China Everbright Bank was named and notified by the China Banking and Insurance Regulatory Commission. Why is this?

China Everbright Bank was named and reported by the China Banking and Insurance Regulatory Commission. This is because China Everbright Bank was named and reported by the Consumer Insurance Bureau of the China Banking and Insurance Regulatory Commission for its forced bundling of insurance sales and illegal charging.

? ?The Consumer Rights Protection Bureau of the China Banking and Insurance Regulatory Commission reported the infringement of consumer rights by Everbright Bank. During the inspection, the bank was found to have violated regulations in purchasing financial products on behalf of customers and did not implement appropriate management. The China Banking and Insurance Regulatory Commission requires rectification of violations such as the forced bundling of personal loan business and insurance products and the linking of deposits and loans. China Everbright Bank responded that it attaches great importance to the issues pointed out in the notice, consciously faces up to them, and sincerely accepts the opinions and criticisms of the regulatory authorities. The bank has formulated rectification measures one by one in accordance with regulatory requirements and completed the rectifications. The bank stated that in the future, it will strictly implement regulatory regulations, adhere to prudent and steady business management principles, and effectively protect the legitimate rights and interests of consumers.

China Everbright Bank not only has problems such as illegal valet operations and one-sided exaggeration of product returns, but also has poor management and control of customer risk tolerance assessments, resulting in a large number of elderly customers' risk tolerance assessment results being higher than the actual level. ?After verification, when consumers purchased financial products through Everbright Bank’s self-service equipment, there was a problem of bank employees operating on behalf of customers in violation of regulations, involving four branches in Harbin, Taiyuan, Shanghai and other places. For example, there were 14 sales of financial products at Harbin Dongda Direct Branch. Except for entering passwords, the rest of the process was operated by bank employees on behalf of customers in violation of regulations. The above-mentioned behavior violates the Interim Regulations on the Management of Audio and Video Recordings in the Sales Areas of Banking Financial Institutions. Seven branches of China Everbright Bank in Jinan, Qingdao and other places had problems such as one-sided exaggeration of product income, confusion of self-operated financial management and consignment products in SMS marketing. For example, Chengdu Guancheng Branch sent marketing text messages to consumers, claiming that Everbright Bank Guancheng Branch issued Everbright Sunshine Beidou Star, but the product was actually issued by Everbright Securities and sold by China Everbright Bank, and was not a self-operated product of Everbright Bank. The above-mentioned behavior violated the Measures for the Supervision and Administration of Financial Management Business of Commercial Banks, the Notice of the China Banking Regulatory Commission on Regulating the Agency Sales Business of Commercial Banks, and other regulations.

? Everbright Bank’s ineffective management and control of customer risk tolerance assessment resulted in a large number of elderly customers’ risk tolerance assessment results being higher than the actual level, and appropriateness management was not implemented in place. The age option in the risk tolerance assessment questionnaire for customers over 70 years old of the bank is distorted, involving 554 branches. The problem is more prominent in branches in Beijing, Hebei, Jilin, Fujian, Dalian and other places. Regarding the infringement of consumer rights reported by the Consumer Protection Bureau, China Everbright Bank not only forcibly bundled and sold insurance in its personal loan business, seriously infringing on consumers' right to independent choice and fair transactions, but also linked deposits and loans, violating the principle of quality and price. Charging financial advisory fees, etc. ?

? The China Banking and Insurance Regulatory Commission stated: The above-mentioned violations of China Everbright Bank have infringed on consumers’ basic rights such as their right to know, their right to make independent choices, their right to fair transactions, and their right to property security. The China Banking and Insurance Regulatory Commission has required it to make rectifications. In response to the above problems, all banking and insurance institutions must learn from them, draw inferences from one example, and conduct investigation and rectification.