On the occasion of “315” international consumer rights day, the research group of “Nancai caicaitong” released the top 10 Commercial Bank fines in 2021 Among them, China Minsheng Banking Corp.Ltd(600016) received the largest ticket of the year, with a ticket amount of up to 114.5 million yuan; Followed by Hua Xia Bank Co.Limited(600015) and Bohai bank, with fines of 98.3 million respectively
“alert financial management daily” is a series of reports focusing on bank financial management vertically. Today’s “315” special report focuses on bank financial management violations
Today is “315” international consumer rights and interests day, and from March 14 to March 30, 2022, it is also the education and publicity week of consumer rights and interests protection in banking and insurance industry. Nancaicaicaitong research group made a special report on bank financial business violations and financial complaints.
According to the data of the Consumer Protection Bureau of the China Banking and Insurance Regulatory Commission, in the fourth quarter of 2021, there were 3802 complaints involving financial management business, a decrease of 4.2% month on month, accounting for 4.2% of the total complaints.
Among the complaints involving large state-owned commercial banks, there were 1962 complaints about financial services, a decrease of 16.9% month on month, accounting for 7.1% of the total complaints of large state-owned commercial banks; Among the complaints involving joint-stock commercial banks, there were 943 complaints about financial services, an increase of 6.8% month on month, accounting for 2.9% of the total complaints of joint-stock commercial banks Postal Savings Bank Of China Co.Ltd(601658) financial management business complaints rank first among large commercial banks in the world China Merchants Bank Co.Ltd(600036) , Ping An Bank Co.Ltd(000001) , Industrial Bank Co.Ltd(601166) ranked among the top three joint-stock commercial banks in the number of complaints about wealth management business
I. top 10 Commercial Bank fines in 2021
The research group sorted out the top 10 Commercial Bank tickets issued by the CBRC in 2021, of which China Minsheng Banking Corp.Ltd(600016) received the largest ticket of the year, with a ticket amount of up to 114.5 million yuan; Followed by Hua Xia Bank Co.Limited(600015) and Bohai bank, with fines of 98.3 million yuan and 97.2 million yuan respectively.
In the above-mentioned administrative penalties, violations involve interbank business, corporate credit business and financial management business at the same time.
as far as financial management business is concerned, take China Minsheng Banking Corp.Ltd(600016) as an example, the violations include: non-compliance in cashing the income of financial products, illegal adjustment of the income of financial products, illegal adjustment of the profit of financial management business, interception of floating management fee income of financial products and undertaking risk assets by using internal accounts, mutual transaction of assets between financial products to adjust the income, The financial products are not consistent with the account and the actual situation and are managed separately, the investment list of financial products does not reflect the real situation, the recognition of qualified investors is not prudent, the investment leverage level of open-ended public offering financial products exceeds the standard, the market value proportion of single securities held by public offering financial products exceeds the standard, the proportion of liquid assets held by open-ended public offering financial products does not meet the standard, and the information registration of financial products is not standardized, The information disclosure of financial products is not standardized, and false structured deposit products are issued
II. Complaints about financial management business
The research group searched the black cat complaints with the keyword “bank financial management” and found that there were 2906 complaints, mainly related to financial loss, marketing inducement, insurance tying and other issues
1. Loss of financial products
For financial losses, the complainants reacted particularly strongly, especially for the recent double killing of stocks and bonds. As of today, the “new regulations on asset management” has been launched for nearly four years. After December 31, 2021, the transition period of “new regulations on asset management” ends, which means that principal guaranteed financial management completely exits the market and bank financial management enters the era of true net worth. According to the annual report of Bank Of China Limited(601988) financial management market (2021), the weighted average annualized rate of return of each monthly financial product in 2021 was the highest of 3.97% and the lowest of 2.29%, and the maximum and minimum rate of return of financial products have fluctuated by more than 1 percentage point so far.
In the era of financial net worth, most investors still do not know or can not accept the fact that financial management does not guarantee the principal, for financial institutions, investor education needs to be strengthened
2. Marketing inducement
According to the investigation of the research group, the “marketing inducement” of financial management appears in two types of platforms, one is bank financial institutions, and the other is third-party payment platforms.
(1) mix the concepts of “deposit” and “financial product”
Take a joint-stock bank as an example. On the financial management page of the official website of the institution, it is impressively written “regular” and current ” two categories of products. The term “current deposit” and “time deposit” are abbreviated according to the understanding of “ordinary investor”.
meanwhile, according to Article 25 of the Interim Measures for the administration of financial product sales of financial management companies, financial product sales institutions and their salespeople shall not mix the financial products sold with deposits or other products when engaging in financial product sales business activities
however, the institution ignored common sense and mixed the concepts of “deposit” and “financial products” to conduct induction marketing. It sold non breakeven financial products with fixed investment term in the “fixed” sector and non breakeven cash management products in the “current” sector this leads ordinary investors (especially middle-aged and elderly investors) to easily buy financial products under misleading conditions. When they think they are buying time or demand deposits, they are buying non breakeven financial productsP align = “center” (data source: a joint-stock commercial bank)
(2) mixing the concepts of “financial product” and “fund”
Taking a third-party payment platform as an example, the word “financial products” is prominently written on the fund sales page.
ordinary investors are not professional investors, and their understanding of “financial products” is often narrow financial products (i.e. bank financial products), rather than broad financial products (i.e. all asset management products including financial products, funds and trusts)
in addition, according to the existing regulatory rules, “financial products” are under the supervision of the CBRC and “funds” are under the supervision of the CSRC.
That is, from the regulatory level, “financial products” are bank financial products, excluding funds
Therefore, whether in accordance with the conventional understanding of ordinary investors on “financial products” or in accordance with regulatory rules, the third-party payment platform should not confuse “financial products” with “funds”, resulting in some investors buying fund products under misleading conditionsP align = “center” (data source: a third-party payment platform)
3. Insurance tying
Some complainants said on the black cat complaint platform that without being fully informed of product information, elderly investors were induced by financial managers to buy insurance products.
In last year’s “315” special report, the research group of Nancai CAITONG reported that some financial managers had irregularities in inducing elderly investors to buy insurance to complete performance appraisal. This year, such behavior still exists.
according to Article 25 of the Interim Measures for the administration of financial product sales of financial management companies, financial product sales institutions and their salespeople engaged in financial product sales business activities shall not forcibly bundle or tie-in other services or products in the process of financial product sales
The compliance assessment of financial managers by commercial banks still needs to be strengthened.
III. third party payment platform selling wealth management in disguised form
According to Article 3 of the Interim Measures for the administration of the sale of wealth management products of wealth management companies, the agency that accepts the entrustment of wealth management companies to sell wealth management products only includes other wealth management companies, commercial banks, rural cooperative banks, village banks, rural credit cooperatives and other banking financial institutions that absorb public deposits, as well as other institutions specified by the CBRC.
however, the research group of nancaili CAITONG found that recently, some financial companies broke through this provision in a disguised form and sold financial products on a commission basis through a third-party payment platform
Taking a third-party payment platform as an example, a financial management company opened the institutional wealth number in the name of “institutional direct sales” on its platformP align = “center” (data source: a third-party payment platform)
investors click the “experience now” button to directly enter the purchase page, instead of jumping to the official website or official app of the financial management company, and make direct payment with the funds of the payment platform held by the investors
Although the payment platform indicates “institutional direct selling” on the page, financial companies sell through the platform, and financial products are paid by investors’ fund shares on the platform. Therefore, it is called “direct selling”, which is actually “consignment selling”. In the “direct selling” mode, there should be no third-party marketing media or channel media between investors and financial management companies.
wealth management companies sell wealth management on a commission basis through non bank network platforms. The risk is that the wealth management companies and network platforms may not match each other in the assessment of investors’ risk tolerance
