Announcement on Financial Consumer Rights Protection of NFRA, PBC and CSRC ( [2024] No.1)
In order to implement the requirements on the reshuffling the responsibilities of financial consumer rights protection in accordance with the Organizational Reform Plan of the Party and State Institutions, the arrangements for financial consumer rights protection are hereby announced as follows:
First, the National Financial Regulatory Administration (NFRA) is responsible for the overall financial consumer rights protection work, formulating development plans and policies, improving the financial consumer rights protection mechanism, and carrying out financial consumer education. The NFRA, the People's Bank of China (PBC) and the China Securities Regulatory Commission (CSRC) should establish a coordination mechanism for financial consumer rights protection, and enhance information sharing and business cooperation.
Second, adjusting the division of responsibilities for accepting and handling complaints from financial consumers. The NFRA accepts and handles complaints from financial consumers to banking institutions (including trust companies, consumer finance companies and other non-bank financial institutions) and insurance institutions, the PBC accepts and handles complaints from financial consumers to non-bank payment institutions and credit information service inquiry agencies, and the CSRC accepts and handles complaints from the securities, futures and funds industry.
Third, public complaints in the form of letters and visits from financial consumers and investors shall be accepted and handled by the NFRA, the PBC and the CSRC in accordance with their respective statutory duties and regulatory mandates.
Fourth, financial institutions should thoroughly take the primary responsibility of financial consumer rights protection, fully respect and consciously protect the legitimate rights and interests of financial consumers, conduct business activities in accordance with laws and regulations, handle disputes with financial consumers in a timely and steady manner, strengthen governance on roots and rectification with traceability, and continuously improve the quality and efficiency of financial consumer rights protection.
The Announcementshall come into force as of the date of promulgation. Announcement on Matters Submitted by Financial Consumers of NFRA, PBC and CSRC([2023] No.1) shall be expired at the same time.
First, please LoginComment After ~