New norms for rating consumer credit firms
Print Edition
The China Banking and Insurance Regulatory Commission issued a number of measures yesterday for the regulatory rating of consumer credit firms, aiming to strengthen classified supervision and promote the sector鈥檚 sustainable and healthy development.
Five elements of industry players will be taken into account 鈥 corporate governance and internal control, capital management, risk management, professional service quality and information technology management 鈥 with the weight of each accounting for 28 percent, 12 percent, 35 percent, 15 percent and 10 percent, respectively.
The CBIRC said it will make a preliminary evaluation of the operation of consumer credit firms by sending its dispatched institutions, review relevant work and then give feedback.
In principle, the rating work should be completed before the end of April each year, the regulator noted.
The regulatory rating results will be in five grades. The larger the rating grade number, the greater risk of the institution, which requires a higher degree of regulatory attention, according to the watchdog.
The results will serve as an important guide for regulatory authorities to measure a company鈥檚 operating conditions and its risk management capabilities. They will also be a reference factor for implementing market access for consumer finance companies.
Su Xiaorui, a senior researcher at the Madai Institute and an expert on the consumer credit sector, applauded the measures, saying they will help promote the healthy and sustainable development of the industry.
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