CFIC Introduction
Original title: Clarify the relevant standards for complaint handling and improve the customer return visit mechanism The China Securities Association issued two group standards for the first time to explore new mechanisms for investor protection
On May 15, the sixth "5.15 National Investor Protection Publicity Day", the Securities Association of China (hereinafter referred to as the "China Securities Association") announced two industry standard documents, the "Standards for Handling Complaints of Securities Companies" and the "Standards for Customer Return Visits of Securities Companies", for members and other units to voluntarily adopt. The two industry standards were compiled by Huafu Securities and Huaan Securities, members of the Investor Service and Protection Professional Committee of the China Securities Association.
The "Complaint Handling Standards" covers the definition of complaint handling related concepts, multi-dimensional differentiation of complaint types, complaint methods and channels, formulation of complaint handling principles, formulation of complaint handling procedures, clarification of complaint handling workflow, and emphasis on the complaint handling supervision of securities companies, which will help securities companies improve the quality and efficiency of complaint handling, clarify job responsibilities, and prevent work prevarication.
The "Group Standards for Customer Return Visits" puts forward the work requirements, management system and organizational implementation reference standards for customer compliance return visits of securities companies, provides feasible suggestions for various scenarios encountered in the implementation of customer return visits, and fills the gap in the standards of customer return visit groups in the securities industry.
The agency believes that the issuance of the two standards will promote the further standardization of the complaint handling and return visit work of securities companies, provide guidance for the standardized development of relevant work of securities companies, and also provide a reference model for solving some difficulties and confusions in practical work, which is another vivid practice of the capital market to effectively protect the legitimate rights and interests of investors.
Gather industry wisdom to solicit opinions and suggestions extensively
Huaan Securities, as the lead unit of the drafting group of the "Group Standards for Customer Return Visits", has formed a first draft of the group standard by combing the current laws and regulations, self-discipline rules and other regulations on customer return visits of securities companies, summarizing its own experience and learning from the excellent practices of the industry's return visits, and soliciting opinions and suggestions from the society to revise and improve them. Under the guidance of the China Securities Association, it will be finally released after technical review, expert review and proofreading.
Huaan Securities has always adhered to deepening the application of financial technology in the counter business, and completed the construction of an intelligent outbound call system in 2022. As an excellent unit for customer return visits, Huaan Securities actively uses robot outbound calls and electronic questionnaires to carry out regular return visits, and focuses on manual return visits for investors holding high-risk products and services, so as to maximize the value of customer service by concentrating superior resources.
The formulation of group standards is also a process of gathering industry wisdom and building cultural consensus. As the lead unit in the preparation of the "Complaint Handling Standards", Huafu Securities has fully incorporated the protection of the legitimate rights and interests of investors into the overall planning of corporate governance, corporate culture construction and business development strategy, and has formed a complete set of protection mechanisms and institutional frameworks.
In practice, Huafu Securities attaches great importance to the optimization and innovation of the complaint handling process. First, through the establishment of an electronic transfer system for complaint handling, the refined management of "one complaint and one file" has been realized, ensuring that each complaint can be effectively tracked, reasonably transferred, rigorously approved and traced throughout the process, which greatly improves the efficiency and transparency of processing. The second is to strengthen the collection and sorting of complaint information, so that customers can take appropriate complaint methods and channels to express their own demands. The third is to strengthen internal control and staff training. Through continuous internal control review, regular business and company-wide complaint handling training, the company's professional ability and ability to respond to complaints are enhanced. Fourth, we will intensify the publicity of investor education and risk disclosure, and carry out extensive online and offline consumer financial literacy popularization activities.
Within the framework of the current system of the China Securities Regulatory Commission and the China Securities Association, the announcement of the operation of the 12386 service platform, combined with a large number of excellent experience accumulated in the practice of complaint handling in the industry, it lasted one and a half years, and after many rounds of extensive solicitation of opinions, in-depth discussions and repeated arguments in the industry, it brought together the wisdom of regulators, industry associations, more than 100 industry elites and other parties, and finally formed the "Complaint Handling Standards".
Strengthen communication with investors and improve the compliance and internal control management of securities firms
Customer return visits are an important channel for securities companies to understand customers, one of the important links in investor protection, and an important starting point for improving the effectiveness of compliance and internal control management of securities companies. Through communication with investors, on the one hand, we can further confirm the willingness, autonomy and matching of customers to buy products or services, reveal investment risks, and strengthen investor education; On the other hand, it can understand whether there are violations in the business of practitioners and improve investors' awareness of risk prevention; In addition, it can also collect customer opinions and suggestions extensively, enhance and consolidate the quality of investment services of securities companies.
The "Group Standards for Customer Return Visits" is divided into nine chapters, which mainly sort out the provisions of current laws and regulations, self-discipline rules and other regulations on customer return visits of securities companies from three aspects. First of all, the common categories of customer return visits are divided, and the customer return visits are classified from the dimensions of return visit methods and business scenarios, and each category is explained and work prompted, so that securities companies can effectively manage all kinds of return visits.
Secondly, the "Group Standards for Customer Return Visits" puts forward the basic requirements for customer return visits, and clarifies the basic working principles that securities companies should abide by when carrying out customer return visits, including that securities companies should fully respect the wishes of customers, consciously maintain the security of customers' personal information, and return visitors shall not pay return visits to customers who serve themselves or have direct interests.
Finally, the "Customer Return Visit Group Standards" constructs a customer return visit work system, lists the division of responsibilities and work standards, work processes, work priorities, specific examples of key return visit positions such as customer return visit management posts, executive posts, and quality inspection posts, and emphasizes the application of return visit results, and guides securities companies to analyze the data of customer return visit results, so as to improve the quality of products and services and optimize relevant systems and processes.
In the view of Huaan Securities, the compilation and release of the "Customer Return Visit Group Standards" organized by the China Securities Association is of great significance to the implementation of the "Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market" (referred to as the new "National Nine Articles") The development goal of "highlighting the people-centered value orientation and more effectively protecting the legitimate rights and interests of investors, especially small and medium-sized investors", will help guide the industry to continuously improve the quality of comprehensive practice and help the high-quality development of the capital market.
Solve the difficulties related to complaint handling and be close to the actual needs of investors
The promulgation of the new "National Nine Articles" has significantly enhanced the strategic position of the protection of investors' rights and interests in the overall development of the capital market. Wu Qing, chairman of the China Securities Regulatory Commission, previously said at the 2024 "5.15 National Investor Protection Publicity Day" event that investors are the foundation of the market. Protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is a concrete embodiment of the people-centered development philosophy in the capital market.
At the same time, Wu Qing stressed that the China Securities Regulatory Commission will consistently do a good job in implementation, and ensure that investor protection runs through all aspects of the entire process of capital market system construction and regulatory law enforcement. The Complaint Handling Standards strive to solve the difficulties related to complaint handling, fully meet the actual needs of China's securities market, and pay attention to complaints involving third-party professional institutions and feedback mechanisms for complaint handling, aiming to boost investor confidence, ensure that each investor's legitimate and reasonable demands can be responded to in a timely, fair and effective manner, and jointly promote more refined, systematic, scientific and practical group standards.
It can be seen that the promulgation of the "Complaint Handling Standards" is not only the embodiment of the intrinsic responsibilities of securities firms, but also the urgent requirements of the large insurance pattern in the new era, marking a solid step forward in the field of investor rights and interests protection in the mainland securities industry, and helping the industry to form an efficient, collaborative and innovative working model for complaint handling.
"Investors, especially small and medium-sized investors, are often in a weak position in the capital market, and as a financial institution, they should have empathy and compassion for investors, and properly solve investor complaints with a high sense of responsibility." Huafu Securities said that it hopes that the "Complaint Handling Standards" can be promoted in the industry and effectively safeguard the legitimate rights and interests of investors, and the company will also actively cooperate with the China Securities Association to promote and interpret the work, and continue to collect opinions and suggestions in the process of industry application, so as to provide a practical basis for continuously improving the complaint handling mechanism. We firmly believe that with the joint efforts of the whole industry, securities companies will fully practice corporate social responsibility, improve the effectiveness of investor education and protection, and promote the high-quality development of the financial market, and the securities market will have a better tomorrow.
Source of this article: China Securities Journal
Reporter: Lin Qian, Hu Yu
WeChat editor: Guan Qiao
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