2024-03-19 10:55:00
In order to further strengthen the supervision of consumer finance companies, prevent financial risks, optimize financial services, and promote high-quality development of the industry, the State Administration of Financial Supervision has recently revised and issued the “Measures for the Administration of Consumer Finance Companies” (hereinafter referred to as the “Measures”). Effective from April 18 Implementation.
The “Measures” raise the standards for assets, operating income and other indicators of major investors, as well as the minimum shareholding ratio requirements, strengthen the shareholder responsibilities of major investors; consolidate the main responsibilities of consumer finance companies for consumer protection, and improve various mechanisms for consumer protection work , strengthen the standardized management of cooperative institutions, and effectively protect the legitimate rights and interests of consumers.
Experts believe that the issuance of the “Measures” is an important measure to strengthen financial supervision, prevent and control financial risks, improve institutional positioning, and promote the expansion of consumption. It will guide consumer finance companies to adhere to the positioning of professional consumer credit functions, strengthen the protection of consumers’ legitimate rights and interests, and actively Support the recovery and expansion of consumption and achieve high-quality development of the industry.
Increase the minimum shareholding ratio requirements for major investors
The “Measures” clarify that the main investor of a consumer finance company refers to an investor whose capital amount is not less than 50% of the total share capital of the proposed consumer finance company, and must be a domestic or foreign financial institution or a domestic company whose main business is to provide products suitable for consumer loan business. For non-financial enterprises, general investors refer to other investors other than the main investor.
The person in charge of the relevant departments of the State Administration of Financial Supervision said that the “Measures” will increase the shareholding ratio requirement of major investors of consumer finance companies from no less than 30% to no less than 50%. The main considerations are as follows: Judging from regulatory practice in recent years, increasing the shareholding ratio of major investors is conducive to consolidating shareholder responsibilities, enhancing shareholders’ willingness to participate in the company’s operations, better utilizing the advantages of shareholders’ resources, and promoting shareholders to actively play a supportive role. At the same time, it is conducive to improving decision-making efficiency and avoiding the problem of corporate governance failure and imbalance due to relatively dispersed equity.
“This is in line with the ‘strict access standards and regulatory requirements for small and medium-sized financial institutions’ proposed by the Central Financial Work Conference. It will help ensure the quality of shareholders of consumer finance companies from the source, reduce the responsibilities of major shareholders, and also help maintain a moderate competition in the market.” Dong Ximiao, chief researcher of China Merchants Union, said.
At the same time, the “Measures” optimize and adjust the business scope of consumer finance companies so that they can focus more on their main businesses.
“On the one hand, differentiate between basic business and special business. Seven businesses including ‘issuance of personal consumption loans’ and issuance of non-capital bonds’ will be included in the basic business, and two businesses including ‘asset securitization business’ and ‘fixed income securities investment business’ will be included in the basic business Each business will be included in the special business.” The person in charge said that on the other hand, non-main business and non-essential businesses will be cancelled. In view that agency sales of insurance may lead to an increase in complaints and disputes related to consumer finance companies, and the industry basically does not carry out such business, the “agency sales of insurance products related to consumer loans” business is cancelled.
Strengthen corporate governance supervision and strengthen risk management
In terms of corporate governance supervision, the “Measures” combine the organizational form, ownership structure and other characteristics of consumer finance companies to clarify the regulatory requirements for party building, “three meetings and one layer”, shareholder obligations, salary management, related transactions, information disclosure, etc.
In terms of strengthening risk management, the “Measures” clarify the regulatory requirements for consumer finance companies in terms of credit risk, liquidity risk, operational risk, information technology risk, reputation risk management, etc., optimize and add some regulatory indicators, and improve the market exit mechanism.
It is worth noting that the “Measures” have added supervisory indicators for guaranteed credit enhancement loan business and liquidity ratio supervision indicators. Specifically, in view of the fact that some consumer finance companies are highly dependent on financing guarantee companies and insurance companies to cover risks, which is not conducive to improving independent risk control capabilities and indirectly increases the level of comprehensive loan interest rates, the “Measures” require that the balance of guaranteed credit enhancement loans shall not exceed 50% of the total loan balance. At the same time, based on the operating characteristics and risk characteristics of consumer finance companies and on the basis of prudent calculations, the “Measures” stipulate that the “liquidity ratio” shall not be less than 50%.
Experts said that the addition of the above two regulatory indicators reflects the financial regulatory authorities’ attention to consumer finance risk management and will effectively guide consumer finance companies to pay attention to the quality of business risks and achieve intensive business cultivation within the scope of regulatory regulations.
Wang Pengbo, a senior analyst in the financial industry of Broadcom Analysis, believes that compared with the current regulations in the consumer finance industry, the “Measures” supplement the previous regulatory gaps that may have naturally formed due to the development of the market and industry, and are more suitable for current regulatory needs and products. The supervision model has guiding significance for ensuring the orderly development of consumer finance.
Strengthen the protection of the legitimate rights and interests of financial consumers
The “Measures” have added two special chapters, “Consumer Rights Protection” and “Cooperative Institution Management”, to highlight and strengthen the protection of consumer rights and interests. Among them, in the “Consumer Rights Protection” chapter, the “Measures” clarify that consumer finance companies should establish an overdue loan collection management system and urge borrowers to pay off their debts in accordance with laws and regulations. Unfair means such as violence, threats, intimidation, and harassment shall not be used to collect debts, and no third party unrelated to the debt may be collected.
“On the one hand, we need to consolidate the main responsibility of consumer finance companies for consumer protection. It requires incorporating consumer protection into corporate governance, establishing and improving a consumer protection working mechanism, establishing a consumer protection committee, and improving consumer protection information disclosure mechanisms and personal information protection. system and strengthen consumer suitability management.” The above-mentioned person in charge said that on the other hand, the restraint management of cooperative institutions should be strengthened. Consumer finance companies are required to strengthen the list management and centralized management of cooperative institutions, conduct continuous management and evaluation of cooperative institutions, clarify the prohibitive regulations of cooperative institutions, and avoid infringing the legitimate rights and interests of consumers due to non-standard collection by cooperative institutions, especially collection agencies. ; Require consumer finance companies to implement the main responsibilities of collection management, formulate performance assessment and reward and punishment mechanisms for collection agencies, carry out entrusted collection activities in accordance with laws and regulations, and effectively protect the legitimate rights and interests of financial consumers.
Dong Ximiao said that in view of the sinking customer base of consumer finance companies and the average financial literacy of consumers, the “Measures” put more emphasis on strengthening the protection of consumer rights and interests, requiring the establishment and improvement of consumer protection working mechanisms, strengthening the management of cooperative institutions, and strengthening consumer suitability management. , implement the main responsibility of collection management. In the next step, consumer finance companies should make more use of financial technology to improve the standardization and intelligence of collections.
(Editors: Wang Zhen, Lu Qian)
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