Shanghai launches a campaign to enhance financial consumer rights protection education
Shanghai's financial authorities on Friday launched a Financial Consumer Rights Protection Education Month campaign, aimed at instilling financial literacy and safeguarding the rights of consumers in the financial sector.
During the launch ceremony, Cao Guangqun, deputy director of the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission, delivered a speech, emphasizing the crucial importance of financial institutions prioritizing consumer concerns and difficulties.
He stressed the need for financial authorities and institutions to ensure the practical implementation of projects that support the real economy, such as first-time loans and relief financing.
Meanwhile, Cao outlined the notable achievements of the Shanghai Regulatory Bureau of the CBIRC in consumer protection this year. For example, 187 banking and insurance institutions have assigned top executives to oversee consumer protection work, 69 institutions have established dedicated departments specifically focused on consumer protection, among which 39 institutions having created independent first-level consumer protection departments.
There has also been an improvement in the efficiency of dispute resolution. For the first half of 2023, the bureau registered 29,200 complaints, a significant 31.5 percent decrease compared with the same period last year, which represents a decline of 52.9 percentage points in the growth rate of complaints.
Sharing best practices and success stories, representatives from Shanghai Rural Commercial Bank, Bank of China Shanghai Branch, China Guangfa Bank Shanghai Branch, and Taikang Life Insurance Shanghai Branch showcased their efforts in promoting financial education.
The event also witnessed engaging activities such as financial knowledge lectures, captivating anti-fraud songs, and the distribution of specialized financial knowledge books to representative university students.
