The past year witnessed fluctuations in the Chinese financial market alongside a boom in internet finance and consumer finance. As the development in financial technology continues to break technical barriers, finance has innovated with each passing day. At the same time, financial products and services are gradually penetrating into personal lives as intensification of investment, financing and consumption credit is broadening the horizon of choices for the commoners.
Meanwhile, the protection of financial consumers’ rights and interests has drawn the attention of regulatory departments and people from all walks of life. In late 2015, the General Office of the State Council issued the Guiding Opinion on Strengthening the Protection of Financial Consumers’ Rights and Interests, imposing institutional regulations on the measures for strengthening the protection of financial consumers’ rights and interests. Recently, regulatory departments have laid frequent emphasis on protecting financial consumers’ rights and interests to boost their confidence, facilitate sound operation of the financial market and maintain national financial stability.
In this backdrop, as a 30-year-old trust company enjoying good reputation in the industry, China Foreign Economy and Trade Trust Co., Ltd. (FOTIC) has managed to accumulate assets totaling RMB 476 billion. FOTIC practically performs its responsibility as a trustee to protect financial consumers’ rights and interests while offering various financial services to investors.
The 35th International Consumer Rights Day fell on March 15, 2017. On March 17, FOTIC invited Lai Yun, Chief of the Division of Consumer Right and Interest Protection, China Banking Regulatory Commission, Beijing Office, to give a lecture on protection of consumers’ rights and interest. In simple terms, he explained the overall ideas and work requirements of Beijing’s consumer right and interest protection in 2017 and the scope of four responsibilities. He vividly shared typical cases of consumers’ right and interest protection.