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On August 14, the Beijing Financial Regulatory Bureau issued the "Notice on Further Promoting the Construction of a Diversified Dispute Resolution Mechanism for Financial Consumer Disputes in Beijing", proposing six measures to promote the high-quality development of the diversified resolution of financial consumer disputes within its jurisdiction.

First, we will increase support for multiple dispute resolution mechanisms.The "Notice" requires banking and insurance institutions under its jurisdiction to truly establish the awareness of "doing as much mediation as possible", improve the supporting mechanism for the diversified resolution of contradictions and disputes, actively cooperate with the People's Courts and industry mediation organizations to carry out delegated and entrusted mediation, and must not refuse to participate simply on the grounds that the case has entered the litigation process. For cases that apply for compulsory execution, they should cooperate in carrying out self-performance guidance, pre-execution mediation and other work, and strive to achieve the unity of economic and social effects of compulsory execution.

The second is to establish a mechanism for repairing lost contact.The "Notice" clearly states that industry associations will take the lead in establishing a lost contact repair mechanism, formulate implementation rules for the lost contact repair mechanism, provide a sample lost contact repair authorization agreement, improve Beijing's banking and insurance industry diversified dispute resolution platform, and support banking and insurance institutions under its jurisdiction to use the platform to carry out lost contact repair, mediation and other work in accordance with the law.

The "Notice" requires that banking and insurance institutions within the jurisdiction that need to use the lost contact repair mechanism should obtain written authorization when signing a contract with financial consumers, formulate standardized wording, fulfill the obligation to inform important matters, take effective measures to protect the security of consumers' personal information, and effectively prevent related risks.

The third is to strengthen the governance of disputes at their source.The "Notice" requires banking and insurance institutions under its jurisdiction to improve the level of consumer protection system and mechanism construction, streamline the consumer protection management system, implement important work mechanisms such as consumer protection review, coordinated processing, and source control, further smooth the complaint channels, strictly implement the instant contact mechanism, seize the "golden time" for complaint handling, respond quickly to consumer concerns, improve the level of dispute resolution, and strengthen control over problem-prone links, and strengthen the resolution of disputes throughout the entire process.

Fourth, strengthen internal and external linkages and coordination.The "Notice" requires banking and insurance institutions under its jurisdiction to set up three-level judicial contacts and establish a scientific internal assessment and accountability system. They may not refuse to participate in related work on the grounds of internal assessment.

The "Notice" clearly states that industry mediation organizations should strengthen cooperation with the People's Courts, improve the credibility of industry mediation work, and regularly organize relevant personnel to attend the People's Court trials to promote healthy interaction between the industry and the judiciary.

Fifth, continue to improve relevant mechanisms.The "Notice" requires banking and insurance institutions under its jurisdiction to appoint relevant personnel to serve as part-time mediators and neutral assessment experts, and actively participate in the neutral assessment and small dispute arbitration mechanism, promptly implement the arbitration opinions of industry mediation organizations, and properly resolve contradictions and disputes.

Sixth, consolidate the foundation of related work.The "Notice" requires industry associations to actively play their own roles and promote related work through industry self-discipline. At the same time, it makes it clear that the Beijing Financial Regulatory Bureau will conduct on-site or off-site inspections on the implementation of relevant work requirements and participation in the diversified resolution of financial consumer disputes by banking and insurance institutions under its jurisdiction, and will take regulatory measures in accordance with the law against banking and insurance institutions that fail to implement relevant requirements.

Image source: Visual China

Source: Beijing Daily Client

Reporter: Pan Fuda