China: National Financial Regulatory Administration and other authorities issued joint risk warning on illegal “proxy rights protection” practices disseminated via short videos and livestreams

On 6 February 2026, the National Financial Regulatory Administration, together with the Cyberspace Administration of China, the Ministry of Public Security of the People’s Republic of China, the People’s Bank of China, and the China Securities Regulatory Commission, issued a joint risk warning concerning illegal “proxy rights protection” activities disseminated through short videos and livestreams. According to the authorities, certain organisations and individuals promote content claiming outcomes such as “full insurance refunds”, “debt clearance”, or “credit repair”, and encourage financial consumers and investors to entrust them with rights protection services in exchange for fees. The warning stated that such content may involve the fabrication or misrepresentation of regulatory policies, the impersonation of financial institutions or legal professionals, or the inducement of consumers to submit false materials or suspend repayments. The authorities indicated that these practices disrupt financial market order and may violate applicable financial laws and regulations, including the Insurance Law and the Commercial Bank Law. The notice also highlighted risks related to the collection and misuse of personal and financial data and advised consumers and investors to address financial disputes through official channels rather than through unauthorised intermediaries.