Industry Overview - The financial consumer protection regulatory system in China has been continuously strengthened, with relevant laws and regulations gradually improving since 2013 [11][12] - The regulatory authorities have intensified their efforts in financial consumer protection, with the establishment of the National Financial Regulatory Administration in 2023 to oversee financial consumer protection [20] - The complaint and dispute resolution mechanisms have become more diversified, with multiple channels available for consumers to seek redress, including internal channels within financial institutions, external channels such as the 12378 and 12363 hotlines, mediation centers, arbitration institutions, and legal proceedings [22][23] Financial Institutions' Practices - Banks and non-bank financial institutions have established consumer protection governance structures, with boards of directors taking ultimate responsibility for consumer protection and setting up dedicated committees [34] - Financial institutions have responded to regulatory requirements and consumer complaints by providing institutionalized solutions and addressing individual cases, with banks maintaining closer communication with regulators [37] - Both traditional banks and emerging internet-based financial service providers have conducted various forms of financial consumer protection education and advocacy, utilizing online and offline channels to reach different demographics [39][41] Consumer Insights - Over 90% of consumers have a basic understanding of financial consumer rights, with higher awareness in first-tier cities and among males and those aged 31-40 [43][46] - Consumers place the highest importance on the rights to informed consent, fair treatment, and autonomous choice, but perceive these rights as inadequately protected [51][53] - Consumers are most concerned about the protection of their property and information security rights, with the latter being perceived as particularly weak [54][55] Challenges and Issues - Consumers report insufficient and untimely information disclosure by financial institutions, leading to decision-making based on incomplete information [56] - Complex disclaimers and standard form contracts are seen as unfair, with consumers feeling disadvantaged in negotiations with financial institutions [56] - Consumers feel that their autonomous choice is limited by aggressive marketing tactics that emphasize certain products over others, neglecting individual needs [57]