CBRC criticises banksÆ wealth-management practices
Poor performance in QDII structured products may have awakened ChinaÆs banking regulator to the need to revamp how consumer banks sell investment products.
The China Banking Regulatory Commission (CBRC) has vented anger at widespread disregard for investor protection and poor risk control among consumer banks selling mutual funds, according to a memo the regulator sent to distributors, a copy of which has been forwarded to AsianInvestor. It says it plans to conduct secret audits of bank branches to investigate possible abuses and mis-selling.This comes at a time when the A-share market is in free-fall. The Shanghai Composite Index fell n…
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