Recently, Li Hu, a first-class inspector of Shanghai Banking and Insurance Regulatory Bureau, said at the news briefing of the “March 15” consumer protection education week that in 2021, Shanghai Banking and Insurance Regulatory Bureau received 95200 complaints and 4840 reports from the banking and insurance industry, maintaining a rapid growth for three consecutive years.
In Li Hu’s opinion, the complaints and reports of Bank Of Shanghai Co.Ltd(601229) industry and insurance industry have increased rapidly in recent years, due to external factors such as the increasing downward pressure on the economy and the continuous recurrence of covid-19 pneumonia; There are also internal reasons such as the obvious strengthening of financial consumers’ awareness of self-protection. Of course, some financial institutions do not pay attention to, timely and in place complaint handling, and there are symptoms but not root causes such as “paying attention to individual appeasement and ignoring root cause treatment”. Some financial institutions make superficial articles and do not focus on the key of products and services for traceability and rectification. Homogeneous and similar problems occur repeatedly and continue to occupy regulatory resources.
Li Hu said that Shanghai Banking and Insurance Regulatory Bureau will further consolidate the main responsibility of banking and insurance institutions, continue to deepen the construction of the whole process financial consumer rights and interests protection system, continuously improve the happiness, sense of acquisition and satisfaction of financial consumers, and improve the quality and efficiency of Bank Of Shanghai Co.Ltd(601229) industry and insurance industry in serving the real economy, which will be taken as an important yardstick for whether to earnestly fulfill the original mission of the new era.
First, we should adhere to “people-centered” and strengthen behavior supervision. Banking and insurance institutions should earnestly assume the main responsibility of consumer insurance work, start from the things concerned by the people, actively listen to the demands of the people, understand the real situation, pay attention to key groups, key businesses and key links, and strive to solve the outstanding problems of consumer insurance work. We should further improve the regulatory efficiency, give further play to the regulatory synergy, explore linking the regulatory evaluation of consumer rights and interests protection with the annual regulatory rating, integrate with on-site inspection, off-site supervision and other prudential regulatory means, and take multiple measures to escort the consumer protection work.
Second, we should improve the corporate governance of banking and insurance institutions and incorporate the protection of consumers’ rights and interests into the “first leader project”, including further improving the corporate governance structure, taking consumer protection as the focus of the whole year, including the “first leader project”, and clarifying the special department for the protection of consumers’ rights and interests. For institutions with a large number of complaints, we should set up an independent consumer protection department and give full play to the “baton” role of performance appraisal. It is reported that from this year, banks and insurance institutions in Shanghai will further increase the weight of consumer insurance in the comprehensive performance appraisal.
Third, the pre risk gateway and strengthen the consumer protection review mechanism. In Li Hu’s view, consumer protection covers the whole life cycle of financial products and services and is the consumer protection of the whole process. Most serious violations of consumers’ rights and interests can be traced back to the problems of products or services in the access link. Therefore, it is necessary to move forward the risk control gate in the design and development of new products and new businesses, business rules, pricing management, agreement formulation, sales text Risk warning, online operation and other links need to evaluate and review the rights and interests of consumers, and resolutely put an end to bringing products with congenital defects into the market.
Fourth, strengthen appropriateness management and standardize marketing publicity behavior. Li Hu said that this year, the transition period of the new asset management regulations has ended and began to be officially implemented, and the asset management products have fully entered the era of net worth. We should establish and improve the consumer suitability management system, clarify the requirements for product and service classification, consumer classification, risk tolerance assessment and appropriateness matching, and ensure that the financial products purchased by consumers match their risk tolerance. Earnestly implement the requirements of information disclosure and risk warning, and shall not conceal risks, exaggerate benefits, promise to determine benefits in any way, mislead consumers to buy inappropriate products or induce consumers to over trade. We should standardize the marketing and publicity behavior, continue to promote the traceability of sales behavior, and ensure that sales behavior can be replayed, important information can be queried and problem responsibility can be confirmed.
In addition, the Shanghai Banking and insurance regulatory bureau should also implement the “first complaint and first visit responsibility system”, learn from the “Fengqiao Experience”, accelerate the establishment of a small compensation mechanism, promote the improvement of science and technology, help digital transformation, innovative education and publicity, and improve consumers’ financial literacy.
