The China Banking and Insurance Regulatory Commission ("CBIRC") has recently issued the Guiding Opinions on Strengthening the Building of Systems and Mechanisms for Protection of Consumer Rights and Interests by Banks and Insurance Institutions (the "Guiding Opinions").
Encompassing eight parts, the Guiding Opinions touch upon four aspects, i.e. "systems", "mechanisms", "regulation", and "industry self-discipline". As regards the systems, the Guiding Opinions require that banks and insurance institutions shall incorporate the work on protection of consumer rights and interests into all aspects of corporate governance; their boards of directors shall bear ultimate responsibility for work on protecting consumer rights and interests; a consumer rights and interests protection committee shall be established under the board of directors; the senior executives shall ensure strategic goals for protection of consumer rights and interests and policies in this regard will be accomplished and implemented effectively; and departments performing duties regarding the protection of consumer rights and interests shall be designated. With respect to the mechanisms, the Guiding Opinions call for improving the internal assessment mechanism for protection of consumer rights and interests, subjecting all relevant departments and staff members to the internal assessment for protection of consumer rights and interests, and including such assessment in the institutions' integrated performance assessment system, accountability system, and human resources management system.