
The full text is as follows:
In order to implement the relevant arrangements of the "Plan for the Reform of Party and State Institutions" on the adjustment of responsibilities for the protection of the rights and interests of financial consumers, the following work arrangements for the protection of the rights and interests of financial consumers are hereby announced:
1. The State Administration of Financial Supervision and Administration is responsible for the overall planning and protection of the rights and interests of financial consumers, formulates relevant development plans and policies and systems, improves the system and mechanism for the protection of the rights and interests of financial consumers, and carries out financial consumer education. The State Administration of Financial Supervision and Administration, the People's Bank of China and the China Securities Regulatory Commission have established a coordination mechanism for the protection of the rights and interests of financial consumers to strengthen information sharing and business cooperation.
2. Adjust the division of responsibilities for receiving and handling complaints from financial consumers, with the State Administration of Financial Supervision and Administration uniformly accepting complaints from transferred financial consumers against banking financial institutions (including trust companies, consumer finance companies and other non-bank financial institutions) and insurance institutions, the People's Bank of China accepting complaints from transferred financial consumers against non-bank payment institutions and credit reporting agencies, and the China Securities Regulatory Commission accepting complaints from transferred securities and futures fund industries.
3. The State Administration of Financial Supervision and Administration, the People's Bank of China and the China Securities Regulatory Commission shall separately receive and handle the petitions and reports reported by financial consumers and investors in accordance with their respective statutory duties and regulatory authority.
IV. Financial institutions should conscientiously implement the main responsibility for the protection of the rights and interests of financial consumers, fully respect and conscientiously protect the legitimate rights and interests of financial consumers, carry out business activities in accordance with laws and regulations, promptly and properly handle disputes with financial consumers, strengthen governance at the source and traceability rectification, and continuously improve the quality and efficiency of efforts to protect the rights and interests of financial consumers.
This announcement shall come into force on the date of promulgation. The Announcement of the State Financial Regulatory Administration, the People's Bank of China and the China Securities Regulatory Commission on the Working Arrangements for the Handling of Financial Consumer Feedback Matters (No. 1 of 2023) shall be repealed at the same time.
State Administration of Financial Supervision and Administration
People's Bank of China
China Securities Regulatory Commission
June 28, 2024
Source: CCTV Finance
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