financial education promotion month | how much do financial consumers know about the "eight rights"
2024-09-15
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in september 2024, the financial supervision administration, the people's bank of china, and the china securities regulatory commission jointly launched the "financial education promotion month" activity around the annual theme of "protecting rights and interests and preventing risks". china life insurance company limited (hereinafter referred to as "china life insurance company") actively responded to the call and organized a series of financial knowledge popularization activities with wide coverage and strong pertinence to help the public understand financial knowledge, recognize financial risks, enhance rights awareness, and effectively protect the legitimate rights and interests of financial consumers.
today, china life insurance company will take you to understand the "eight rights" of financial consumers.
right to property security
——"there are many rules for financial consumption, but the most important thing is the safety of your property. super high returns are not to be trusted, so you must think carefully."
financial institutions shall protect the property safety of financial consumers in the process of purchasing financial products and receiving financial services in accordance with the law. financial institutions shall operate prudently, adopt strict internal control measures and scientific technical monitoring methods, strictly distinguish between the institution's own assets and customer assets, and shall not misappropriate or occupy customer funds.
case: grandma qian is an old customer of the insurance company. one day, she hurried to the insurance company counter and said that her family was in urgent need of money and wanted to cancel all the policies. the teller xiao zheng told her that canceling the policies would result in losses, and took the initiative to ask grandma qian why she canceled the policies. grandma qian said that she attended a financial lecture held by a financial management company today and wanted to use the cancellation money to buy the company's newly launched high-yield financial management products. after learning about the situation, the teller xiao zheng felt suspicious and popularized the knowledge of preventing financial risks to grandma qian, and suggested that she carefully consider and keep the policies. after returning home, grandma qian thought carefully and decided not to cancel the policies. the timely reminder of the teller xiao zheng protected grandma qian's right to property security.
right to be informed
——"don't do any false advertising, and provide risk warnings as early as possible. read the product terms carefully, and don't exaggerate the benefits."
financial institutions should disclose information that may affect financial consumers' decisions in a timely, truthful, accurate and comprehensive manner in plain language, fully alert them to the risks, and shall not publish fraudulent information such as exaggerating product returns or concealing product risks, nor make false or misleading publicity.
case: mr. chen wanted to buy insurance, but he was unfamiliar with insurance terms and worried about buying a product that did not meet his needs. the salesperson patiently explained to mr. chen the insurance liability, exemptions, payment period, insurance period and other information, and reminded him to pay attention to the risks of the cooling-off period, surrender losses, and dividend uncertainty, fully protecting mr. chen's right to know.
the right to choose
——"bundled sales are unacceptable, and forced sales are unacceptable. independent choice is a must, and the awareness of protecting rights must be remembered."
financial institutions should, within the scope permitted by laws, regulations and regulatory requirements, fully respect the wishes of financial consumers, and allow consumers to make independent choices and decisions whether to purchase financial products or accept financial services. financial consumers shall not be forced to buy or sell financial products or services, shall not bundle products and services against their wishes, shall not attach other unreasonable conditions, and shall not use misleading means to induce financial consumers to purchase other products.
case: ms. li was going to buy a car insurance. she came to an insurance company, and the staff introduced some additional services to her, such as roadside assistance cards and vehicle maintenance packages, while introducing the insurance products. ms. li made it clear that she only needed car insurance and was not interested in these additional services for the time being. the staff respected ms. li's wishes and handled car insurance for her separately. in this case, ms. li's right to choose independently was maintained. financial consumers have the right to choose financial products and services according to their own needs and wishes, and consumers have the right to refuse any bundled sales.
right to fair trade
——"read the terms carefully to avoid traps, and make sure your rights and obligations are clear. make rational choices to enjoy peace of mind, and keep fair trade in mind."
financial consumers have the right to fair and equal transactions when handling business with banking and insurance institutions. financial institutions shall not set transaction conditions that violate the principle of fairness, shall not increase the responsibilities of financial consumers, restrict or exclude the legitimate rights of financial consumers in standard contracts, shall not restrict financial consumers from seeking legal remedies, and shall not reduce or exempt the civil liability that the institution should bear for damaging the legitimate rights and interests of financial consumers.
case: in 2020, aunt chen took out a critical illness insurance policy from an insurance company. because she had been hospitalized for lung disease before, aunt chen hesitated whether to truthfully disclose her health condition when taking out the insurance. later, aunt chen believed that being a person should be honest, so she chose to truthfully inform the insurance company of her health condition and provided her past medical history information. after reviewing the materials, the insurance company agreed to increase the premium for insurance coverage. in 2023, aunt chen felt unwell and went to the hospital for a check-up and was diagnosed with cancer. after investigation, the insurance company believed that it met the insurance liability and paid aunt chen a major illness claim. in this story, aunt chen followed the principle of good faith and fulfilled her obligation to truthfully disclose information; the insurance company underwrote the insurance in accordance with the principle of fairness and actively fulfilled its obligation to pay insurance money, fully protecting the consumer's right to fair trade.
legal right to claim compensation
——"your own rights and interests must be protected, and seeking compensation in accordance with the law is more effective. mediation and arbitration have multiple channels, and rational rights protection is the right way."
financial institutions should earnestly fulfill their main responsibilities for handling financial consumer complaints, establish a multi-level complaint handling mechanism within the institution, improve complaint handling procedures, establish a complaint handling status inquiry system, improve the quality and efficiency of handling financial consumer complaints, and accept social supervision.
case: aunt wang purchased critical illness insurance from an insurance company in 2023. she was recently hospitalized due to a critical illness and had tight medical expenses. aunt wang remembered that she had bought insurance before and reported the case to the insurance company for compensation. after receiving the report, the insurance company found that another insurance policy that aunt wang had purchased many years ago also fell within the scope of insurance liability and could be compensated. therefore, the insurance company contacted aunt wang to prepare the claim information and quickly reviewed and completed the compensation, fully protecting aunt wang's right to claim according to law.
right to education
——"financial education is essential, and consumer protection knowledge should not be forgotten. with a strong awareness of risk prevention, illegal financial fraud cannot be achieved."
financial institutions should further strengthen financial consumer education, actively organize or participate in financial knowledge popularization activities, carry out extensive and continuous daily financial consumer education, help financial consumers improve their understanding of financial products and services and their self-protection capabilities, and enhance financial consumers' financial literacy and awareness of honesty and trustworthiness.
case: aunt wang recently received a strange phone call. the caller claimed that he was an employee of an insurance company and could give aunt wang a health insurance policy with a million-dollar coverage. the application process was also very simple. as long as she provided a bank account number in aunt wang's name and a text message verification code, she could apply for it immediately. aunt wang immediately hung up the phone and called the official customer service number of the insurance company to verify whether the situation was true. after learning that it was a fraud call, aunt wang immediately blacklisted the strange number. it turned out that when aunt wang participated in the financial consumer rights protection activities organized by the insurance company, she learned about financial consumer protection knowledge. risk warnings such as "be vigilant against strange calls" and "protect personal information" have long been deeply engraved in aunt wang's mind.
right to be respected
——"differential treatment is unacceptable, and full respect is essential. special groups should be cared for, and personalized services warm people's hearts."
financial institutions should respect the personal dignity and national customs and habits of financial consumers and shall not discriminate against or discriminate against financial consumers based on their gender, age, race, ethnicity or nationality.
case: insurance company staff discovered that aunt liao's insurance had expired long ago, but she had not received the maturity benefit. the service staff took the initiative to call aunt liao's contact number to remind her about the maturity benefit. unexpectedly, it was aunt liao's daughter, ms. wang, who answered the phone. ms. wang said that aunt liao had a sudden cerebral hemorrhage and was bedridden, and needed family members to take turns to take care of her. ms. wang was very happy to learn that there was still a maturity benefit to be received, but aunt liao could no longer travel normally, and was very worried about how to receive the maturity benefit. in view of aunt liao's special situation, the insurance company service staff took the initiative to provide insurance services to aunt liao, allowing aunt liao to successfully receive the maturity benefit and feel respected and warm service.
right to information security
——"personal information should not be disclosed, and information security should be guaranteed. security awareness should be kept in mind and we should be vigilant at all times."
financial institutions should take effective measures to strengthen the management of third-party cooperative institutions, clarify the rights and obligations of both parties, strictly prevent and control the risk of financial consumer information leakage, and ensure the security of financial consumer information.
case: mr. li went to the insurance company counter to handle business, provided the id number of aunt zhang, a customer of the insurance company, claimed to be aunt zhang's relative, and asked the teller to help check all the insurance policies and payment status under aunt zhang's name. for information security considerations, the teller contacted aunt zhang herself and confirmed that aunt zhang did not authorize mr. li to check her insurance policy information, so he rejected mr. li's inquiry request and protected aunt zhang's right to information security.
the above are the "eight rights and interests" of financial consumers. here, china life insurance company reminds the majority of financial consumers to take the initiative to learn financial knowledge, enhance their rights awareness, and actively safeguard their legitimate rights and interests.
source: china daily
