The Wall Street Journal quoted Shiyu saying that some insurance-linked products lacked information, adding that the irregularities resulted from management shortcomings and infringed on consumer rights, arousing public concern.
Though he refrained from giving examples of excessive fees or specifying any banks, banks in general have come under criticism for charging high fees for a range of services, particularly as they record unusually strong profits.
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As banks offer an expanding number of wealth management products, they seek to protect deposit bases by attracting customers with products offering returns above interest rates on deposits.
Further, consumers have also complained about inadequate warnings of the risk accompanying products that lend funds to enterprises or are linked to stock or currency markets.
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