Monitoring Mechanism on Over-Selling of Financial Products to the Elderly
With the increase of age, although it is possible to accumulate experience in the management or utilization of financial assets, not only its biased behavior will become more obvious, but also its ability to process or understand logic and numbers will gradually decline. One of the social risks of aging is the general problem of cognitive decline in the elderly. How financial institutions develop and provide financial products or services that meet the risk characteristics and needs of the elderly is an important issue. This paper starts from the risk characteristics of the elderly, analyzes the types of financial products suitable for the elderly. Next, then sorting out the regulatory basis and law enforcement strategies established by the current competent authorities to grasp the development status of the supervision mechanism. Finally, this paper will summarize the practice styles of over-selling financial products to the elderly for reference.