The measures for the implementation of the protection of financial consumers' rights and interests of the People's Bank of China have been considered and adopted at the 6th executive meeting of the People's Bank of China in September, 2020 1 day, and are hereby promulgated and shall come into force as of September, 2020 1 day.
0 1
Introduce the background
The Implementation Measures for the Protection of Financial Consumers' Rights and Interests (Order No.5 [2020] of the People's Bank of China, hereinafter referred to as Order No.5) is the latest regulatory yardstick for the protection of financial consumers under the new situation. Although its level is lower than laws and regulations, its implementation effect is very high. Under the current system of laws and regulations on the protection of consumers' rights and interests, although it belongs to the subordinate law, its implementation is more strict and meticulous, which is the criterion of regulatory agencies and financial institutions. It is understood that the People's Bank of China selects two of the six state-owned commercial banks for supervision and inspection every year, and Order No.5 will become an important basis and content for future supervision and inspection.
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Purpose of introduction
1. Adhering to the objective needs of financial supervision and guidance is conducive to giving full play to the basic role of "shock absorbers" and "pressure reducing valves" in the financial field in protecting the rights and interests of financial consumers.
2. The practical need to protect the long-term and fundamental interests of financial consumers is conducive to further standardizing the business behavior of financial market entities.
3. Perfecting the legal system of the People's Bank of China to protect the rights and interests of financial consumers is conducive to better fulfilling the responsibilities entrusted by the People's Bank of China's new "three decisions" plan.
4. There is an urgent need to crack down on illegal acts that infringe on the legitimate rights and interests of financial consumers and raise illegal costs, which is conducive to standardizing the source problems that affect the legitimate rights and interests of financial consumers and the order of financial markets.
5. Clarify the rules of conduct of each subject in the financial market, and better coordinate the regulatory needs of financial consumers, financial institutions and the People's Bank of China on the basis of inclining to protect the legitimate rights and interests of financial consumers.
6. Better respond to social concerns, effectively guide the expected needs of the society, and respond to the problems reflected by the rising number of complaints, financial business innovation disputes and hot cases.
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application area
This Law is applicable to the promotion of financial marketing, the protection of consumers' financial information related to eight businesses, such as interest rate management, RMB management, foreign exchange management, gold market management, fund management, payment and settlement management, anti-money laundering management and credit reporting management, and the protection of financial consumers' rights and interests within the scope of duties of the People's Bank of China as stipulated by other laws and administrative regulations.
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Key definition
1. "Financial consumer" refers to a natural person who purchases or uses financial products or services provided by banks or payment institutions.
2. "Advertising, materials or explanations" refers to the direct or indirect publicity and promotion of financial products or services of banks and payment institutions by using various media, propaganda tools or methods for marketing purposes.
3. "Consumer financial information" refers to the consumer information processed by banks and payment institutions through business or other legal channels, including personal identity information, property information, account information, credit information, financial transaction information and other information related to the purchase and use of financial products or services.
4. "Financial consumption disputes" refers to civil disputes arising from the purchase and use of financial products or services between financial consumers and banks and payment institutions.
5. "Neutral evaluation" refers to the act of mediation organizations hiring independent experts to make reference suggestions on dispute settlement.
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The development of history
2065438+May 2003
The People's Bank of China issued the Administrative Measures for the Protection of Financial Consumers' Rights and Interests (Trial), which initially established a regulatory framework for the protection of consumers' rights and interests in China's financial system.
20 14
The former CIRC issued the Opinions on Strengthening the Protection of Insurance Consumers' Rights and Interests, which made specific provisions on the obligation of prompting that insurance financial institutions should bear in insurance business.
20 14
The implementation of the revised Law on the Protection of Consumers' Rights and Interests in People's Republic of China (PRC) clearly puts forward the obligations of banks, securities, insurance and other financial institutions for the first time. In the aspects of charging information disclosure, safety and risk warning, personal information protection, standard contract terms and other financial industry-related terms closely related to consumers have been added.
20 15
The Guiding Opinions on Strengthening the Protection of Financial Consumers' Rights and Interests issued by the State Council is the first programmatic document on the protection of financial consumers in China. Firstly, it puts forward the connotation of financial consumers and their eight rights and interests, including the right to property security, the right to know, the right to choose independently, the right to fair trade, the right to claim compensation according to law, the right to education, the right to be respected and the right to information security.
20 16 12 months
The People's Bank of China defines financial consumers as "natural persons who buy and use financial products and services provided by financial institutions" in its normative document "Implementation Measures for the Protection of Financial Consumers' Rights and Interests", which has been clearly defined.
20 19 12 months
On the basis of the original normative documents, the People's Bank of China revised and issued the "Implementation Measures for the Protection of Financial Consumers' Rights and Interests (Draft for Comment)" in combination with the new demands, new situations and new problems arising during the performance of its duties.
September 2020 18
The People's Bank of China promulgated the Implementation Measures for the Protection of Financial Consumers' Rights and Interests (Order [2020] No.5 of the People's Bank of China), which was officially implemented on June, 2020 165438+ 10/day, marking a new development stage for the protection of financial consumers' rights and interests in China.
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Overall framework
The full text is divided into seven chapters ***68 articles, including:
The second chapter accounts for a large proportion of the code of conduct of financial institutions, regulates what financial institutions do and how to do it, and contracts the main responsibility of financial institutions;
The third chapter establishes a special chapter to regulate the protection of consumers' financial information, clarify the requirements for collection, storage and use, and link up with the anti-money laundering rules;
The fourth chapter is about the settlement of financial consumption disputes, which stipulates the principles of complaints, the acceptance and handling of complaints, the reception and transfer of complaints from the People's Bank of China, and the non-litigation settlement mechanism.
The proportion of each chapter is:
(Internal information, please keep it confidential)