China Banking Regulatory Commission: Consumers should treat celebrity endorsements rationally
Achieve "Three Looks and One Prevention" to prevent falling into financial traps
In recent years, with the rapid development of network technology, various Internet platforms and wealth management investment products have emerged one after another. Some institutions have invited celebrities to endorse promotion or platforms. Problems such as excessive publicity, promised high returns, and misleading publicity have seriously damaged financial consumption. The legitimate rights and interests of
Yesterday, the China Banking and Insurance Regulatory Commission's Consumer Rights Protection Bureau issued the second issue of 2021 risk warning, reminding financial consumers to rationally treat celebrity endorsements, to achieve "three look and one prevention", and to effectively prevent financial traps.
There are five models for celebrity endorsement financial products
The China Banking and Insurance Regulatory Commission pointed out that financial product information is highly asymmetry and professional. If the spokesperson does not distinguish the endorsement product qualifications and does not understand the product risks, it may cause misleading publicity risks.
Currently, celebrities endorse a wide variety of Internet platforms or financial products, and there are roughly five common models: One is to endorse P2P platforms.
In recent years, platforms endorsed by celebrities have exploded, causing participants' funds to be damaged.
The second is to endorse products suspected of illegal fund-raising.
For example, the "Zhongjin Group" fund-raising fraud case has caused more than 10,000 investors to suffer capital losses.
The third is to speak for the Internet financial platform.
The network platform is more convenient to operate, but it is also prone to problems such as risk warnings and insufficient insurance notification. Consumers should not ignore risk notifications due to celebrity endorsements.
The fourth is for financial products and platforms.
For example, "Pan Asia Nonferrous" once invited a scholar to attend an event, using the aura of celebrities to mislead the public in consumption.
The fifth is to endorse certain types of products or the overall brand of bancassurance institutions.
For example, celebrities act as bank credit card promotion ambassadors or publicity ambassadors.
In addition, some fans have no bottom line to chase stars, and irrational star-chasing behaviors such as raising funds for celebrities have also been used by criminals, causing some fund-raising chaos.
Others use the celebrity effect to over-market and induce over-consumption and over-consumption, which may lead to problems such as excessive debt and violent collection.
Don't blindly believe in celebrity endorsements
The China Banking and Insurance Regulatory Commission reminds consumers that when choosing financial products or services, they should not blindly believe in celebrity endorsements, and should rationally treat the products or services of "star endorsements", and achieve "three look and one prevention".
Look at whether the institution has obtained the corresponding qualifications.
The financial industry belongs to the franchise industry, and it is not allowed to operate without a license or to operate financial business beyond the scope.
Consumers should choose formal institutions and formal channels with corresponding financial business qualifications to obtain financial services.
You can log on to the website of the financial supervision department and the website of the industry association to inquire about the relevant information of the institution, or verify the qualification of the institution with the local financial supervision unit.
Second, see whether the product meets its own needs and risk tolerance.
When consumers purchase financial products, they must understand important information such as product types, terms, risk levels, and warnings, and choose appropriate financial products based on their own needs and risk tolerance.
We must insist on rational investment and value investment. It is not advisable to pursue "quick money" blindly, and we must abandon the concept of getting rich overnight.
Third, see if the income is reasonable.
Investment and financial management risks and benefits coexist. When consumers face marketing and promotion, they should focus on whether they disclose risks and benefits truthfully to prevent misleading or fraud.
Be cautious about financial products that promise higher-than-average returns, and don't believe in false propaganda such as high returns and risk-free.
Fourth, we must prevent excessive borrowing.
Look at advertising and publicity such as loan consumption and financial investment rationally, maintain a rational financial concept, and do not blindly follow the trend of consumption, lending and investment.
In particular, young people should be sensible about fan support, borrowing to chase stars, and fundraising to chase stars, and beware of financial traps such as illegal fundraising.
Public figure endorsements should abide by laws and regulations
The China Banking and Insurance Regulatory Commission stated that financial product suppliers should effectively regulate the financial marketing and publicity behaviors of their institutions and partners in accordance with the requirements of the "Notice on Further Regulating Financial Marketing and Publicity Behaviors." Marketing and publicity activities related to the financial business; marketing and publicity of financial products or financial services in a fraudulent or misleading manner; no guarantee promises on the future effects, benefits or related conditions of asset management products, and no explicit or implicit promises Guaranteed capital, no risk or guaranteed return.
Celebrities and other public figures who speak for themselves shall abide by the "Advertising Law of the People's Republic of China" and other laws and regulations, and shall not recommend or certify unused products or unreceived services, and shall not make recommendations or certifications knowing or knowing that the advertisement is false .
Before accepting endorsements, it is necessary to check whether the endorsement agency has legal qualifications, and whether the endorsed products and services are true in content and meet regulatory requirements.
Text/Reporter Cheng Jie