(Yicai Global) Feb. 11 -- China’s top financial regulator has reprimanded Mercedes-Benz Financial Services for infringing the rights and interest of consumers.

On-site inspections found that the firm’s publicity materials did not clearly state the loan product provider, its website did not clearly display service fees, and its use of customers’ information and its self-regulation of consumer rights protection failed to meet requirements, the China Banking and Insurance Regulatory Commission said in a notice yesterday.

Mercedes-Benz Financial Services, a joint venture set up by German carmaker Daimler and Daimler Greater China in 2005, has now rectified the issues as required, the CBIRC noted.

This was not the first time that the Beijing-based company has been called out by regulators. The CBIRC’s Beijing office fined it CNY400,000 (USD62,900) last December for a serious violation of prudential regulations, and it was penalized as much as CNY800,000 in September 2019 for poor management of outsourcing services.

Editor: Futura Costaglione