Pilot financial products for the elderly in four cities including Wuhan and Shenzhen
The total scale of funds raised for related products of a single pilot institution does not exceed 10 billion yuan
In order to further utilize the characteristics and advantages of wealth management business, promote the rich development of the third-pillar pension financial products, and meet the diverse needs of the people for the elderly, the China Banking and Insurance Regulatory Commission decided to launch a pilot project of pension wealth management products.
Starting from September 15, 2021, ICBC Wealth Management Co., Ltd. will carry out retirement wealth management in Wuhan and Chengdu, CCB Wealth Management Co., Ltd. and China Merchants Bank Wealth Management Co., Ltd. in Shenzhen, and Everbright Wealth Management Co., Ltd. in Qingdao. Product pilot.
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.
On September 10, the General Office of the China Banking and Insurance Regulatory Commission issued the "Notice on Launching the Pilot Program of Pension Wealth Management Products" (hereinafter referred to as the "Notice"). Demand and life cycle characteristics of pension wealth management products, promote the standardized development of pension wealth management business, and actively broaden the income channels of residents’ property; a pilot work leadership mechanism should be established, various responsibilities should be clarified, system construction should be strengthened, necessary resource input should be ensured, and financial management should be established Appropriate governance structure, management model, investment and research capabilities, and evaluation system, etc.; should strictly follow the existing financial management system and the requirements of pilot financial management products, standardize the design and issuance of financial management products for senior citizens, and do a good job in sales management, information disclosure and investors Protection and other work to ensure the prudent and compliance of the business and keep the bottom line of risk; the pilots should be carried out in a steady and orderly manner based on the conditions of the pilot regions, the risk management mechanism of pension wealth management products should be improved, the implementation of non-parent third-party independent custody, and the formation of long-term stable funds should be explored. The cross-cycle investment model actively invests in areas that are in line with national strategies and industrial policies to better support the long-term investment and financing needs of the economy and society.
The China Banking and Insurance Regulatory Commission also requires 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" requires that the pilot wealth management company should formulate a pilot plan for pension wealth management products, and submit it to the relevant regulatory authority of the China Banking and Insurance Regulatory Commission for approval, and in accordance with the information registration requirements of publicly offered wealth management products, at the banking wealth management registration and custody center 10 working days before the sale "National Banking Industry Wealth Management Information Registration System" conducts product registration.
The pilot financial management company shall report the progress of the pilot work to the China Banking and Insurance Regulatory Commission and the Banking and Insurance Regulatory Bureau of the pilot area within 5 working days after the end of each quarter.
The China Banking and Insurance Regulatory Commission and the banking and insurance regulatory bureaus of pilot areas shall pay close attention to business development, guide the pilot financial management companies to continuously optimize the form of pension financial management services, and timely study and improve issues to ensure the smooth progress of the pilot work.
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Merchants and Wealth Management: Products will meet the needs of customers at different ages
Yesterday, the China Banking and Insurance Regulatory Commission announced the selection of four wealth management companies in Shenzhen, Qingdao, Wuhan and Chengdu to launch pilot projects of personal pension wealth management products.
As one of the pilot institutions for pension financing, CMB Wealth Management stated on the same day that it will design and launch a variety of pilot pension products with different strategic directions in accordance with the requirements of the pilot work and combining its own advantages with domestic and overseas pension investment experience to meet the needs of pensioners of different ages. Financial needs.
It is understood that this pilot work is of great significance for promoting the standardized and healthy development of pension financial products and improving my country's pension security system.
A person from CMB Wealth Management pointed out that compared with other financial institutions, bank wealth management has inherent advantages in participating in pension investment.
First of all, the bank serves a large number of individual customers, with branches and mature financial advisory teams all over the country, which can greatly broaden the coverage of pension products.
Secondly, after years of practice, the bank's wealth management team has the ability to research and judge macroeconomics and the allocation of large-scale assets, long-term experience and risk control capabilities in bonds and non-standard investments, and the ability to select and integrate the resources of various institutions. These can be elderly care products. Bring long-term stable income.
Therefore, the development of pension financial products can give full play to the advantages of bank financial management, thereby improving the third pillar of my country's pension, perfecting my country's pension security system, and alleviating my country's growing pension pressure.
It is understood that after the promulgation of the new regulations on asset management, CMB Wealth Management has taken active steps to create and issue a diversified series of fixed-income and multi-asset products, especially in the operation of medium and long-term net-worth wealth management products. It has accumulated rich investment management experience. After the test of real market, good practical results have been achieved, laying a good foundation for the issuance of pilot pension financial products.
Zheng Fuxiang, Chief Product Officer of CMB Wealth Management, said yesterday that the follow-up CMB Wealth Management will, under the guidance of supervision, based on the profile of China Merchants Bank’s retail customer base and fully combining its rich experience in the issuance and management of pension products, in-depth exploration of customer needs, and further improve and Enriching financial products for the elderly, and contributing to the construction of my country's retirement security system.
This group of articles / our reporter Cheng Jie