Sale of financial products in banks to be monitored

A notice was released by the Shanghai Office of the China Banking Regulatory Commission on Tuesday to monitor the selling of financial products from other agents in commercial banks.

A synchronized audio and video monitoring system will be set up at all counters involving sales of products sold by agents in banks before 2014.

"The responsibility of the seller and the risk awareness of the investor should be both enhanced," said an official from the Shanghai Office of China Banking Regulatory Commission.

The notice also urged clients to read the contracts very carefully before signing.

The Shanghai office will sell financial products from agents in certain appointed branches and launch a section to sell high-risk products for clients.

An information system will also be available to provide more transparency for clients.

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