Nanjing Bank Launches Special Action to Combat Financial Black-Gray Market Agents and Maintenance of Rights

On March 12, Nanjing Bank held a launch event for the special campaign “Protecting the Legitimate Rights and Interests of Financial Consumers and Combating Financial Black and Gray Industry Proxy Rights Protection.” The campaign focuses on cracking down on illegal activities and criminal groups within the financial sector, and aims to effectively safeguard the legitimate rights and interests of financial consumers. Leaders from the Jiangsu Regulatory Bureau of the China Banking and Insurance Regulatory Commission, the Nanjing Municipal Financial Work Committee, the Nanjing Public Security Bureau, and the Jiangsu Banking Association attended the event.

In recent years, issues related to consumer disputes in the financial sector have become prominent. Illegal intermediaries are rampant, with organizations or individuals using false pretenses such as “proxy rights protection” and “credit repair” to induce consumers to entrust them with tasks. They pressure financial institutions and regulatory authorities through improper means to seek undue benefits and charge consumers high fees. These tactics spread rapidly via the internet, forming black and gray industry chains, severely infringing on consumers’ property safety and disrupting financial market order.

At the event, Zhu Gang, President of Nanjing Bank, introduced the background and content of this special campaign. He stated that as a local legal entity bank and a systemically important bank in China, Nanjing Bank always adheres to a customer-centric approach, regards customer trust as a valuable asset, and is committed to safeguarding customers’ legitimate rights and interests. The bank will take this campaign as an opportunity to fulfill its social responsibilities and political commitments, focusing on four key areas: “strengthening internal coordination, implementing targeted governance, deepening external education, and improving long-term mechanisms.” The goal is to resolutely combat illegal proxy rights protection and related activities in the financial black and gray industry.

During the event, Nanjing Bank officially released the “Special Action Plan for Protecting Financial Consumers’ Legitimate Rights and Interests and Combating Financial Black and Gray Industry Proxy Rights Protection” and a “Joint Action Declaration” with relevant cooperative platforms. The bank will collaborate with regulatory authorities, public security departments, and partner platforms to co-manage and control, closely monitor new forms and features of illegal proxy rights protection, and focus on key groups such as the elderly, minors, and new residents. It will promote financial knowledge and risk education, establish information sharing and joint prevention mechanisms, and work towards building an integrated governance pattern of “prevention, investigation, crackdown, and treatment.”

The Jiangsu Regulatory Bureau of the China Banking and Insurance Regulatory Commission, Nanjing Public Security Bureau, and Jiangsu Banking Association analyzed the current situation of rectifying illegal proxy rights protection activities from the perspectives of industry regulation, law enforcement, and industry self-discipline, and put forward relevant work requirements.

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