China Everbright Bank ordered to rectify consumer rights breaches

China's banking regulator ordered China Everbright Bank Co. Ltd. to correct violations after it was found to have breached basic consumer rights protection.

The violations included a forced bundling of personal loan and insurance products, as well as linking of deposits and loans, according to a Feb. 3 release.

The bank also charged financial advisory fees that were disproportionate to services rendered, misrepresented consignment products and exhibited staff misconduct in wealth management operations and ineffective control of customer risk tolerance assessments.