Investors buy bank wealth management, in addition to the rate of return, capital preservation is also the most concerned issue. Wu Xiaoling, dean of Tsinghua Wudaokou Finance College, said that the characteristics of bank deposits are that banks bear the risk of profit and loss and depositors enjoy fixed income. Therefore, at present, the bank wealth management products with guaranteed capital and guaranteed income have been recognized as structured deposits by the regulatory authorities, which require deposit reserve and capital occupation. In addition, the wealth management products issued by banks that do not guarantee the principal and income meet all the characteristics of collective investment, and the products issued in excess of 200 copies should be managed according to Public Offering of Fund. However, bank wealth management products that do not break the capital and protect the expected income are distortions to the market.
Wu Xiaoling said: "Now when banks lose money on expected income products, they often make up for the overall profits; Once this product exceeds the expected income, the bank will take the part that exceeds the expected income as the bank's profit and include it in its account. He thinks that because we lost money in the past, the profits should belong to me. Bank wealth management products that do not break the cost should all go to customers, and banks only charge management fees. "
In her view, the existence of expected income products makes it difficult for banks to break the "rigid redemption" problem of "only earning without losing". In the future, bank wealth management products should be cut off from the old ones, and new products can no longer be "rigidly redeemed". "We should have a unified understanding. At present, the amount of bank wealth management products is too large, nearly 30 trillion. It should be separated from the old and the new. In the past, other methods can be used, and new products must not be like this (rigid redemption). " Wu Xiaoling said.
Yin Yong, deputy governor of the central bank, believes that "rigid redemption" can't eliminate the uncertainty of expected returns, it is just a transfer of problems, and "rigid redemption" will also encourage people's irrational behavior. He said, "The issue of' rigid redemption' should be an important issue we are facing. I think we should let the market mechanism play a leading role and let price fluctuations remind our investors and consumers that investment is risky. If you can't break the' rigid redemption', then you should be stricter in financial supervision. "
Industry insiders predict that the biggest highlight of the new unified asset management regulations in the future will be to break the "rigid redemption". Peng Xiangdong, deputy general manager of Asset Management Department of Agricultural Bank of China, said that bank wealth management products will shift from expected income products to net worth products, banks will only charge management fees or have a fixed share, customers will gradually adapt to taking risks at their own risk, and the problem of "rigid redemption" will be gradually solved.
The director of China Fortune Management 50 Forum believes that in the past, 90% of bank wealth management funds were concentrated in assets such as bonds and non-standard assets due to invisible rigid redemption. Under the regulatory background, banks are under great pressure on the investment side, so banks with the ability to acquire customers will deepen the downstream of the asset management industry chain in the future, and give full play to their advantages on the client side and the investment side with the help of small but sophisticated private placement focusing on investment, so as to create better investment income for customers. In the future, after the regulatory standards for mixed industries are gradually unified, the regulatory arbitrage space will be eliminated, and it is the only way for various asset management institutions to find their own industrial chain positioning according to their own endowments.