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Financial advertising regulation in Britain

2018-12-29 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Financial advertising regulation in Britain,供大家参考学习,这篇论文讨论了英国的金融广告监管。英国金融行为监管局对存款、投资、房屋贷款、保险和消费信贷等金融产品广告宣传做出了一些规定。即金融产品服务不能出于吸引顾客的目的,采取过分夸大效果的宣传方式。另外广告应对金融产品服务做出清楚的说明,让消费者在充分了解产品服务的基础上做出购买决定。

Financial advertising,英国金融广告监管,assignment代写,paper代写,北美作业代写

Regulator the financial behavior of savings, investment, mortgage, insurance and 4 kinds of financial products advertising consumer credit stipulates three aspects: neutral, financial products and services not for the purpose to attract customers to exaggerate the effect of propaganda way, such as using the misleading title, to unfair to compare different financial products and services, etc. Clear, advertising should make clear explanation of financial products and services, so that consumers can make purchase decisions based on full understanding of products and services. Financial companies should not mislead. They should ensure that advertisements do not highlight risks but emphasize benefits. The data on the benefits and risks of financial products should not be selected historical data with relatively good performance, but comprehensive data, so as to avoid overly optimistic expectations of consumers.

Regulations on social media and advertising for certain financial products are specifically issued. In March 2015, FCA issued a document on the financial advertising norms of social media, which includes but is not limited to: blogs, micro-blogs, social networks, BBS and photo, audio and video sharing platforms; Stipulate that social media financial advertising should also abide by the principle of fairness, clarity and non-misleading. In addition, the FCA also issued special documents to explain the advertising of personal savings accounts, investment experts, fund performance, picture advertising and other special financial products.

When an advertisement for a financial product is found to be inconsistent with the regulations, the FCA has the legal power to revoke it or notify the company in advance of its prohibition. When exercising the right of punishment, FCA mainly considers whether the advertisement has caused customers' losses, including direct and indirect losses. For example, the actual interest rate that customers pay for loans is higher than that advertised in the advertisement. Indirect loss if the client bought an insurance, advertisement claims to contain in insurance prevent theft danger, but the client discovers after suffering theft this insurance does not contain prevent theft danger.

Identify which ads are misleading and choose the most serious. For the same AD, different FCA staff study it separately and decide how to proceed. If further penalties are deemed necessary, a committee of FCA staff decides whether to warn financial firms first. Fourth, first ask financial companies to remove advertising, and inform the reasons for banning the advertising; financial firms are allowed to present evidence that the advertisement did not mislead consumers and to decide whether to modify, withdraw or enforce previous decisions. If the financial company does not recognize the administrative decision of FCA, it may apply for administrative review to the superior department. Fifth, if the administrative penalty decision is finally implemented, the FCA will publish the decision on its official website, including the display of the advertisement and the reasons for the decision.

The FCA posts education consumer content on its website, instructing consumers on how to identify misleading advertisements and how to report them when they are found. Consumers can determine whether financial advertisements are misleading by considering whether they need to pay fees, what is the interest rate, whether the advertised interest rate or the rate of return is realistic and credible, and so on. The FCA requires financial advertising and promotion to clearly define what a financial product or service is, how it works, and how financial consumers benefit. At the same time, the costs of financial products and the risks of these products or services should be clearly stated. It also suggests to consumers that advertisements of various financial products in daily life, including bank deposits, investments, insurance, housing loans, pensions and consumer credit, are likely to mislead consumers. It is hoped that consumers can timely report any misleading situation to the FCA.

In the UK, financial consumers have the right to complain to the FCA if they believe that financial advertisements are misleading and unfair. When FCA verifies that financial advertisements mislead financial consumers or are unfair, it shall have the right to require financial institutions to amend or withdraw the advertisements, apologize to the misled financial consumers and compensate for the losses caused. It may also impose penalties such as warning or fine on financial institutions. In addition, if financial consumers believe that advertisements for financial products contain inappropriate contents and violate social responsibilities, they can directly complain to the advertising standardization authority of the United Kingdom. FCA provides assistance channels for financial consumers who buy products or receive services due to misleading advertisements and suffer losses, and requires relevant financial institutions to take appropriate procedures to deal with complaints of financial consumers and provide feedback on the treatment within a certain period of time.

The fifth national conference on financial work listed "prevention and control of financial risks" as one of the three tasks. The party's 19th congress took "preventing and resolving major risks" as the first of the three major battles. The central economic work conference stressed that the key to preventing and mitigating major risks is to prevent and control financial risks. Therefore, strengthening supervision over financial advertising is an important measure to prevent and control financial risks and an important guarantee to keep the bottom line of systemic financial risks from happening.

Use existing legal weapons. China's current advertising law, the law against unfair competition, and the law on the protection of consumers' rights and interests have clear provisions on fighting against false publicity, deception and misleading, and protecting consumers' right to know. Financial advertising supervision should use legal weapons to implement existing legal provisions. Introduce financial advertising pre-censorship system. Reference to medical treatment, medicines and other special industry regulation, censorship beforehand, introduced in the field of financial product advertising, require financial institutions in the dissemination of financial advertisements must first through the internal compliance personnel on advertising content and form of prior confirmation, and prepare the review records, after final review by administrative organs, to restrain the illegal ACTS related to financial advertisements at the source. In view of the current situation of separate supervision in China, it is suggested to formulate administrative regulations on the supervision of financial product advertisements to ensure the legal status of legislation so as to effectively coordinate the interests of various supervision departments. In terms of the content of legal provisions, the definition, content, prohibition of sexual behavior and legal liability for violating financial advertisement should be clearly defined. At the same time, the use of financial terms and the responsibilities of relevant practitioners should also be stipulated.

On the industry and commerce, justice, the central bank financial advertising regulation, financial regulation, industry association and other departments, to avoid "long regulation" and "regulatory gaps" phenomenon, should be clear regulatory responsibilities, solve the problem of good division of labor cooperation, realize the financial illegal advertising prevention, screening, transfer and treatment of the organic link, to ensure universal coverage finance advertising management of each link of supervision. All departments should strengthen cross-departmental and cross-regional cooperation and form joint regulatory efforts in accordance with the concept of "failure to timely detect risks is dereliction of duty, and failure to timely prompt and handle risks is dereliction of duty". It is suggested to clarify the division of labor, communication and coordination supervision mechanism of various departments. For example, the industrial and commercial bureau, the radio and television bureau, the ministry of industry and information technology and other departments should timely notify the financial supervision department of any illegal behaviors found in financial product advertisements in daily supervision, and the financial supervision department should punish the illegal behaviors. At the same time, a complaint reporting system should be established to give full play to the supervision of the public over the advertising of financial products.

Financial institutions should regularly disclose the characteristics, benefits, risks and operating conditions of their products or services, so that financial consumers can timely and accurately understand the relevant information of financial institutions and their products. Regulators should supervise and investigate the information disclosed by financial institutions to ensure the accuracy and timeliness of the information disclosed by financial institutions and the acceptance and mastery of financial consumers. According to the principle of territorial ownership, each regulatory agency shall monitor the traditional media such as newspapers, radio, television, posters and outdoor financial advertisements published in their respective jurisdictions. At the same time, we should establish a working mechanism for actively collecting public opinions, formulate contingency plans and effectively prevent public opinion risks.

Play the role of credit supervision. Borrow the current social credit system construction of the east wind, and utilization of enterprise credit information publicity system, the people's bank of financial credit information database platform, will verify the financial illegal advertising include negative information of the person in charge of enterprises and related compression illegal financial advertisement of living space, promote financial advertising responsibility main body regulate the behavior of financial advertisements. Establish a "negative list" system. It is necessary for the competent departments of the financial industry, together with relevant departments, to consult on the formulation of a list of market access for financial advertising, a list of negative prohibitions against financial advertising, and the establishment of a pre-review system for financial advertising according to law, and promptly promulgate relevant measures. Establish a blacklist system. After a financial enterprise is punished for publishing advertisements in violation of laws and regulations, it will be included in the "blacklist" immediately. It refuses to record and review the newly released advertisements of the enterprise, and feedback the information to the telecommunications management department. It is suggested to screen all advertisements released by the enterprise and increase the cost of violating laws and regulations of the financial enterprise.

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