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Financial marketing is heavily regulated, and Internet platforms are facing rectification

via:AI财经社     time:2022/1/4 23:00:59     readed:95

Article | "Finance world" weekly Shi Sitong

Knitting | sun yue

With the rapid development of digital economy, the Internet has become an important channel for the marketing of financial products, and the chaos of Internet financial marketing has followed, with the frequent occurrence of P2P thunder and other incidents, and the governance of Internet platform has entered the deep water zone.

On the last day of 2021, the People's Bank of China and other seven departments jointly issued the Administrative Measures for Online Marketing of financial products (Draft for Comments) to regulate online marketing of financial products.

Policies are introduced and financial marketing is heavily regulated

On December 31, the People's Bank of China, together with the Ministry of Industry and Information Technology, the Cyberspace Administration of China, the Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Intellectual Property Office and other relevant departments, drafted the Measures for the Administration of Online Marketing of Financial Products (hereinafter referred to as the Measures).

It is understood that the methods focus on illegal financial product marketing, false and misleading propaganda, disgraceful consideration against social, lack of appropriate management and problems in five aspects, such as unfair competition, from the basic principles and qualification requirements, content, and code of conduct, cooperative behavior management, regulatory measures and specific requirements are 34 legal liability, etc.

Specifically, the Measures limit the business scope of online marketing of financial products. Financial institutions are required to carry out network marketing of financial products by themselves or entrust Internet platform enterprises to do so within the business scope permitted by the financial regulatory authorities. It is forbidden for any institution or individual to provide network marketing for illegal financial activities such as illegal fund-raising.

Meanwhile, the Measures regulate the content of marketing publicity. The Measures makes it clear that the content of marketing promotion shall fully disclose the key information of financial products in accurate and popular language, and shall not contain false, fraudulent or misleading content. During the network marketing of financial products, various financial products shall be displayed in different zones, and harassment marketing and nested sales shall not be carried out. Define the basic code of conduct for precision marketing, livestreaming and other new marketing and combination sales.

In addition, the management of marketing cooperation has been strengthened. The measures require Internet platform enterprises to carry out marketing activities in accordance with the contract, not to get involved in or disguised in the sales of financial products, and to strengthen the management of financial institutions, not to create brand confusion with financial institutions, and not to use financial words in the names and trademarks of websites, apps in violation of regulations.

These regulations will have an impact on financial institutions with the help of the Internet platform "diversion" related business, analysts pointed out that the main body of the relevant regulations previously targeted at financial institutions, and the measures of a number of provisions, will be able to effectively make up for the previous shortcomings.

This "method" is jointly issued by 7 ministries and commissions, which shows the degree of concern and importance behind it. Industry insiders said, "measures" to cover comprehensive content, clear division of labor, the market to make more clear regulatory norms. With the introduction of this regulation, financial industry products and marketing will return to its own professional.

Frequent chaos, strong supervision of the general trend

According to the requirements of the Measures, the financial services of many Internet platforms have reached the regulatory red line, and even some financial marketing behaviors that infringe the rights and interests of consumers have become routine market operations.

"Hello, I am XX bank/securities, recently there is a batch of the latest credit/financial products, low threshold and high limit, do you need?" ... And so on and so forth. In particular, at the end of the year and the beginning of the year, a number of consumers reported to Caijing Tianxia that they were bombarding with marketing calls related to loans and financial management.

As a matter of fact, various kinds of loan or financial marketing are common in marketing calls, various social platforms and apps, and the marketing of some financial products has violated the rights and interests of consumers.

According to the investigation, many marketing advertisements or platforms of financial products in the market use the way of displaying interest rates that are not in accordance with the regulations, and even do not express the annual interest rate of the products. There are also many Internet loan products whose brands are Internet platform names, but the actual providers are the financial institutions they cooperate with. There are even loan assistance platforms without loan qualification, involved in product sales, risk control and even capital transfer processes. In addition, in terms of user information, many platforms force users to agree to their privacy policies, otherwise they cannot use any functions.

According to the disclosure of the Central bank, some Internet platform enterprises take advantage of the online scene and reach customers, through participation in financial institutions or cooperation with financial institutions to carry out financial business, there are some violations in the marketing of financial products, infringement on the rights and interests of financial consumers, ostracize and restrict fair competition.

At the same time, judging from the practice of Internet financial supervision in recent years, problems such as selling illegal financial products to financial consumers, or inducing financial consumers to buy financial products that do not match their financial status and risk bearing capacity are quite prominent.

In recent years, financial authorities have been exploring ways to strengthen supervision over online marketing of financial products. Professionals said the measures for the management from product brands, channels, marketing, responsibility boundary point of view, from the source link product marketing, strengthen the supervision of financial institutions, Internet platform for enterprise, past financial product network marketing chaos for the rectification, further protecting the interests of financial consumers.

Strong supervision is the general trend. The introduction of the Measures means that the management system related to online marketing of financial products has been further improved, and the development of the financial market will undoubtedly be more professional, healthy and standardized.

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