On 10 Oct. 2023, the China Banking and Insurance Regulatory Commission (CBIRC), in cooperation with the People’s Bank of China and the China Securities Regulatory Commission (CSRC), released 28 typical cases on financial consumer rights protection, covering various sectors such as banking, securities, insurance, and payment.
In the seventh case from CBIRC, an employee of a commercial bank accessed citizens’ personal credit reports by fabricating business needs and sold over 900 personal credit reports. Similarly, a consumer finance company used standardized contracts to forcibly obtain authorization and indiscriminately collect personal information such as borrowers’ relationships, communication behaviors, communication data, and internet usage information. The regulators found that these actions violated consumers’ personal information rights.
In the first case from CSRC, Xian was convicted of manipulating the securities market. Subsequently, 13 investors filed civil lawsuits against him, and the court ordered him to pay CNY 4.7 million in damages.
In the fourth case, for the first time, the China Securities Investor Services Center, as a shareholder of an investor protection organization, filed a lawsuit on behalf of investors against company executives on the grounds of harming the company’s interests, demanding compensation for company losses. The court ruled that the relevant company executives shall compensate the company in the amount of CNY 350 million.
Contributors: CJO Staff Contributors Team