China Justice Observer


EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

China Releases Typical Cases on Financial Consumer Rights Protection

Thu, 14 Dec 2023
Categories: China Legal Trends

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.



Photo by 五玄土 ORIENTO on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

2023 Asia-Pacific Regional Arbitration Group Conference Opens in Beijing

In November 2023, the 2023 Asia-Pacific Regional Arbitration Group Conference (APRAG) kicked off in Beijing, focusing on international arbitration amid changing times, with China's Ministry of Justice announcing plans for an International Commercial Arbitration Center pilot project and Beijing's commitment to providing comprehensive legal services.

Apostille Convention Comes into Effect in China

In November 2023, the 1961 Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents (Apostille Convention) came into effect in China, streamlining cross-border document procedures with 125 countries and eliminating the need for consular legalization for foreign-related public documents.

SPC Reports 9.12% Rise in Cases, Surges in Key Areas

In October 2023, China’s Supreme People’s Court (SPC) released key judicial data from January to September 2023, showing notable rises in non-motor vehicle traffic accident disputes, international commercial cases, and intellectual property disputes.