Shanghai Pudong Development Bank was notified that the agency sales contract for private placement products had a Pudong Development Logo on the contract

Shanghai Pudong Development Bank was notified that the agency sales contract for private placement products had a Pudong Development Logo on the contract
On April 16, the China Insurance Regulatory Commission’s official website “Notice of the Consumer Insurance Protection Bureau of the China Banking Regulatory Commission on Pudong Development Bank, China Property Insurance Infringement of Consumer Rights and Interests Case”.Among them, Shanghai Pudong Development Bank was notified: In September 2018, the issue of redemption of private placement products sold by Shanghai Pudong Development Bank Agents caused many consumer complaints.According to the above-mentioned notification, after investigation, the Shanghai Pudong Development Bank infringed upon the rights and interests of consumers as follows: Firstly, the products it represented were not fully analyzed during the access exchange and due diligence was not in place, which was inconsistent with relevant regulations.Second, when selling the products of the agency to some customers, they did not follow the regulatory requirements, sold consignment products in special areas of the outlets and recorded videos, or used on-site service models.The third is the obvious SPD Bank logo on the front page of the product contract, which may easily lead consumers to mistakenly believe that the product is a SPD Bank’s independent financial management product, which is inconsistent with the relevant regulatory regulations.The fourth is that the risk dispute does not include the product type, product risk level, customer rating suitable for purchase, customer rights and interests, etc., which are inconsistent with relevant regulatory regulations.Fifth, failure to follow regulatory requirements and continuous tracking and breakthrough management after product release.From the establishment of the product to July 2018, the bank supervised the cooperation agencies to disclose information in accordance with relevant regulations.Editor Yue Caizhou