Guiding Opinions of the General Office of the State Council on Strengthening the Protection of Financial Consumer Rights and Interests

Guiding Opinions of the General Office of the State Council on Strengthening the Protection of Financial Consumer Rights and Interests

Guo Ban Fa [2015] No.81

November 4, 2015

People's governments of various provinces, autonomous regions and municipalities directly under the Central Government, and ministries and commissions of and institutions directly under the State Council,

Financial consumers are important participants of the financial market and drivers for the sustainable and sound development of the financial industry. Improving the protection of financial consumer rights and interests is an important part in preventing and mitigating financial risks, and is significant for boosting financial consumers' confidence, to protecting financial security and stability, and to promoting social fairness, equality and harmony. With deepening reform and development of China's financial market, financial products and services increase gradually, which not only provides convenience for financial consumers, but also brings such problems as unstandardized provision of financial products and services, frequent disputes over financial consumption, and financial consumers' failure to be aware of rights and interests protection and to identify risks. To standardize and guide the financial institutions' provision of financial products and services, create a fair and equal market environment, and strengthen the protection of financial consumer rights and interests, and upon the approval of the State Council, opinions are hereby given as follows:

I. Guiding Ideology
In accordance with the spirit of the 18th National Congress of the Communist Party of China (hereinafter referred to as the "CPC") and the Third, Fourth and Fifth Plenary Sessions of the 18th CPC Central Committee, we shall earnestly carry out the decisions and deployments of the CPC Central Committee and the State Council, uphold the principle of market orientation and rule of law, combine prudential supervision and conduct supervision, establish and improve supervision and protection mechanisms for financial consumer rights and interests, standardize the practices of financial institutions, create a market environment filled with fair competition and integrity, protect the legitimate rights and interests of financial consumers, and prevent and mitigate financial risks to promote the sustainable and sound development of the financial industry.

II. Working Requirements
(I) Based on their respective duties, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission (hereinafter collectively referred to as the "financial regulators") shall closely cooperate with each other to effectively protect the financial consumer rights and interests. Financial regulators shall strengthen their cooperation with local people's governments, and explore the establishment of a mechanism for the coordination between central and local governments in the protection of financial consumer rights and interests.
(II) By adhering to the principles of equality, voluntariness and integrity, institutions in banking industry, securities industry and insurance industry and other institutions engaged in finance or finance-related business (hereinafter collectively referred to as the "financial institutions") shall fully respect and spontaneously protect the basic rights of financial consumers, such as rights to property safety, information, independent choice, fair transactions, lawful damage claims, training, respect and information security, and shall operate business in a lawful and compliant manner.
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