China Banking and Insurance Regulatory Commission sets up a Financial Consumer Complaints and Mediation Center and runs four-tier complaint mediation training

The China Banking and Insurance Regulatory Commission’s Financial Consumer Rights Complaint Mediation Center and the Financial Consumer Protection Bureau held a system-wide training programme on mediating financial consumer complaints, bringing together staff from financial regulatory bureaus and their branches and sub-branches as part of a four-tier joint training effort. The update also outlines the role of the newly established Mediation Center in supporting the regulator’s coordinated consumer protection mandate, with responsibilities spanning complaints handling, dispute mediation, financial consumer education and risk alerts. The Commission said the Center’s operating mechanisms are largely in place and its work is being carried out in an orderly manner. Next, the Center is expected to continue expanding its consumer-facing public-interest services and strengthen protection of financial consumers’ lawful rights and interests.