China Banking Regulatory Commission, Work Guidelines for the Protection of the Rights and Interests of Consumers of the Banking Sector

Main contents: The Guidelines specify that financial institutions in the banking sector may not:

(1) conceal risks or exaggerate returns in any manner in the course of marketing products or services;

(2) have clauses that are misleading, deceptive or otherwise harm the lawful rights and interests of consumers in standard contracts and agreements;

(3) actively offer products and services that are not keeping in line with the risk-bearing capacity of consumers;

(4) provide personal financial information to third parties without the authorisation or consent of banking consumers;

(5) misleadingly sell financial products to banking consumers; or

(6) increase the number of fee items or fee rates at will.

Related legislation: PRC Banking Regulation Law; and PRC Law on Commercial Banks