Illegal stock recommendation, unqualified practitioners, false publicity, financial and business education under who is in charge?

Reporter | Cha Qinjun

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"Only 12 yuan, the realization of financial income is higher than the salary."

The above financial class advertisements are not uncommon on the Internet. On the evening of January 18, CCTV Finance exposed a number of financial and business educational institutions, pointing out the chaos of illegal stock recommendation, teacher problems, and false publicity in the industry.

The central financial reporter spent 12 yuan to sign up for the financial management class of "focusing on popularizing financial knowledge for Xiaobai" of the Weimiao Financial And Commercial Class. However, the Xiaobai financial management class did not popularize financial knowledge, but emphasized the importance of financial management every day, and recommended 6998 yuan of advanced courses to students, and each video lesson spent a lot of time to show the learning results of advanced course students.

"At the end of June, I entered the Xiaobai (course) and august (entered) practice classes, and the index fund earned more than 80,000 yuan and a yield of 66%." The teacher of The Micro Miao Finance and Business Class said in the video.

When many people purchased advanced courses, the promised live classes became recorded classes, and the lecturers ignored the students' questions, and some students applied for refunds but were rejected.

There are also problems with the so-called "professional practitioners in the industry" in the propaganda. When the CCTV reporter applied as a job seeker, the staff of the Weimiao Finance and Commerce Department said that there is no need for professional qualifications to teach, and the trainees can also apply for lecturers after "graduation", and the lecturer can give specific suggestions for the students' stock and fund investment.

A student of The Weimiao Finance and Commerce Class said that the lecturer often claimed that through the analysis of the company's financial reports, he concluded that some company stocks were suitable for purchase, and even helped the students select several so-called good companies, "some people lost one thousand yuan, some people lost three thousand yuan."

"Most of the financial and business training institutions claim that their lecturers and course developers are experts in the fields of investment and financial management, but most of the qualifications cannot be queried, the authenticity is difficult to verify, and even some institutional sinology lecturers have become wealth management experts. The White Paper on National Financial and Business Education (2022 Edition) (hereinafter referred to as the White Paper) points out.

The problems in the Micro Miao Finance and Business Class are not unique, and the routines of many financial and business education institutions on the market are often to first advertise low-cost or even free small white courses, and then lure students to buy higher-priced financial courses with high returns and high returns.

According to CCTV Financial Report, in the small white financial management course of 0 yuan in the Long Investment Academy, the class teacher repeatedly recommended the students to purchase a high-end financial management course of 2802 yuan, and sent out screenshots of the high returns of the previous students. The class teacher of QiNiu Academy called many times, urging him to quickly pay for the course and promised reporters that the lecturer would take the students to buy stocks.

"Most of the target customers of financial and business education institutions are so-called 'little whites' without basic financial knowledge, and most of the sales staff of the institutions promise to achieve higher target returns after learning, and are not satisfied with the false propaganda behaviors such as withdrawal from classes after completing their performance, and even induce customers without consumption ability to buy courses through online loans." The White Paper said.

Behind the chaos of financial and business education, the lack of a clear regulatory policy system in the industry is one of the reasons.

"At present, there is no clear regulatory unit to supervise (the industry), and we also hope to have a clear direction and implement it." A financial and business education industry insider told Interface Education.

Since financial and business education has the composite attributes of finance and education, who is supervised is also a problem.

"A single regulatory model is not only easy to cause the lack of regulatory dimensions, but also easy to cause regulatory lag, so the supervision of the industry should also be a comprehensive supervision." Caijing quoted Liu Yifan, a lawyer at Pushon Da Law Firm, as saying.

Liu Yifan believes that from the perspective of the compliance of the subject, it should be mainly supervised by the education administrative department; from the perspective of the compliance of the content, it should be reviewed by the financial department; and in terms of its publicity, fees and other aspects, it should be supervised by the market supervision and management department. ”

"If financial and business education involves the recommendation of financial products, users can click on the financial business education page, jump to the financial product page, and let users register to purchase products, which belongs to the field of financial jurisdiction." Su Xiaorui, senior analyst at Analysys, told Interface Education.

In view of the current disorder and confusion in the financial and business education industry, the White Paper puts forward the following suggestions:

First of all, in terms of regulatory structure and concept, the regulatory framework most likely to be adopted by the financial and business education industry is a multi-departmental collaborative regulatory framework under the concept of functional supervision, and different departments are classified according to business and functions, and under the collaborative framework, supervision is implemented by function. At the same time, the government supports and helps establish and improve industry self-regulatory organizations to guide industries and institutions to operate in compliance and legally.

Secondly, in the positioning and supervision responsibilities of financial and business education institutions, strengthen the construction of industry systems, policies and rules, and relevant departments can jointly introduce a management system that regulates the healthy development of financial and business education, implement pre-filing or review for the registration of institutions such as "financial education" and "financial and business education", and put forward clear qualification requirements for practitioners engaged in financial management training.

Third, the introduction of industry standards, strict content review, the healthy development of the industry, the need for industry self-regulatory organizations or regulators, the introduction of financial and business education and training industry and curriculum system standards, requiring all kinds of platforms, short video websites, etc., to strictly review relevant courses, put an end to disorderly promotion, increase the intensity of illegal crackdown, to avoid causing greater risks.