China to strengthen consumer complaints management in banking, insurance sectors

China will further intensify the handling of consumer complaints in the banking and insurance sectors to better protect the legitimate rights of consumers, the country's banking and insurance regulator said on Nov 4.

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, according to a draft of the guideline released by the China Banking and Insurance Regulatory Commission.

For more complex complaints, the time of handling could be extended to a month, said the document, adding that these institutions should not reject reasonable complaints from consumers.

The guideline also demanded the banking and insurance institutions set up source-tracking and a rectification mechanism as well as improve their products and services through the handling of the complaints.