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Original title: Investigation results of “Treasury of crude oil” risk event announced, China Banking and Insurance Regulatory Commission issued a fine of 50 million yuan
Source: Shanghai Securities News
⊙Reporter Zhang Jones ○ Editor Huang Lei
The “Crude Oil Bao” product risk event ushered in the “final decision” of supervision. The official website of the China Banking and Insurance Regulatory Commission issued an announcement on December 5, stating that the risk incidents of the Bank of China “Yuanbao” product were investigated and dealt with in accordance with the law, and were it imposed a total fine of 50.5 million yuan on the Bank of China and its branches, and the relevant persons in charge were also warned, fined and suspended. Access business-related matters of the Bank of China and related branches. The Bank of China responded through an announcement yesterday that it will seriously implement relevant regulatory measures and carry out comprehensive risk investigations.
After the Bank of China “Yuanbao” incident occurred, the Banking and Insurance Regulatory Commission of China immediately required the Bank of China to resolve the issues in accordance with laws and regulations, negotiate with customers on an equal footing, respond to concerns in a timely manner and effectively protect the legitimate rights and interests of investors. At the same time, the China Banking and Insurance Regulatory Commission established a joint interdepartmental investigation team with the relevant departments to resolutely investigate and punish the illegal activities of the Bank of China and do everything possible to maintain the order of the financial market.
So behind the Bank of China “Yuanbao” product risk incident, what violations of laws and regulations have been exposed? The China Banking and Insurance Regulatory Commission listed the following four points:
One is irregular product management. Including unclear contract terms related to margin, lack of independence of post-product evaluation work, and failure to perform work related to stress testing on the product; second, risk management is not prudent. Including defects in the establishment of market risk limits, irregular adjustments of market risk limits and operations above the limit, defects in the functions of the trading system and lack of rectification in a timely manner as required; third, internal control management is not strong. Including unreasonable performance evaluation and incentive mechanism, insufficient performance of consumer rights protection and bank-wide internal control compliance inspection that did not cover the management of private product sales by the department of global marketing; fourth, the sales management did not comply. Including the age of individual customers who do not meet the access requirements, exaggerated or one-sided advertising of some promotional and commercial texts, and the use of gifts in kind to sell products.
In response, the China Banking and Insurance Regulatory Commission fined the Bank of China and its branches a total of 50.5 million yuan based on facts and laws; both CEOs of the Bank of China Global Marketing Department were warned and fined 500,000 yuan. The deputy general manager and the senior trader of the bank’s global market department warned and fined 400,000 yuan.
In addition to imposing administrative sanctions in accordance with the law, the China Banking Regulatory Commission also suspended relevant matters of access to Bank of China branches and businesses, and ordered the Bank of China to comprehensively resolve the responsibilities of relevant personnel of in accordance with the laws and regulations, and will take responsibility seriously, to ensure that the powers that be must be responsible and negligent. There must be responsibility. At the same time, he ordered the Bank of China to immediately take effective measures to rectify relevant problems, learn lessons, and draw inferences from each other. The China Banking Regulatory Commission stated that it will urge the Bank of China to effectively strengthen its compliance awareness and enhance its risk management capabilities.
Regarding the fines issued for supervision, the Bank of China responded in a statement yesterday: “The Bank attaches great importance to the administrative sanction decisions of the supervisory authorities, seriously implements the relevant supervisory measures, conducts a comprehensive investigation of risks. , optimizes the entire product management process, strengthens the construction of internal risk control and regulates. For sales management, the responsible persons will be responsible in accordance with the laws and regulations. The Bank will continue to improve the professionalism and prudence of business operations, and will return the attention and support of customers, shareholders and all sectors of society with high-quality financial services and good development results. “
The competent person in charge of the China Banking and Insurance Regulatory Commission stated that it will continue to follow the decisions and deployments of the Party Central Committee and the State Council, adhere to strict supervision in accordance with the law, urge the institutions to strengthen the construction of compliance, will continue to improve the professionalism and prudence of business operations, and will effectively protect the legitimate rights and interests of financial consumers. , To maintain the bottom line of systemic financial risks.
(Edit: Wen Jing)
