Yang Jiacai, former assistant chairman of the China Banking Regulatory Commission (CBRC), has been expelled from the Communist Party of China (CPC) and dismissed from public office for corruption and violating the Party code of conduct.

The CPC Central Commission for Discipline Inspection (CCDI) made the announcement Tuesday following an investigation authorized by the CPC Central Committee.

Also a former member of the CPC committee of the CBRC, Yang was found to have interfered with a Party inspection and audit, and illegally held activities for his promotion, according to the CCDI.

The investigation found that he had flouted frugality rules by frequenting private clubs, as well as taking advantage of his positions to help his son's business.

He also violated CPC discipline by interfering in promotion of officials and failed to report his personal information in accordance with the rules, the CCDI said.

Yang also take advantage of his position to secure interests for others and accepted a huge sum of money and property in return.

The statement said that as a former senior official of China's top banking regulator, Yang had seriously violated the Party's code of conduct, disrupted the order of the financial market, and harmed the image of banking regulatory body.

The CPC Central Committee approved his expulsion from the Party and the State Council confirmed his removal from public office.

His illegal gains will be confiscated and the case will be transferred to the judiciary for investigation, the CCDI said.

The CCDI announced an investigation into Yang in May.