China Justice Observer

中司观察

EnglishArabicChinese (Simplified)DutchFrenchGermanHindiItalianJapaneseKoreanPortugueseRussianSpanishSwedishHebrewIndonesianVietnameseThaiTurkishMalay

China Releases Typical Cases on Financial Consumer Rights Protection

Thu, 14 Dec 2023
Categories: China Legal Trends

On 10 Oct. 2023, the China Banking and Insurance Regulatory Commission (CBIRC), in cooperation with the People’s Bank of China and the China Securities Regulatory Commission (CSRC), released 28 typical cases on financial consumer rights protection, covering various sectors such as banking, securities, insurance, and payment.

In the seventh case from CBIRC, an employee of a commercial bank accessed citizens’ personal credit reports by fabricating business needs and sold over 900 personal credit reports. Similarly, a consumer finance company used standardized contracts to forcibly obtain authorization and indiscriminately collect personal information such as borrowers’ relationships, communication behaviors, communication data, and internet usage information. The regulators found that these actions violated consumers’ personal information rights.

In the first case from CSRC, Xian was convicted of manipulating the securities market. Subsequently, 13 investors filed civil lawsuits against him, and the court ordered him to pay CNY 4.7 million in damages.

In the fourth case, for the first time, the China Securities Investor Services Center, as a shareholder of an investor protection organization, filed a lawsuit on behalf of investors against company executives on the grounds of harming the company’s interests, demanding compensation for company losses. The court ruled that the relevant company executives shall compensate the company in the amount of CNY 350 million.

 

 

Photo by 五玄土 ORIENTO on Unsplash

Contributors: CJO Staff Contributors Team

Save as PDF

You might also like

SPC Launches Diversified Dispute Resolution Case Database

In February 2025, China's Supreme People's Court launched a public “Diversified Dispute Resolution Case Database” with over 200 cases, showcasing mediation and arbitration examples across various dispute types to guide alternative dispute resolution.

Beijing Passes Autonomous Vehicle Regulation

In December 2024, Beijing passed the "Beijing Autonomous Vehicle Regulation", effective April 1, 2025, to promote development and safety, allowing self-driving cars in taxis, buses, and more after rigorous testing.

SPC Revises Rules on Mainland China - Taiwan Judgment Recognition

China’s Supreme People’s Court (SPC) has amended regulations on the mutual recognition and enforcement of civil judgments between Mainland China and Taiwan, clarifying application procedures, exceptions, and jurisdictional conflicts, effective January 1, 2025.

China Establishes Shanghai International Commercial Court

The Shanghai International Commercial Court was established in December 2024 as a division of the Shanghai First Intermediate People’s Court, with exclusive jurisdiction over foreign-related commercial cases and arbitration judicial review, along with newly released jurisdictional regulations and model clauses.