Martin Lee @ Sg
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China to Eliminate Financial Scam Advertisements

China has moved in a big way to eliminate financial scam advertisements.

Advertisements for a wide variety of products, ranging from wealth management products, loans and real estate to other no-risk high returns schemes such as trees and animals will be targeted.

A forceful approach has been taken as financial literacy has generally lagged rising personal wealth and many people in China have been falling prey to financial scams.

The China Banking Regulatory Commission said the move was to “protect the legitimate interests of the masses” and “clean up the market environment”.

For cases where the advertisements are eliminated, the advertisers would be identified and their actions used to educate the public. Offenders would be investigated.

In China, operating big financial scams could result in a death penalty.

In Singapore, there has been some mention of tighter controls of advertisements and regulations earlier this year but no details have been revealed yet.

China moves to eliminate financial scam advertisements (South China Morning Post)

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