Pension finance will usher in new changes
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There are many financial products and investment products whose names are prefixed with the word “old-age” on the market for some so-called pension financial products, but in fact, quite a few of them do not have the characteristics of pension. They are short-term investment tools and other financial products. There is no difference in fund investment.
"Why don't you see the word'old care' in the introductions of the several financial products you recommend?" When the reporter visited many state-owned banks in Chongqing recently, he found that the word "old care" had disappeared from many financial products.
Afterwards, the reporter logged on to the official websites of some state-owned banks and entered the "old care" keyword in the search bar on the homepage of wealth management products. The prompts that popped up were "no product found".
According to media reports, under the guidance of the regulatory authorities, the bank's asset management department and wealth management subsidiaries have now removed the shelves, changed the wealth management products that contain the word "aged care", and no longer carried out prominent publicity of "aged care".
Various signs indicate that pension finance is undergoing a new change.
Financial institutions have successively deployed
Over the past year or so, "old-age finance" has always maintained its popularity.
Relevant experts pointed out that as my country enters an aging society, the development of the pension finance industry will be a direction by vigorously developing pension finance to prevent various risks in the old age, and to provide diversified and multi-level pension financial products.
The reporter noticed that the pension financial market has successively attracted insurance, banks, funds and other financial institutions to enter the market, and launched a series of products on the market.
"The old-age financial products that we can see before basically come from the above three types of financial institutions." An industry insider admitted frankly that this is a blue ocean that everyone wants to break into.
Pension finance mainly refers to the general term of financial activities carried out around the various pension needs of members of the society. It aims to rationally allocate wealth during the life cycle, thereby improving the standard of living in old age. It mainly includes pension finance, pension service finance and pension industry. Three aspects of finance.
It is understood that China's current pension insurance system consists of the first pillar of basic pension insurance, the second pillar of enterprise annuities and occupational annuities, and the third pillar of personal commercial pensions, which are the so-called "three pillars."
"For China, it is more appropriate to use commercial pension insurance products as the main product body in the early stage of the development of the third pillar of pensions." A relevant person from China Pacific Insurance Life Insurance said.
The Beijing Summit of the China Pension Finance 50 Forum held at the end of March this year also focused on the construction of the third pillar of pension funds.
"At the institutional level, strengthen the top-level design, expand the coverage of the third pillar, explore the establishment of an exclusive account system for the third pillar of pension funds, and open up channels for capital flow between the'three pillars'." Sun Jie, Professor and Deputy Dean of the School of Insurance, University of International Business and Economics So suggested in the speech.
Misnamed market
"There are many financial products and investment products whose names are prefixed with the word'old-age' in the so-called pension financial products on the market, but in fact, quite a number of them do not have the characteristics of pension. They are all short-term investment tools, which are different from other financial management products. There is no difference between product and fund investment." The relevant person in charge of the China Banking and Insurance Regulatory Commission bluntly pointed out that "the old-age financial market does not match the name."
A staff member of the Chongqing branch of a state-owned bank revealed to reporters that there is indeed chaos in the hot pension financial market, and wealth management products that do not have the function of pension under the banner of "old care" abound.
"Although the market is hot, there are many problems exposed because of the lack of top-level design."
The reporter found that some criminals took the opportunity to commit fraud in the name of investing in "old care".
Uncle Chen, who lives in Wanheyuan Community, Yubei, Chongqing, has recently received many sales calls. On the surface, an elderly care service company invited him to enjoy the service, but in fact he is recommending elderly financial products.
"Fortunately, we found out in time and prevented my father from being deceived." Uncle Chen's son told reporters that when he reported to the local police, the other party also insisted that the pension financial products provided were not risky.
It is understood that the Office of the Leading Group for Combating and Disposing of Illegal Fund-raising in Beijing, Shenzhen and other places has issued the "Risk Reminder on Preventing the Absorption of Public Funds in the Name of Elderly Care Services" to remind the public to be vigilant against the act of absorbing funds in the name of providing "elderly services" .
"According to survey statistics, at present, the most common ones on the market are selling'elderly care apartments', providing'elderly care services', investing in'elder care projects', selling'elderly products', organizing real estate'houses for the elderly', and selling'healthcare products'. 'The behavior of absorbing funds from the elderly illegally in six kinds of names,' said a relevant person from the Chongqing Municipal Public Security Bureau.
During the two sessions this year, many delegates and committee members expressed the hope that the specific meaning, content and scope of the third pillar will be clarified as soon as possible. In particular, the third pillar products are provided by financial institutions and purchased by individuals voluntarily, with a high degree of marketization and distinctive features The financial attributes should clarify the specific standards of pension financial products.
Walking on "Two Legs"
Some insiders pointed out that the increasing social demand for financial products for the elderly is one of the reasons for the frequent chaos in the market.
The collective disappearance of the word "elderly care" from financial products this time reflects the supervisory authority's tone of "advancing in regulation" for the retirement financial market.
"First of all, there must be a'game of chess' thinking, cohesion of policies, and clear top-level design, including clarifying the rules of pension finance, unifying the standards of various pension financial products, reflecting the characteristics of fund security, long-term investment and receiving constraints." During the two sessions this year, many representatives and committee members gave suggestions on how to regulate the pension financial market.
Recently, the relevant person in charge of the China Banking and Insurance Regulatory Commission publicly stated that they will actively promote related work in the pension financial market in accordance with the "walking on two legs" policy.
On the one hand, adhere to the principle of clearing the source, research and clarify the standards of pension financial products, and resolutely clean up all kinds of short-term financial products that do not meet the standards with the word “old-age” in accordance with the principle of “consistent name and reality”.
On the other hand, it has steadily promoted innovation pilot projects, and selected a few qualified financial institutions and franchised institutions to carry out pension finance pilot projects first.
According to insiders, the selection of a number of provinces to launch exclusive commercial endowment insurance pilots is in the making.
"Product innovation must be combined with current new technologies, and give full play to the important role of new technologies such as artificial intelligence, big data, mobile Internet, cloud computing, and blockchain in pension financial services, and analyze the needs of pension asset management more accurately. Provide more reliable intelligent investment consulting services." At the Beijing Summit of the China Pension Finance 50 Forum, some participants made suggestions on how to innovate pension financial products.
Many experts in the industry said that they support relevant institutions to develop pension financial products that reflect long-term, safe, and restrictive pension functions, including pension savings deposits, pension financing, exclusive pension insurance, commercial pensions, etc., and strive to lead by demonstration , To explore a new path for the comprehensive development of pension finance.
Huang Shiqiang
Huang Shiqiang