# Fenqile

China’s Financial Regulator Presses Five Loan‑Referral Platforms to Clean Up Consumer Lending

China’s Financial Regulatory Administration has formally reprimanded five internet loan‑referral platforms, enforcing requirements on marketing, fee disclosure, data protection, collections and complaints mechanisms. The action, the first of its kind since new assist‑lending rules were promulgated, signals a regulatory shift from policing banks to regulating the platforms that originate and market consumer credit.