China News Service, September 10. According to the website of the China Banking and Insurance Regulatory Commission, the General Office of the China Banking Regulatory Commission recently issued a notice on launching a pilot program for financial management products for the elderly.
The notice stated that, starting from September 15th, ICBC Wealth Management Co., Ltd. will carry out pensions in Wuhan and Chengdu, CCB Wealth Management Co., Ltd. and China Merchants Bank Wealth Management Co., Ltd. will be in Shenzhen, and Everbright Wealth Management Co., Ltd. will be in Qingdao. Pilot financial products.
The trial period is tentatively set for one year.
During the pilot phase, the total size of funds raised by a single pilot institution's pension financial products is limited to less than 10 billion yuan.
The notice requires that the pilot wealth management company shall strictly follow the existing financial management business system and the pilot requirements of pension wealth management products, standardize the design and issuance of pension wealth management products, do a good job in sales management, information disclosure and investor protection, so as to ensure prudent and compliant business development and hold on The bottom line of risk.
In addition, pilot wealth management companies should take into account the conditions of the pilot regions, carry out the pilots in a stable and orderly manner, improve the risk management mechanism of pension wealth management products, implement independent third-party custody of non-parent banks, guide the formation of long-term stable funds, explore cross-cycle investment models, and actively invest in compliance with the country. The areas of strategy and industrial policy better support the long-term investment and financing needs of the economy and society.
The notice also mentioned that all wealth management companies should standardize the use of the names of pension wealth management products, and continue to clean up financial products that do not match the name of the word "old age".
The banking wealth management registration and custody center cooperates with the related work in the registration and clean-up of the old-age wealth management product information.
The notice clearly stated that the China Banking and Insurance Regulatory Commission and the banking and insurance regulatory bureaus in pilot areas should continue to strengthen supervision and inspection of wealth management business, severely punish behaviors that violate the legitimate rights and interests of investors, and maintain a good order in the pension financial market.