Guangdong Province, Guidelines for the Protection of Financial Consumer Rights and Interests

广东省金融消费权益保护工作指引

May 14, 2015 | BY

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Guangdong issues the first circular on financial consumer rights in China.

Clp Reference: 5400/15.03.15 Promulgated: 2015-03-15

Issued: March 15 2015


Main contents: When financial service institutions sell or provide financial products or financial services of a long-term savings nature or of high risk, they shall set a cooling-off period of reasonable length in their business rules and contracts. During the cooling-off period, the financial consumer may unconditionally terminate the contract pursuant thereto. If a financial consumer terminates the contract during the cooling-off period, the financial institution may not charge him/her anything other than its actual costs and expenses paid (Article 20).


Related legislation: PRC Law on the Protection of the Rights and Interests of Consumers (2nd Revision)

clp reference:5400/15.03.15/GDpromulgated:2015-03-15

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