After the implementation of the compliance rectification, the online lending industry has ushered in another important policy, that is, the China Banking Regulatory Commission is formulating the Online Lending Information Intermediary Information Disclosure Guidelines (hereinafter referred to as the Guidelines). For some P2P platforms, the release of the Guidelines is no doubt a way to "hide" data, which was hidden in the dark and exposed to the sun.
Compliance rectification has been "frantic"
After entering three months, local financial bureaus began to issue documents for compliance rectification. Including bank deposit, propaganda forbidden language, disguised self-accommodation and other regulations, which made many platforms feel a little cool. Even the much-discussed issue of risk reserves has been "written off" by Beijing's rectification rules. In the face of such strict compliance changes, platforms are understandably scrambling.
In the Fact Identification and Rectification Requirements of the Beijing online lending platform, "setting up risk deposit, reserve fund, provision fund, etc., to provide security, or to publicize" is identified as the situation in need of rectification. However, after the rectification was issued, although the establishment of risk reserves was banned, the rectification requirements did not explain how the risk reserves should be handled and how to give investors confidence.
Letter is on the verge of compliance
According to multiple reports, the letter is not only the online loan industry, consumer finance is also listed. That is to say, for Internet finance, strict information disclosure will become a normal existence.
Previously, information disclosure by platforms was a self-disciplined behavior, and platforms could choose what to disclose. But this leads to some problems. For example, although some information is disclosed on some platforms, "loquat is still half covered", which obviously does not meet the requirements. Other platforms simply filter information that is unfavorable to them, making information disclosure a platform's boast, and the full data is unknown to the public.
As the industry continues to mature, there is a need for platforms to disclose certain data. For investors, they have a certain right to know, if all the data of the platform is hidden, it is obviously unfair. As we all know, P2P platform is characterized as an information intermediary. For investors, the platform is a strong party, while investors are in a weak position. Without regulatory oversight, it is clear that this inequality will only grow and ultimately harm investors.
A second shuffle may be inevitable
If last August's Interim Measures on the Management of Business Activities of online lending information Intermediaries and their compliance changes are called the first reshuffle of the P2P industry, this disclosure is likely to lead to a second reshuffle.
This information disclosure has specific provisions from three aspects, including the information of practitioners, platform operation and project, including mandatory information disclosure and encouraged information disclosure. The mandatory disclosure information includes financial statements such as funds, delinquency rate, bad debt rate, and profit rate. For platforms, making all kinds of operational data, including core financial data, public is clearly not in line with their intentions. In addition, some P2P platforms, due to various reasons, have a large gap between their profit margins and the average level of the industry. If it is made public, it will obviously have a certain impact on the platforms.
However, the cloud Money Bag researcher said, although strict information disclosure may lead to a second reshuffle of the industry. But in the long run, it is necessary to protect the interests of investors and the healthy development of the industry.
