CCTV News Client |Written by Wang Lei.
From today until January 19 next year, the State Administration of Financial Supervision and Administration will solicit public opinions on the "Measures for the Administration of Consumer Financial Companies (Consultation Draft)".
The Consultation Paper raises the shareholding requirement for major investors of consumer finance companies from no less than 30% to no less than 50%. At the same time, it has also improved the index standards of assets and operating income of major investors, and promoted shareholders to actively play a supporting role and effectively assume shareholder responsibilitiesAt the same time, the minimum registered capital requirement for consumer finance companies will be increased to RMB 1 billion or its equivalent in freely convertible currencies to enhance risk resilience.
The Consultation Paper strengthens the supervision of business classification. Clarify the regulatory requirements for consumer finance companies in areas such as credit risk, liquidity risk, operational risk, information technology risk, and reputational risk management, optimize and add some regulatory indicators, and improve the market exit mechanismThe leverage ratio of consumer finance companies is required to be no less than 4%, and blind expansion is restricted. In view of the high professionalism of insurance sales and the large number of related complaints and disputes involved, consumer finance companies basically did not carry out such business, so the business of "selling insurance products related to consumer loans" was cancelled.
In addition, the Consultation Paper also consolidates the main responsibility of consumer finance companies for consumer protection, requiring consumer finance companies to strengthen the management of access and concentration of cooperative institutions, conduct continuous management and evaluation of cooperative institutions, and clarify the prohibitive provisions of cooperative institutions, so as to avoid infringement of the legitimate rights and interests of consumers due to non-standard collection by cooperative institutions, especially collection agenciesConsumer finance companies are required to implement the main responsibility for collection management, formulate performance appraisal and reward and punishment mechanisms for collection agencies, and carry out entrusted collection activities in accordance with laws and regulations, so as to effectively protect the legitimate rights and interests of financial consumers.
Based on feedback from all walks of life, the State Administration of Financial Supervision will further revise and improve the Consultation Paper and release it in due course.