On 26 Dec. 2022, China Banking and Insurance Regulatory Commission (CBIRC) released the “Measures for the Administration of Consumer Rights Protection of Banking and Insurance Institutions” (hereinafter the “Measures”, 银行保险机构消费者权益保护管理办法).
The Measures consists of a total of 57 articles, and requires banking and insurance institutions to:
1.Fully assess the risks consumers may bear, and assess the risk levels of products when designing products;
2.Disclose information on products and services in plain language and in a manner conducive to consumers’ reception and understanding;
3.Disclose to consumers in a conspicuous manner the nature, interest, profits, and other key information on products and services;
4.Avoid fraudulent, concealing, or misleading publicity;
5.Avoid forced tie-in sale of products or services; and
6.Avoid unfair pricing on consumers with the same trading conditions or risk profiles.