The China Banking and Insurance Regulatory Commission (CBIRC) uncovered infringement of consumer rights by a big bank and two insurers, including overcharging on fees and engaging in deceitful sales tactics, Caixin.
China’s banking and insurance regulator didn’t disclose the names of the bank and insurers in a statement released Monday. But the regulator revealed the products involved in the misconduct. Publicly available records showed that these products were offered by state-owned Postal Savings Bank of China, PICC Life Insurance Co. Ltd. and ZhongAn Online P&C Insurance Co. Ltd.
The bank was found to have illegally charged an annual fee to certain credit card holders and a monthly account management fee to some account holders with a small balance in violation of CBIRC regulations, the regulator said in the statement.