China has issued a new set of measures to bring order to the rapidly growing sector of online financial product marketing, setting clear boundaries for financial institutions and digital platforms alike.
The document, officially known as the Measures for Administration Over Online Marketing of Financial Products, was jointly issued by the People's B
ank of China (PBOC) -- the nation's central bank -- and seven other central government departments. Effective as of Sept. 30 this year, it aims to protect consumer rights, curb misleading promotions and strengthen oversight of digital financial services.
Under the new rules, financial institutions are required to conduct online marketing activities strictly within the scope of business licenses granted by financial regulators. Misleading phrases such as "low risk", "low threshold" or "instant credit" are explicitly prohibited.
The document also places significant responsibilities on third-party internet platforms that facilitate financial product marketing. Such platforms should operate with legal commission from financial institutions and are forbidden from subcontracting these delegated tasks to other entities, either directly or indirectly.
When a third-party platform provides a channel for customers to purchase financial products, users should be redirected directly to the financial institution's self-operated platform rather than any other third-party marketing sites.
Moreover, these platforms should clearly and prominently disclose the information of the financial institutions they represent. They are required to provide consumers with direct access to the official websites and service hotlines of these institutions, enabling users to verify information and seek assistance without intermediation.
China adopts measures to regulate online marketing of financial products
