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Consumer complaints rise against financial services in Shanghai
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The local banking regulatory in Shanghai said it has received 20 percent more complaints against local financial institutions in the third quarter compared to last year, and the sales process of every wealth management product should be video-taped to protect consumers.
Complaints received by the China Banking Regulatory Commission’s Shanghai bureau reached 681 cases between July and September, 119 cases more than the second quarter, the regulator said in a statement today.
The top five lenders – Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications – accounted for 46 percent of total complaints during the period, up 5.8 percentage points from last year.
Joint-stock lenders accounted for 21 percent, up 3.1 percentage points from a year ago. The local regulator said several banks under this category had “prominent problems” in credit cards and wealth management business without naming the organizations.
Meanwhile, foreign banks’ share in the complaints edged down by 0.9 percentage point to 3.7 percent.
The top complaints were related to credit cards, and products sold on behalf of other financial firms such as bancassurance and wealth management products, which comprised 35 and 20 percent respectively of the total 681 cases received during the third quarter, said the statement.
The regulator required the banks to strengthen the management of wealth management business. The whole process of selling the wealth management product should be video-recorded for the maximum protection of financial consumers’ rights.
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