China’s banking regulator is expected to
publish new draft rules on many aspects of the wealth management
industry from cross-selling to training requirements within the
next month.
Speaking at PBI’s Hong Kong Forum
last week, Armstrong Chen, deputy director at the supervisory rules
and regulations department of the China Banking Regulatory
Commission (CBRC), said the proposed rules were designed to help
the wealth management market develop healthily, especially around
investment product sales.
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The new rules will help give foreign banks
greater clarity about the sales of wealth management products into
the onshore wealth market in China.
China’s onshore wealth market is estimated to
be about RMB14trn ($2.15trn).
Selling and cross-selling
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By GlobalDataThe new rules are expected to cover the
selling and cross-selling of wealth management products and
derivatives.
Official definitions of wealth management
terms from private banks to high net worth individuals could also
appear in the draft regulations.
The CBRC is also expected to outline the
compulsory training requirements for staff working in the wealth
management space, including the exact number of hours of continuing
professional development staff must complete annually.
