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China's Financial Sector Steps Up Self-Examinations to Ensure Professional Ethics
Source: news.cn
Source Date: Tuesday, August 10, 2010
Focus: Citizen Engagement
Country: China
Created: Aug 16, 2010

China's banking, securities and insurance regulatory commissions have launched self-examinations to push forward the financial sector's anti-corruption campaign.

In a bid to improve the country's financial supervision system, standardize the behaviors of financial practitioners and guard against financial risks, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission developed their own codes of conducts last year.

Required by the the Central Commission for Discipline Inspection (CCDI)of the Communist Party of China (CPC), the three Commissions launched in March self-examinations on the implementation of their respective codes of conduct.

About 3,857 banking organizations and 193,000 business outlets have been covered by the examinations.

Through the examination, risk control in banking organizations has been improved and their management mechanisms have been standardized, according to a CCDI statement issued Tuesday.

Meanwhile, China Insurance Regulatory Commission punished 1,392 insurance organizations and ordered the dismissal and replacement of 156 managerial staff between 2009 and June 2010 to strengthen the supervision of insurance organizations and the management on managerial staff.

"The lessons drawn from the global financial crisis warn us that China's banking industry should deepen education in ethics among practitioners so as to ensure stable, coordinated and sustainable development of the industry and to safeguard the legitimate rights of depositors and customers," said Wang Huaqing, secretary of the discipline inspection committee under the China Banking Regulatory Commission.

The code of conduct for the banking industry includes items requiring practitioners to guard against fraud, illegal fund raising, bribery and insider trading.
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