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 Borrow, 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 to Improve Financial Service Quality’ (hereinafter referred to as the ‘New Lending Assistance Regulations’). It marks an important milestone in the internet lending assistance field 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 action targeting the internet lending assistance industry,” said Su Xiaorui, senior researcher at Suxi Zhiyan, in an interview with 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 for lending, clearly disclose interest and fee information of loan products, strictly adhere to personal information protection regulations, conduct lawful and compliant collection efforts, improve customer complaint mechanisms, and effectively protect the legitimate rights and interests of financial consumers.

The Daily Economic News noted that the five platforms—Fenqile, Qifu Borrow, 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 pointed out that from the direction of the interview content—whether it’s 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 current 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 every stage—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 a certain consumer platform about installment plans, provided personal information such as her name, phone number, and ID without any loan agreement being reached. Subsequently, she received frequent marketing calls from third parties and even suspicious scam messages, causing her significant distress.

The authority stated that consumers should preserve relevant evidence such as bills, transaction receipts, and communication records if they find their legal rights are infringed upon during shopping or consumption installment processes. 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 regulatory violations 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, illegal collection practices, and other issues—long-standing problems within these platforms.

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 peak for the year. In 2025, disputes related to repayment and collection for credit card and online loans increased significantly on the Black Cat Complaint platform. Meanwhile, issues such as disguised high interest rates through bundling “membership fees” and “value-added service fees” have also been concentrated.

However, these problems are expected to gradually improve. The release of the New Lending Assistance Regulations in 2025 has elevated “financial consumer rights protection” to an unprecedented level. The regulations address past issues 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 “restraints” 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 cooperation agencies 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 behaviors should be promptly corrected.

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

Su Xiaorui emphasized that consumers should first verify the loan provider’s legitimacy and not blindly trust claims of “official licensed financial institution cooperation.” If such claims are encountered, they should cross-check with the official channels and public lists of licensed financial institutions. Also, it’s advisable 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.