Core Viewpoint - The securities investment consulting industry is experiencing a significant increase in refund rates and customer complaints, despite benefiting from a recovering capital market. This trend poses challenges to the industry's growth and profitability [1][4]. Group 1: Industry Performance and Challenges - The securities investment consulting industry has seen revenue growth, with reported revenues of 124.93 billion, 141.07 billion, and 160.37 billion yuan for 2021, 2022, and 2023 respectively, reflecting a 28.4% increase from 2021 to 2023 [4]. - Refund amounts in the industry have escalated, reaching 13.48 billion, 23.28 billion, and 24.45 billion yuan for the years 2021, 2022, and 2023, with a notable 81.4% increase in refunds from 2021 to 2023 [4]. - Customer complaints have surged dramatically, with totals of 6,030, 15,821, and 23,531 complaints for the years 2021, 2022, and 2023, marking a 290.2% increase in complaints from 2021 to 2023 [4]. Group 2: Factors Contributing to Refunds - The rise in refunds is partly attributed to the emergence of "proxy rights protection" agencies that exploit customer grievances for profit, often using deceptive practices to encourage complaints against consulting firms [2][8]. - The operational costs of consulting firms, including human resources and promotional expenses, account for 30% of their costs, leading to potential losses if refund rates exceed this threshold [3]. - The increase in customer complaints and refunds is exacerbated by the actions of these proxy agencies, which often fabricate reasons for complaints and pressure firms into refunds [8][10]. Group 3: Regulatory Response and Industry Dynamics - Regulatory bodies have recognized the growing issue of proxy rights protection and have initiated actions to combat these practices, including a six-month crackdown on financial "black and gray" industries [14]. - The financial regulatory authorities have issued warnings to consumers about the risks associated with proxy rights protection, urging them to use legitimate channels for grievances [14]. - The influx of new investors in the capital market has led to increased activity in the securities consulting industry, but this has also provided opportunities for proxy agencies to thrive [8][9].
证券投顾退款率居高不下代理维权“黑灰产”幕后作祟
Zheng Quan Shi Bao·2025-07-14 18:53