The new financing model enriches the levels and products of the financial market, helps to solve the financing difficulties of small and micro enterprises, promotes mass entrepreneurship and innovation, and improves the inclusiveness of financial services. However, while Internet finance brings convenience,
At the same time, efficiency also contains more complicated and changeable risks, which brings challenges to the stable operation and healthy development of the financial system. Therefore, we should fully understand the main risks faced by internet finance, strengthen supervision and prevent risks.
Promote the healthy development of Internet finance in China.
At present, the risks faced by internet finance in China are mainly manifested in the lack and lag of regulatory laws and regulations, irregular operation of institutions, and difficulty in protecting the legitimate rights and interests of consumers.
Legal risk: relevant regulatory laws and regulations are missing and lagging behind. China's Internet finance legislation has been launched. In July this year, the Guiding Opinions on Promoting the Healthy Development of Internet Finance jointly issued by the People's Bank of China and other departments stated that,
Confirmed the regulatory responsibilities, regulatory responsibilities and business boundaries of Internet finance. However, the laws and regulations related to internet finance are still not perfect, such as the entry and exit standards, business methods and identity authentication of traders of internet finance enterprises.
There are no clear laws and regulations on the protection of consumers' rights and interests in Internet finance, and there are no corresponding protection clauses for customers' privacy rights in the era of big data. The construction of Internet financial supervision system obviously lags behind the development of Internet finance.
International. At the same time, it is urgent to further study and explore how the financial supervision system can adapt to the requirements of Internet financial supervision across time and space, regions and mixed operations.
Operational risk: Internet financial institutions operate irregularly. At present, Internet financial institutions generally have the problem of irregular management. For example, the P2P lending industry has no business license and no registered capital.
The entry threshold is hard. Many P2P lending platform entrepreneurs have low risk identification ability, insufficient management ability, lack of risk control mechanism, and improper fund allocation: some are driven by interests and adopt the "fund pool" operation mode, which is private.
Self-bidding of loans leads to loan maturity mismatch and even contract fraud; Some set high-risk borrowing targets, even fictional borrowers and misappropriate investors' funds. At the same time, user registration is not strict, and customers
Peer-to-peer lending platform generally has the phenomenon that family lending relationship lacks necessary guarantee, which is prone to credit risk; Internet financial funds usually promise to redeem T+0 in time.
However, there is a lack of mechanisms and funds to deal with liquidity risks. Once investors focus on redemption, there may be liquidity risk and even systemic financial risk.
Social risk: it is difficult to protect the legitimate rights and interests of financial consumers. Different from the traditional closed communication network with strong financial independence, Internet finance is in an open network world, with key management, encryption and other technologies.
Information security risks such as imperfect related protocols, poor security and hacker attacks may lead to the disclosure or damage of users' information data, pose a serious threat to the information security and property security of financial consumers, and may also induce redemption squeeze.
Go against the trend. There are some problems in the operation and management of internet wealth management products, such as exaggerating the income of wealth management products, insufficient risk warning, and a big gap between income and expectation. According to incomplete statistics, as of mid-April of 20 14, I
1 18 the state-owned P2P lending platform is in trouble or closed down, causing great property losses to financial consumers. These problems have seriously damaged the legitimate rights and interests of financial consumers and affected the stability of financial order and social harmony.
To promote the sustained and healthy development of internet finance in China and give full play to its positive role, we must further strengthen supervision and focus on preventing and resolving risks. At present, we should actively explore and practice in the following three aspects:
Improve regulatory norms and build an efficient Internet financial regulatory system. On the basis of revising and perfecting the existing financial laws and regulations, aiming at different internet financial models, we should improve the internet financial legislation as soon as possible and promote the relevant departmental regulations and the state
Formulate household standards and clarify the legal status, entry and exit conditions, business boundaries, rights and obligations of each transaction subject. Construct an efficient supervision system of Internet finance and scientifically choose to adapt to the actual development of Internet finance in China.
In terms of supervision mode, consider setting up a special supervision institution to carry out overall supervision. We can learn from the management experience of "prior supervision" in developed countries, reorganize the business scope of various Internet financial institutions, and implement market access and exit.
A system bans financial platforms that do not meet the requirements and are even suspected of fraud and illegal fund-raising, effectively preventing financial risks.
Strengthen industry self-discipline and standardize the business behavior of Internet financial institutions. We can learn from the international experience of "industry self-discipline first, then supervision and follow-up" in managing Internet finance, and study and establish an Internet finance industry association to give full play to its role.
The self-discipline function of industry associations, especially the formulation of fair trading rules for Internet finance, promotes the formation of unified industry service standards, guides Internet financial institutions to establish legal and compliant business awareness, regulates business practices, and strengthens risk prevention.
Management and control capacity building to promote the sustained and healthy development of the Internet finance industry. At the same time, actively establish and improve the social credit system, improve the credit information system, and consolidate the social credit foundation of Internet financial risk management and business development.
Strengthen risk education and effectively protect the legitimate rights and interests of financial consumers. Strengthening consumer protection is the focus of Internet financial supervision. Because Internet finance is still in the early stage of development in China, the laws and regulations on consumer protection are more serious.
In the absence of it, it is necessary to speed up the formulation of a special law on the protection of consumers' rights and interests in Internet finance, and clarify the risks and responsibilities in the transaction process, the information disclosure of financial institutions, the protection of consumers' personal information, and the third-party custody of funds.
Provisions on ensuring the security of information and property of all parties involved in internet finance. At the same time, strengthen the risk education for Internet financial consumers, improve their awareness of network information security and risk prevention, and understand and master risk prevention workers.
And technical means. It is also necessary to establish a scientific and convenient compensation mechanism and litigation mechanism as soon as possible, and set up an internet financial consumer rights protection agency to accept complaints and resolve disputes, and earnestly safeguard the legitimate rights and interests of consumers.