China to regulate consumer complaint management in banking, insurance sectors

Source: Xinhua | 2020-02-29

China will intensify the handling of consumer complaints in the banking and insurance sectors to better protect customers' legitimate rights as a new regulation is set to take effect on March 1.

Banking and insurance institutions should finish the handling of consumer complaints with clear facts and simple disputes and inform the complainant of the result within 15 days, said the regulation released by the China Banking and Insurance Regulatory Commission.

For complex complaints, the time of handling could be extended to a month, it said, adding that an additional 30 days are allowed after necessary examination and approval when it comes to particularly complicated cases.

Reasonable complaints from consumers should not be rejected, the guideline noted, demanding the banking and insurance institutions set up source-tracking rectification and accountability mechanisms.