CBIRC issues new rules on consumer protection for banking and insurance institutions

These measures are the latest in a long line of regulations issued by the central bank and the CBIRC to improve protection for consumers of financial products and ensure that the business practices of banking and insurance institutions do not take advantage of their customers. Financial literacy in China is weak and consumers have frequently fallen victim to unscrupulous sales practices and promises of fool-proof investments, not to mention the illegal collection and sale of personal data…