2024 Financial Education Awareness Month – Learn About the Eight Key Rights of Financial Consumers

2024 Financial Education Awareness Month

— Understanding the Eight Major Rights of Financial Consumers

In November 2015, the General Office of the State Council issued the "Guiding Opinions on Strengthening Financial Consumer Rights Protection," clearly outlining eight fundamental rights of financial consumers. During this month-long financial education campaign, the Environmental Protection Fund will guide everyone in learning about these eight key rights of financial consumers.

I. Right to Property Security

Financial institutions shall, in accordance with the law, safeguard the property security of financial consumers during the process of purchasing financial products and receiving financial services. Financial institutions should operate prudently, implement stringent internal control measures and employ advanced technological monitoring tools, while strictly separating their own assets from those of customers. They are prohibited from misappropriating or encroaching upon customer funds.

II. Right to Know

Financial institutions should disclose information that may influence financial consumers' decisions to them in clear and easy-to-understand language, ensuring the information is timely, truthful, accurate, and comprehensive. They must fully highlight potential risks and are prohibited from releasing fraudulent information—such as exaggerating product returns or concealing product risks. Additionally, they are not allowed to engage in false or misleading advertising.

III. Right to Autonomous Choice

Financial institutions should, within the scope permitted by laws, regulations, and supervisory provisions, fully respect the wishes of financial consumers, allowing consumers to independently choose and decide whether to purchase financial products or accept financial services. They must not engage in coercive sales, force unwanted product or service bundles against consumers' will, impose additional unreasonable conditions, or use misleading tactics to persuade financial consumers into buying other products.

4. Right to Fair Trade

Financial consumers have the right to fair and equitable transactions. Financial institutions must not impose transaction terms that violate principles of fairness, nor may they include clauses in standardized contracts that unduly burden financial consumers, restrict or exclude their legitimate rights, limit their access to legal remedies, or attempt to reduce or waive their own civil liability for any harm caused to the financial consumer’s lawful interests.

V. Right to Seek Compensation According to Law

Financial institutions should earnestly fulfill their primary responsibility for handling financial consumer complaints, establish a multi-tiered complaint resolution mechanism within the organization, refine complaint processing procedures, implement a system for tracking complaint resolutions, enhance the quality and efficiency of handling financial consumer complaints, and remain open to public oversight.

6. The Right to Education

Financial institutions should further strengthen financial consumer education, actively organize or participate in initiatives to promote financial literacy, and carry out extensive, ongoing, day-to-day financial consumer education programs. This will help consumers enhance their understanding of financial products and services, improve their ability to protect themselves, and ultimately boost their overall financial literacy as well as their commitment to integrity and trustworthiness.

7. Right to Be Respected

Financial institutions should respect the personality, dignity, and ethnic customs of financial consumers and must not engage in discriminatory treatment based on factors such as gender, age, race, ethnicity, or nationality.

8. Right to Information Security

Financial institutions should take effective measures to strengthen the management of third-party partner organizations, clearly define the rights and obligations of both parties, and rigorously control the risk of financial consumer information leakage, thereby safeguarding the security of financial consumers' personal data.

Through this Financial Education Awareness Month campaign, the Environmental Protection Fund aims to help financial consumers gain a more comprehensive understanding of their rights and enhance their awareness of financial risk management, thereby fostering a safe, healthy, and orderly financial market environment. Let’s work together to safeguard the legitimate rights and interests of financial consumers, stay vigilant against financial scams, and build a brighter future for all!