CHINA China to establish multi-pronged mechanism for financial dispute resolution

CHINA

China to establish multi-pronged mechanism for financial dispute resolution

Xinhua

21:57, November 21, 2019

BEIJING, Nov. 21 (Xinhua) -- Chinese authorities have vowed to put in place a multi-pronged mechanism for financial dispute resolution to protect legitimate rights and interests of financial consumers and prevent and defuse financial risks, according to an official directive.

c95add16bf3442dfacd4d828a0a216bd.jpg

File photo: CGTN

Jointly issued by the Supreme People's Court, the People's Bank of China and the China Banking and Insurance Regulatory Commission, the directive aims to promote the sustainable and healthy development of the financial sector.

It stipulates that civil and commercial subjects with equal rights can apply for mediation by financial dispute mediation organizations in disputes over contractual and tort liabilities arising from financial business.

As per the directive, an agreement between parties to a dispute that is reached through mediation presided over by financial dispute mediators shall have the nature of a civil contract.

If a party refuses to fulfill a mediation agreement, of which validity has been affirmed by a people's court, the other party may apply for compulsory execution by a people's court, says the directive.

According to authorities, the Supreme People's Court, the People's Bank of China and the China Banking and Insurance Regulatory Commission will jointly establish the working group of the multi-pronged mechanism for financial dispute resolution to guide and coordinate work related to mechanism building. 

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue