following the pilot project of wealth management products for the aged and the introduction of personal pension system, the development of pension finance has once again ushered in a new policy. A few days ago, China Banking and Insurance Regulatory Commission issued the Notice on Standardizing and Promoting the Development of Commercial Pension Financial Business (hereinafter referred to as the Notice), which put forward thirteen normative requirements for banks and insurance institutions to participate in the pension financial business. Among them, for the "old-age" financial products that citizens are more concerned about, this Notice also has new regulations.
Dong Ximiao, chief researcher of Zhaolian Finance, said in an interview with qianjiang evening news Hour reporter: On the one hand, more diversified pension financial products can better meet the diversified pension needs of the elderly, and guide the formation of a long-term and rational investment concept. On the other hand, it will promote banks and insurance institutions to further tap the potential of the pension financial market and form new performance growth points.
Do not publicize the expected rate of return
Do not use the word "pension" for financial products that do not meet the requirements
"I used to see the word" pension "on the names of some fund products, but specifically, these funds are no different from other wealth management products and fund investments." Miss Chen, an investor in Hangzhou, said that in recent years, she had doubts about some so-called pension products on the market.
In fact, China Banking and Insurance Regulatory Commission has been continuously cleaning up the misnamed wealth management products with the words "providing for the aged". At present, most financial institutions have removed relevant products.
this circular emphasizes that for commercial pension financial products that meet the requirements of the circular, bank insurance institutions can use the word "pension" in product names and marketing propaganda. Other financial products shall not use "endowment" or other words that may cause confusion in their names and marketing propaganda.
in addition, the bank insurance institution shall rename or clean up the financial products with "pension" in their names but not meeting the requirements of the notice in accordance with the principles of legal compliance, safety and order, and protect the legitimate rights and interests of customers, and submit the rectification to the regulatory authorities before June 3, 222.
regarding the wealth management income information that citizens are very concerned about, the notice also stipulates that the publicity materials and sales documents of commercial pension financial products should be concise and easy to understand, and must not contain propaganda that is inconsistent with the facts or misleading. Commercial pension financial products shall not publicize the expected rate of return. Liquidity arrangements under special circumstances shall be clearly agreed with customers in product contracts, but the duration of business shall not be shortened in disguised form by means of term structured design.
18 real wealth management products for the aged have come out
Have you bought them?
as a "new entrant" in the field of pension finance, pension financial products have attracted much attention. China Banking and Insurance Regulatory Commission has previously issued the "Notice on Launching the Pilot Project of Pension Financial Products" (hereinafter referred to as the "Notice") to launch the pilot project of pension financial products.
according to the information of China Wealth Management Network, up to now, * * * there are 17 pension wealth management products registered by four wealth management companies, namely ICBC Wealth Management, CCB Wealth Management, China Everbright Wealth Management and CMB Wealth Management, all of which are raised by public offering. In addition, there is also a joint venture wealth management company testing the water for the first time-BlackRock Jianxin Wealth Management also released its first pension wealth management product, so far, the wealth management company has a total of 18 pension wealth management products.
The reporter observed that 16 of the 18 pilot products of pension financing that have been sold are closed-end net worth products, and the investment period of the products is more than 3 years. The remaining two open-ended products are "Anxin fixed-income monthly fixed-opening (minimum holding for 5 years) pension wealth management products" issued by Jianxin Wealth Management and "Enjoy Sunshine Pension Wealth Management Products Orange 228" issued by Everbright Wealth Management. For the "monthly fixed-income pension wealth management products (with a minimum of 5 years)", the product is open for subscription on a monthly basis, with a minimum holding time of 5 years.
compared with most bank wealth management products currently on sale, the most striking feature of these 18 wealth management products is their higher expected income. At present, the performance benchmark of bank wealth management products generally does not exceed 4%, and the lower limit of the performance benchmark of 15 of these 18 products is 5.8%, and the other three are 4.8% and 5% respectively. From the upper limit of performance benchmark, the highest product reached 1%, 12 products reached 8%, 3 products reached 7% and 2 products reached 5.8%. Most product performance benchmarks are concentrated in the range of 5.8%~8%. Of course, the performance benchmark is not the actual income after the product expires. According to the risk level, 17 of the 18 products are R2 (low to medium) and only one product is R3 (medium).
Last month, relevant persons in China Banking and Insurance Regulatory Commission revealed that by the end of the first quarter, 16 wealth management products for the aged had been successfully sold, and 165, investors had subscribed for 42 billion yuan, of which over 7% were over 4 years old, and over 6% were under 2, yuan.