Fund Sales Chaos Two Survey: Multi Class Irregularities Reappearance Logo "Internal Materials" To "Edge Ball"

In twenty-first Century, the economic report reporter released the February 21st "explosive fund" routine survey: hunger marketing, stepping line publicity, frequent processing of "star manager" loopholes, reported that there are many problems in the fund sales link. Then, in early March, the regulatory authorities issued the "strict regulation of publicity and promotion activities to promote the healthy development of equity funds" to inform the relevant issues, and asked to strengthen the internal control compliance of fund companies in the process of product promotion.

A month passed. In twenty-first Century, a survey by the economic news reporter found that most fund companies responded that the relevant promotional materials had been audited in strict accordance with regulatory requirements. At the same time, there are still some individual fund companies in the fund publicity and promotion of the existence of the "edge ball" phenomenon.

Among them, including the "limit sale" as the theme of publicity, fuzzy fund managers performance and other regulatory authorities recently banned acts; there are prizes sales, the use of "robust", "best", "only" and other expression of the previous regulatory authorities have stopped the irregularities.

"Regulators have been doing a lot of regulation for financial marketing campaigns, and the reason why they are repeatedly banned is the compliance of companies." In April 2nd, a public fund worker told the business reporter in twenty-first Century.

Irregularities in "quota sale"

In our newspaper report, "limit sale" involves "hunger marketing". The regulatory notice issued in March 2nd has made detailed requests for it. It stipulates that the arrangement for raising the ceiling of the fund products and the proportional placement can be listed in the promotional materials as a risk warning item, but it should not be emphasized in different fonts, enlarging the font size, etc., and shall not be sold as a sale. The theme is marketing propaganda.

However, in twenty-first Century, an economic report reporter found that similar violations occurred in the recent fund promotion and promotion materials of the finance and fund and harvest fund companies.

For example, in the fund page of Alipay APP, when the new fund of Jin Zicai, a fund manager of CAITONG fund, was put on sale on the front page, the "strength pilot limit sale" was highlighted on the front page with different colors and different font sizes.

The fund grew for financial intelligence. The subscription date was from March 18th to March 31st.

In the posters issued by the April 1st cashmere Swiss and two year holding hybrid funds, the "quota 3 billion sale" was also emphasized in the poster with different colors and font sizes.

It is worth mentioning that in a poster of the fund reported by the economic news reporters in twenty-first Century, the poster on the upper right-hand corner of the poster marked "channel reference", and at the same time, the risk note listed in the bottom part of the poster indicated that the material was only for sale channel internal communication, and could not be publicized and promoted to customers.

But in fact, according to the twenty-first Century business reporter survey, there are still feedback from investors that WeChat customers have received publicity and promotional posters for the fund's "quota placement" in the group.

"Subscribe for 3 days: April 1st -3 days; limit purchase 3 billion, doomsday ration placement". This is a fund promotion information released by a customer manager of a bank of China in a customer base.

In fact, the problem of inducement of investors caused by limited sales has been concerned by the market. Earlier, our newspaper reporter found that many bank account managers mentioned in the recommendation fund that there would be a lot of people to buy a product limit, suggesting that investors should rush to buy.

Misleading behavior is frequent.

In addition to the new problems such as "Limited sales", the expression of misleading investors still exists in recent fund promotion materials.

In twenty-first Century, an investigation by the economic news reporter found that similar expressions such as "first place", "champion" and "sole" appeared in the fund poster of several fund companies in recent years.

For example, the rich country fund, in the poster of the 30 hybrid fund of the new fund of Yu Yang, the fund manager of the fund, is marked with the largest font. The first name refers to Yu Yang's "first rank of the same fund in terms of service return", but in this poster, there is no clear indication of what kind of fund the fund refers to and what products it refers to.

In addition, the poster shows Yu Yang's rich new country power A, Fu Guo precision medical care, rich country health care three fund returns and fund ranking data, but only rich country new power A a fund according to the data in this poster is consistent with the description of "the first rate of return of the same fund".

In another promotional material of the fund, according to the description of fund manager Yu Yang, "the fund managed by Yu Yang and the whole market fund doubled in the same period when the market was weak or even down, and the ranking of the same products ranked first." Data show that the performance of the rich countries precision medical care benchmark is "CSI precision medical theme index yield 50%+ comprehensive debt index 50% yield", Wind data show that from November 17, 2017 to February 28, 2020, the fund's benchmark return was 15.9%.

Another huitianfu fund, in a poster of the Huiyuan value creation hybrid fund, marked the logo of "NO.1" in the red and largest font, pointing out that since its establishment, the income has been the same "NO.1".

According to the risk hints at the bottom of the material, the fund compares the same kind of funds that are set up before the three level classification of Galaxy Securities in April 8, 2016. In twenty-first Century, the economic report reporters interviewed galaxy securities data, found that huitianfu value creation opened the mixed fund Galaxy Securities three level classification for the regular open-ended partial stock fund, as of March 13th this year, under this category only 26 officially operated fund quantity, undertakes the performance the representative fund number is 24.

According to the time chosen in huitianfu's poster: the data from January 19, 2018 to February 7, 2020 were divided into three categories, only 3 funds were available to meet the time interval. That is to say, the "NO.1" listed in huitianfu's poster may have only 3 funds compared to the data.

"Some companies will choose the comparative dimension for the sake of" first place ". There has been a statement of the same kind of trusteeship in the same period. A public fund worker told the economic news reporters twenty-first Century.

In twenty-first Century, an investigation by the economic news reporter found that the first "and" only "expression" also included the "only one" in the poster of the South Fund.

Confusing fund managers' performance

As a matter of fact, there is confusion and misleading situation in the market for fund managers' past performance.

For example, in March this year, huitianfu focused on publicity for its huitianfu blue chip robust fund, focusing on the performance of the fund in the past 3 years to the past 11 years, while blunting its current management time of fund managers, saying that the fund, which has a "very bright long-term performance", did not explicitly point out that the thunder managed huitianfu blue chip firm. Body time and return.

Data show that since January 2015, Lei began to manage huitianfu blue chip steady, only five years since its appointment.

In the case of dongfangzi management, in its promotional materials for the three year holding fund of Dongfang Hong Qidong in March 11th, it was mentioned that fund manager Li Jing "now manages the product Dongfanghong has been growing steadily since its establishment, accumulative total return of 277.9%", but Dongfanghong's robust growth was founded in April 2013. Propaganda materials did not indicate that Li Jing began to manage the fund since January 2018, and Wind data showed that as of April 1st, Li Jing earned a return of -15.83% since he grew up.

In addition, the Harvest Fund in the promotional posters of Jiashi Rui also listed the overall performance of other fund managers who were appointed to fund management, but did not point out that Gui Kai was not managed since the establishment of the product.

In the previous regulatory notice, it has been pointed out that the past performance of fund managers should be covered in principle, and all the similar products managed by the fund managers should be covered in principle, and strictly abide by the requirements of the regulations on the performance interval. It is strictly prohibited to unilaterally select fund managers' specific or partial products, specific or part of the interval's past performance for publicity. Scene information should objectively and accurately provide the fund manager's investment related to the product investment.

In addition, the twenty-first Century economic news reporter survey found that there are recent fund companies through the issuance of red packets, such as the sale of prizes and other banned acts.

For example, huitianfu Fund issued a red envelope in the form of answer in a live broadcast in March. Penghua Fund also had similar activities such as "guessing picture" and sending red packets.

Bypass regulation of internal materials

In twenty-first Century, an investigation by the economic news reporter found that a number of fund companies in violation of the aforementioned publicity materials were labeled "internal materials" in the material, in essence, or to avoid regulatory situation.

For example, the rich countries fund, one of the promotional materials at the bottom of the label "only for learning in the use of" logo, Peng Hua fund publicity materials also marked "directional materials, please do not hair."

Is internal material really guaranteed to be used internally?

"Indeed, many posters are under the banner of internal materials without compliance requirements, but no one can guarantee similar posters in the Internet age as reference within the channels. A lot of client managers are directly holding the fund's internal materials to the customers, and the fund companies also have acquiescence. A public fund worker said.

In his view, "what needs to be clear is that publicity materials are not internally and externally differentiated, and should be subject to the same standard of regulation."

In fact, there was a lack of fund companies in the communication with our reporter that the promotion of channels has nothing to do with fund companies.

But in December last year, the notice on further standardizing the conduct of financial marketing publicity, which was launched in January 25th this year, clearly put forward the supervision over the financial marketing and publicity activities of business partners. Financial products or financial services operators should carefully determine the form of cooperation with their business partners in accordance with the law, clearly stipulate the responsibilities of this organization and business partners in financial marketing publicity, and financial products or financial services operators should supervise the marketing activities related to this organization made by business partners.

At the same time, it is pointed out that in addition to the provisions of laws, regulations and regulations, financial products or financial services operators shall not transfer or reduce the responsibilities that should be borne by the business partners' financial marketing and publicity activities.

In April 2nd, a public offering fund person said in the interview that "the company's compliance is more and more strict in the near future, no matter the internal and external materials, all of them are required to maintain a unified compliance caliber."

?