Case 1
Investors mistakenly enter cloned websites and are deceived
1、 Case Introduction
On July 21, 2015, a customer service representative of a certain branch received a complaint call from an investor, claiming that they saw an advertisement on the official website of the branch and applied to join a paid membership club, receiving a recommended stock software. The branch promised to follow the software prompts to ensure 100% profit. But the investor paid and followed the software's prompts, which resulted in trading losses in their account. Therefore, they complained and strongly demanded that the business department refund the fees and compensate for the economic losses.
The customer service representative of the sales department stated, "Our company does not release any stock recommendation fee based software except for regularly releasing financial information for free on our official WeChat subscription account." However, the investor's attitude is still very firm, demanding an explanation from the sales department.
In accordance with the principle of being responsible to investors and striving to satisfy them, customer service personnel use gentle language to appease investors while inquiring about the website of the charging software in detail. After entering the website, the customer service personnel discovered a highly similar cloned website to the business department's website. Careful customer service personnel found that this cloned website completely copied all the information posted by the business department, but the website address and customer service phone number were completely different from our company's phone number, and the website was filled with a large amount of member remittance information. It was a fake website that used the banner of a legitimate company to deceive others into making money.
The customer service representative sent the official website of the securities business department to the investors. At first, investors could not accept the explanation from the customer service staff and insisted that the branch had collected their membership fees, requesting a refund. In order to enhance persuasiveness, customer service personnel opened two websites and compared their contents one by one, helping investors discover the differences between the two websites and analyze the conflicts between the content published by fake websites and current legal regulations, in order to uncover the truth of their fake real websites and deceive others with guaranteed profits as bait. The investor waived their claim for compensation and expressed gratitude to the customer service staff for their enthusiastic service. Afterwards, customer service personnel assisted investors in recording the correct official website, service phone number, official WeChat and other related information, reminding investors to be vigilant and not to blindly make payments when encountering similar situations. They should make more phone calls and inquiries, keep their eyes open to distinguish truth from falsehood, and avoid falling into traps carefully designed by illegal elements.
After calming the investors, the staff of the sales department quickly reported the situation to the compliance risk control post and the operations director of the sales department. The management attached great importance to it and immediately reported the situation to 110 and the management department of the company headquarters. The company headquarters immediately issued a warning to investors on the investor education bulletin board and official WeChat, reminding them to be vigilant and avoiding more investors from being deceived. Due to the timely handling by the staff, the illegal website was quickly shut down.
2、 Case analysis and insights
In recent years, illegal securities activities carried out through Internet websites, forums, QQ groups, WeChat groups and other forms have occurred from time to time. The illegal activities of counterfeiting the websites of legal securities operating institutions and publishing information on illegal securities activities to attract members or customers, which are "fake as real" and deceptive, not only cause losses to investors who have been cheated, but also bring negative effects to securities and futures operating institutions. In addition to continuing to do a good job in investor education and continuously enhancing investors' ability to identify and prevent illegal securities activities, securities and futures operating institutions should strengthen daily investigations, timely discover clues, and follow up on illegal securities activities that counterfeit their own business names, websites, certificates and licenses online. This is not only to protect their own rights and interests, but also to contribute to the continuous purification of the capital market environment.
Case 2
Untold orders before market closure expose server time lag
1、 Case Introduction
Mr. Tian sold a certain stock through an online client at 14:59:33 on May 8, 2014. Afterwards, he was unable to retrieve the daily transaction records of the stock from the trading system. Subsequently, Mr. Tian called the sales department to inquire about the unfinished transaction of his daily order. After carefully checking his trading order, the customer service staff explained the trading rules to the investor. The next morning, Mr. Tian called the sales department again to inquire about this matter. The customer service staff and computer personnel of the sales department explained the trading rules to the investor again. However, the investor still had doubts about the explanation given by the sales department staff and insisted on complaining and requesting a reasonable explanation.
The sales department will report Mr. Tian's complaint to the company's information technology headquarters. Technicians found that the company's entrusted trading server lags behind the Shanghai Stock Exchange's offer server by 30 seconds. Although the company's entrusted record shows the entrusted time as 14:59:33 seconds, the exchange has already closed at this time. The technical department believes that the company's commission server and the exchange's offer server are two different servers, and there is no time coordination mechanism between the two. The small time difference between the two is an objective phenomenon, and the company will regularly adjust the time of the commission server to try to keep the time consistent between the two servers. The sales department communicated and explained to Mr. Tian over the phone. The next day, a dedicated customer service representative was arranged to visit Mr. Tian and provide him with a screenshot of his entrusted trading transaction data, explaining in detail the time inconsistency between the company's trading server and the exchange's offer server. Mr. Tian expressed understanding and withdrew the complaint, but also expressed dissatisfaction with the delay in server time causing the inability to conduct transactions. He suggested that the company further improve its service quality.
2、 Case analysis and insights
Providing accurate and timely trading services to investors is a fundamental obligation of securities companies. In this complaint, the securities company's reporting time lags behind the exchange's trading host by nearly 30 seconds, which greatly exceeds the general understanding of trading reporting time errors by industry institutions and investors. As a result, the reporting time did not enter the exchange's trading host, delaying the trading opportunity and making it impossible for investors to execute their trading plans, which may cause significant losses to investors.
Securities companies shall bear the risk of trading failure caused by the inconsistency between their own trading system time and the exchange system host, in accordance with the trading rules of the exchange and the relevant commitments of trading members. The company should strengthen management and take practical and effective measures to strive to keep the error between the company's trading host time and the exchange host time within a reasonable range, in order to effectively improve customer service quality and optimize investors' trading experience.
Case 3
Investor mobile client trading software cannot be used
1、 Case Introduction
Mr. Zhang changed his phone and downloaded and installed the mobile client software on his own. Due to their unfamiliarity with the mobile client, they were unable to register successfully. The staff provided guidance over the phone to resolve the issue. Shortly after, Mr. Zhang's mobile client malfunctioned again, and his account could not be logged in. Even after restarting his phone, the problem could not be resolved. The staff once again guided Mr. Zhang over the phone to download the mobile client again, but still could not solve the above problem. Due to the inability to trade, Mr. Zhang showed obvious anxiety and dissatisfaction, and therefore complained, demanding compensation from the company for the losses caused.
The business department reminds investors that stock trading can be conducted through other methods such as telephone entrustment and online computer client. At the same time, they spare no effort in remotely guiding Mr. Zhang to operate and install the mobile client according to the process. Due to Mr. Zhang's unfamiliarity with the performance of his own mobile system, the problem has not been solved in the end.
Considering Mr. Zhang's advanced age and the fact that his address is far away from the business department, the sales department has sent a customer manager to personally install a mobile client for him during his lunch break for the convenience of investors. Mr. Zhang affirmed the serious and responsible work attitude of the customer manager in the sales department and expressed satisfaction with the problem-solving approach. Afterwards, the account manager compiled Mr. Zhang's opinions on the mobile client and reported the technical issues of the mobile client to the company's technical department.
2、 Case analysis and insights
In recent years, there have been increasing complaints about issues with securities trading systems. Securities and futures operating institutions have introduced third-party software service providers, and the responsibility for handling related complaints generally falls on the operating institutions. Attention should be paid to handling such issues: firstly, special groups require special protection. The special issues exposed in providing services to the elderly, new market investors, and current students require special attention from operating institutions, industry associations, and regulatory agencies. The second is to handle problems in a timely manner. Complaints involving abnormal stock trading must be handled in a timely manner. The market situation is constantly changing, and securities operating institutions should promptly identify the reasons and take countermeasures, define the losses of investors and the responsibilities and rights of both parties within a certain range, and avoid further expansion of trading losses due to time delays and market changes, which will increase the difficulty of handling.
Case 4
Who will compensate for the losses incurred by investors due to the lag of third-party information purchased externally
1、 Case Introduction
A certain investor used a mobile trading software provided by a securities company, which was purchased by the securities company from a third party and listed a disclaimer clause: "Some of the information, data, opinions, investment advice, and investment analysis provided by the mobile trading software are provided by third parties for reference only. The company is not responsible for any inevitable or accidental losses caused to the user." The investor complained that the total share capital of a certain stock provided by the software was delayed, resulting in a wrong decision and demanded compensation (the investor actually lost 11000 yuan, about 20%, and the Shanghai Composite Index fell by more than 15% during the same period, and the investor claimed 50000 yuan).
After verification by the technical department of the feedback company, the investor's complaint is true. The data of the listed company includes stock dividends but has not been updated. The company promptly coordinated with the information provider to update the data source.
Securities companies believe that as providers of mobile software, they will do their best to provide high-quality services, but cannot guarantee the avoidance of errors, duplications, and delays that may occur during the transmission of information and trading information provided by the software. Relevant information should be based on the information disclosure media designated by the China Securities Regulatory Commission for listed companies.
The complaint commissioner expressed sincere apologies to the investor, but believed that the investor's claim of 50000 yuan lacked factual basis. The securities company has offered to lower its handling fee and provide appropriate compensation of a certain amount. The investor insists on demanding compensation of 25000 yuan. After active communication between the securities company and the investor, and continuous presentation of facts and reasoning to the investor, the investor ultimately accepted the handling plan proposed by the securities company, and the two parties reached a settlement.
2、 Case analysis and insights
Whether there is a causal relationship between institutional service behavior and investor investment losses is the key to assuming responsibility. Investors' trading is influenced by multiple factors and cannot be solely attributed to flaws in the software functionality of the operating institution. Although the relevant disclaimer has been informed in advance, investors often find it difficult to calm down after discovering the problem and still file complaints demanding compensation for losses.
Operating institutions should attach importance to the management of outsourced information. On the one hand, it fully explains to investors the possible risks of untimely and inaccurate information, and reminds investors to invest based on the analysis and judgment of the information disclosed by the listed company through the information disclosure media designated by the China Securities Regulatory Commission; On the other hand, we will strictly control the procurement process to ensure the quality of procurement, and establish a testing mechanism for consulting information to promptly correct any erroneous information.
Case 5
Patiently persuade investors to resolve the risk of forced liquidation
1、 Case Introduction
A securities company's business department reminded margin trading and short selling investors near the liquidation line via phone, urging them to take measures to increase the maintenance guarantee ratio as soon as possible to safely overcome the period of strong liquidation risk. Investors have stated that they will not close their positions and do not allow business departments to forcefully close them. Whoever closes their positions will fight fiercely against them.
Based on the investor's position, usual operating style, personality, and other factors that the business department has learned, it is likely that the investor's reaction indicates that they will take extreme actions and decide to appease the investor.
The sales department manager personally led the team to the investors' homes to do soothing work. The investor's mood was very excited, and the mood of their family was also very low. The room was filled with a sense of despair. Under the patient persuasion of the staff, the investors' emotions gradually stabilized and they proactively asked themselves what methods could be taken to remedy the situation and avoid being forced to close their positions. After learning that investors are currently unable to increase the maintenance guarantee ratio by adding margin, the business department suggests that investors make appropriate reduction operations. But investors are worried about selling at the lowest price and missing out on future rebound trends.
The business department believes that it is not only necessary to help investors overcome this difficulty, but also to assist them in sorting out the correct risk control concepts. So, through patient explanations and comparative analysis, the staff gradually made investors realize that only by avoiding forced liquidation can they preserve their strength and participate in the upcoming rebound, otherwise they may face the unfavorable situation of forced liquidation or even losing all their capital. Under the patient and comprehensive analysis of the staff, investors understood the importance of actively reducing their positions in preserving their strength, and decided to lower their positions at an appropriate time. At the same time, they expressed gratitude for the work of the sales department.
2、 Case analysis and insights
In this case, facing investors who are about to be forced to close their positions, the business department proactively identified risks and fulfilled the notification obligations in the contract. Moreover, the business department has a sense of overall situation, adheres to the principle of putting investors first, innovates work methods and approaches, proactively visits investors to seek the best solutions, and resolves crises. Not only did it receive heartfelt thanks from investors, but it also prevented future malicious incidents. The diligent and responsible performance of the business department has won a win-win situation.
Case 6
Detailed explanation helps investors understand business rules
1、 Case Introduction
A certain investor reported that they sold 700 shares of a certain stock through securities lending at a securities company in May, and all of them have been returned that month. However, the system still shows that 700 shares need to be returned, and the complaint requires the company to correct the erroneous information in the system.
The sales department found that the stock had received dividends for the year 2014 in June 2015, with a 10 to 10 share dividend of 0.8 yuan (including tax), and the equity registration date was June 1, 2015. The investor sold 700 shares of the stock through securities lending to the company in May 2015. Prior to repayment, their stock liability had increased to 1400 shares due to stock dividends. Although they returned 700 shares in November, they still have 700 shares that have not been repaid through securities lending. The system shows that they still have 700 shares of a certain stock that has not been repaid, which is correct.
The company believes that after the investor financed the securities, they assumed an obligation to return the same number of shares upon maturity, and it is only natural for them to return 700 shares of the original borrowed shares to the company; As for the 700 shares of dividends received, the company believes that the distribution of dividends to the actual owners of the shares is the interest of the original property. As ownership belongs to the company, the interest should belong to the company. As the company lent out the shares, the exchange recorded the dividends in the borrower's account. In addition to returning the borrowed bonds, the borrower should also return the bonds generated from the interest. The system records that the borrower should return the 700 shares of the stock that were distributed as dividends, which is in compliance with legal regulations. The company explained the above situation to investors and provided further explanations to them. After patient and detailed explanations from the staff, the investors have figured out the problem.
2、 Case analysis and insights
Efficiency and professionalism are the main reasons for the smooth resolution of this complaint and dispute. The complaint was due to the investor's lack of understanding of relevant legal regulations. After the company's rapid response and professional and accurate explanation by customer service personnel, the investor finally understood the reason why they wanted to return the remaining shares.
Good complaint handling can reduce losses and increase investors' trust in the operating institution. Under the trend of transparent commission fees, customer service quality has become an important aspect of competition among companies, reflected in complaint handling, which is whether the complaint handling is timely and appropriate.
The dispute also involves a civil law concept, namely the ownership of the original object and the interest. The principle of civil law holds that the interest has a subordinate relationship with the original object due to legal provisions. The Company Law stipulates that bonus shares are shares distributed by the company to shareholders in a certain amount. The bonus shares are subordinate to the original shares and are additional income generated by the original shares. The ownership of the bonus shares is determined based on the original shares, that is, the owner of the original shares enjoys the ownership of the dividend income shares, and the customer should return the bonus shares at the same time as returning the borrowed shares. Although the "margin trading and securities lending contract" signed with the client clearly stipulates the treatment of the rights and interests of securities sold through securities lending, the company did not simply and roughly handle it. Instead, it analyzed and explained the relevant legal principles, allowing the client to have a detailed understanding of the relevant regulations. This case fully illustrates that in today's accelerating process of rule of law in China, legal provisions have penetrated into all aspects of the economy and society. Having certain professional legal knowledge helps us to professionally and efficiently resolve complaints and disputes and win the trust of customers.
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