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China: CBIRC issues Measures for Protection of Consumer Rights and Interests of Banking and Insurance Institutions

The China Banking and Insurance Regulatory Commission ('CBIRC') issued, on 19 May 2022, the draft Administrative Measures for the Protection of Consumer Rights and Interests of Banking and Insurance Institutions. In particular, the draft measures apply to banking and insurance institutions legally established within the People's Republic of China. Further, the draft measures highlight that banking and insurance institutions must protect the legitimate rights and interests of consumers, adopting appropriate procedures and measures in all business dealings.

More specifically, the draft measures provide that banking and insurance institutions must establish, among other things, consumer personal information protection mechanisms and improve internal management systems, hierarchical authorisation approval, and internal controls measures. In addition, the draft measures outline that banking and insurance institutions must formulate an audit plan for consumer rights and interests, covering relevant branches in a five year cycle. Likewise, the draft measures note that improved complaint management mechanisms should be implemented.

Moreover, the draft measures detail that explicit consent must be obtained by banking and insurance institutions, when collecting consumer personal information, and where consumer do not agree to provide personal information, relevant institutions must not refuse financial services that do not rely on the information refused.

You can read the draft measures, only available in Chinese, here.