Throughout 2016, the 12386 investor hotline received nearly 400 complaints from investors about securities and futures trading institutions exaggerating investment product returns and misleading investors through false advertising. By browsing the official websites of various business institutions, we also found that business institutions generally pay attention to promoting the product's return rate when promoting products. On their official websites, they usually focus on displaying the name, term, return rate, and purchase starting point of the sold product, and less on indicating the corresponding risk level of the product and proposing appropriate matching plans based on investors'risk preferences.
On December 12, 2016, the China Securities Regulatory Commission officially issued the " Management Measures for the Appropriateness of Securities and Futures Investors " (hereinafter referred to as the " Measures " ), which clearly stipulated that operating institutions should evaluate and determine the risk tolerance of investors, and refine their classification and management; Risk levels should be classified for products sold or services provided based on the characteristics and degree of risk; Make judgments on the products or services that investors are suitable for purchasing based on their different classifications; It is not allowed to violate the requirements of appropriateness and engage in actions that harm the legitimate rights and interests of investors.
The Measures will come into force on July 1, 2017. The appropriateness survey of securities and futures operating institutions carried out in May 2017 shows that at present, operating institutions can basically assess investors'risk tolerance and classify them according to the requirements of the Measures, but there are still some problems in the Elo rating system of product risks, such as the lack of classification of some products, the opacity of classification standards, and the difficulty in querying risk levels, Objectively, it is not conducive for investors to understand the level of risk in the product.
With the gradual implementation of the " Measures " , securities and futures operating institutions should diligently and prudently perform their duties in the process of selling products or providing services, and provide clear and appropriate opinions based on factors such as the different risk tolerance of investors and the different risk levels of products or services.
Investors should pay attention to:
Before making any investment behavior, please first conduct a risk tolerance assessment through various channels such as the official website of the operating institution, business outlets, and various wealth management websites to understand your own risk preferences;
2. When recommending investment products or plans that match your risk preferences by the operating institution, it is necessary to carefully understand the risk level and potential risks of the products. Based on listening to the appropriate opinions of the operating institution, make prudent decisions according to one's own abilities and independently bear investment risks. The suitability matching opinion of the operating institution does not indicate that it makes substantive judgments or guarantees about the risks and benefits of the products or services;
3. You can make investment choices independently based on your own situation, but it should be noted that the choice should be " appropriate " . If you voluntarily request to purchase products with a risk level higher than your risk tolerance, and the operating institution has issued a written risk warning to you and still insists on purchasing, the operating institution will not be liable for any subsequent losses that may arise from this investment;
According to regulations, if the operating institution fails to fulfill its obligation of appropriateness and causes losses to investors, it shall bear corresponding legal responsibilities in accordance with the law. If you have any disputes related to suitability with the operating institution during the investment process, you can negotiate with the operating institution to resolve the dispute, which can be resolved through mediation. You can also respond through the 12386 investor hotline or file complaints and reports through channels such as the official website of the China Securities Regulatory Commission to safeguard your legitimate rights and interests.