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Credit cards top grouses against banks
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Complaints against local financial institutions have risen 20 percent annually in the third quarter, with most of the grouses related to credit cards and wealth management products whose sales process should be recorded on video to protect the interest of buyers, the Shanghai branch of the regulatory body said.
There were 681 cases between July and September, an increase of 119 cases from the second quarter, the China Banking Regulatory Commission’s Shanghai Office said in a statement yesterday.
The top five lenders Ñ the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, the Bank of China, and the Bank of Communications Ñ received 46 percent of the total complaints during the period, up 5.8 percentage points from last year.
Joint-stock lenders garnered 21 percent, up 3.1 percentage points from a year ago.
The top three complaints were related to credit cards, which took up 35 percent of the 681 cases in the third quarter, and products such as wealth management products sold on behalf of other financial firms, which comprised 20 percent of the total cases, the statement said.
The regulator said sale of wealth management products should be video recorded to protect consumers’ rights.
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