Financial Regulatory Authority Conducts Regulatory Talks with 5 Platform Operators, Requires Standardization of Lending Business

Everyday Economic Reporter | Yuan Yuan Everyday Economic Editor | Wei Guanhong

On March 13, the Financial Regulatory Authority announced that in response to issues with internet lending assistance services, the authority recently held interviews with the operating agencies of five platforms: Fenqile, Qifu Borrowing, Niwo Loan, Yixianghua, and Credit Fei.

“This is the first regulatory interview with relevant platforms since the issuance of the ‘Notice on Strengthening the Management of Commercial Bank Internet Lending Assistance Business and Improving Financial Service Quality’ (hereinafter referred to as the ‘New Lending Assistance Regulations’). It marks an important milestone in the internet lending assistance industry and reflects that regulatory focus has shifted from licensed financial institutions themselves to internet platforms partnering with financial institutions. This represents a systematic, full-chain governance effort targeting the internet lending assistance sector,” said Su Xi Zhi Yan senior researcher Su Xiaorui to the Daily Economic News.

Five Platforms Including Fenqile and Yixianghua Were Interviewed

According to reports, the interviews required platform operators to strictly regulate marketing and promotional activities when collaborating with financial institutions, clearly disclose loan product fee and interest information, strictly adhere to personal information protection regulations, conduct lawful and compliant collection efforts, improve customer complaint resolution mechanisms, and effectively protect the legitimate rights and interests of financial consumers.

The Daily Economic News noted that the five platforms—Fenqile, Qifu Borrowing, Niwo Loan, Yixianghua, and Credit Fei—are all internet lending assistance platforms, promoting their quick fund transfers and flexible repayment methods as key business advantages.

Su Xiaorui stated that from the direction of the interview content, whether it is marketing, fee disclosure, information protection, compliant collection, or complaint mechanisms, all point back to the protection of financial consumers. Past regulatory actions in the consumer finance sector indicate that consumer protection has become a top priority in the internet lending assistance industry. Additionally, this also signals that consumer protection is not only the responsibility of licensed financial institutions but also a core obligation of lending assistance platforms. These platforms must operate in accordance with regulations and ensure consumer protection is integrated into all stages—before, during, and after the loan.

Alongside the interviews, the Financial Regulatory Authority also released relevant case studies and risk warnings. For example, Ms. Li, when consulting about installment plans on a consumer platform, provided her personal information such as name, phone number, and ID card without any loan agreement being reached. Subsequently, she received frequent marketing calls from third parties and even suspicious scam messages, causing her distress.

The authority stated that consumers should keep records such as bills, transaction receipts, and communication logs if they find their legal rights being infringed during shopping or installment applications. They should seek redress through legitimate channels. Consumers can negotiate with operators based on laws like the Consumer Rights Protection Law. If negotiations fail, they can report to the National Consumer Rights Protection Platform or the China Internet Finance Association; if illegal or irregular activities are suspected, they should report to regulatory authorities and public security agencies.

Experts: Consumers Should Verify Loan Providers Before Borrowing

It is worth noting that Ms. Li’s experience is not an isolated case. On complaint platforms like Black Cat Complaint, many consumers have reported personal information and contacts being leaked by lending assistance platforms. Some also complain about high interest rates, violent collection methods, and other issues, which have become persistent problems in the industry.

The “2025 Consumer Rights Protection White Paper” indicates that complaints in the financial payment sector are generally rising, with over 330,000 complaints in October alone, reaching a yearly peak. Disputes over repayment and collection related to credit cards and online loans have increased significantly. Meanwhile, issues such as disguised high interest rates through bundling “membership fees” and “value-added service fees” are also concentrated.

However, these issues are expected to improve gradually. The release of the New Lending Assistance Regulations in 2025 has elevated “financial consumer rights protection” to an unprecedented level. The regulations address past problems such as opaque total financing costs, disguised high interest rates, and improper collection practices by standardizing credit enhancement measures and clarifying fee disclosure mechanisms, effectively imposing restrictions on the entire lending assistance chain. This means future borrowing costs will be more transparent and manageable, and the foundation of the social credit system will be more solid.

A relevant official from the Financial Regulatory Authority stated that the new regulations require commercial banks and internet lending assistance partners to strengthen financial consumer rights protection, regulate marketing practices, comply with national online marketing regulations, and fully disclose key loan information to borrowers. Banks should also improve post-loan collection management, and any illegal collection activities should be promptly corrected.

In addition to industry efforts to improve standards, experts advise consumers to stay vigilant and protect their personal information when borrowing through platforms.

Su Xiaorui emphasized that consumers should first verify the lending entity and not trust claims of “official licensed financial institution cooperation.” If such claims are encountered, they should cross-check with the official channels and published partner lists of licensed financial institutions. Also, it’s recommended to download apps only from official app stores and avoid unknown mini-programs or H5 pages. Regarding pricing, consumers should pay attention to the comprehensive annualized interest rate provided by the platform, including interest, membership fees, service charges, and all other costs.