The China Banking Regulatory Commission issued the Notice to standardize the development of pension financial services, so how to publicize the "pension" wealth management products?

Following the pilot of pension financial products and the introduction of personal pension system, the development of pension finance has once again ushered in a new policy. A few days ago, the China Banking Regulatory Commission issued the Notice on Standardizing and Promoting the Development of Commercial Pension Financial Services (hereinafter referred to as the Notice), which put forward thirteen normative requirements for banks and insurance institutions to participate in the pension financial services. Among them, this notice also has new regulations on "endowment" financial products that citizens are more concerned about.

Dong Ximiao, chief researcher of Zhilian Finance, said in an interview with qianjiang evening news Hour: 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.

Financial products that do not meet the requirements shall not use the word "pension"

"I used to see some fund products with the word' pension' on their names, 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, the CBRC is still cleaning up the wealth management products with the words "providing for the aged". At present, most financial institutions have removed the relevant products.

The Notice emphasizes that for commercial pension financial products that meet the requirements of the Notice, 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, banks and insurance institutions should rename or clean up the wealth management products with the word "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 30, 2022.

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 should be clearly agreed with customers in the product contract, but the business duration should not be shortened in disguise by means of structured design of term.

18 The real wealth management products for the aged came out.

Did you buy it?

As a "new entrant" in the field of pension finance, pension financial products have attracted much attention. The China Banking Regulatory Commission previously issued the Notice on Piloting Pension Financial Products (hereinafter referred to as the Notice) to start the pilot of pension financial products.

According to the information of China Wealth Management Network, up to now, four wealth management companies, namely ICBC Wealth Management, CCB Wealth Management, China Everbright Wealth Management and CMB Wealth Management, have registered a total of 17 pension wealth management products, all of which are publicly offered. 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 total number of pension wealth management products of wealth management companies is 18.

The reporter observed that among the 18 pilot pension financing products that have been sold, 16 is a closed net worth product, and the investment period of the products is more than 3 years. The other two open products are "Anxin Fixed Income Monthly Fixed Open Pension Financial Product (held for at least 5 years)" issued by Jianxin Financial Management and "Enjoy Sunshine Pension Financial Product Orange 2028" issued by Everbright Financial Management. For the "monthly fixed-income pension wealth management product (minimum holding for 5 years)", the product is open for subscription on a monthly basis, and the minimum holding time is 5 years.

Compared with most bank wealth management products currently on sale, the most eye-catching 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%. In this 18 product, the lower limit of 15 is 5.8%, and the other three products are 4.8% and 5% respectively. From the upper limit of performance comparison benchmark, the highest product reached 10%, 12 product 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. In terms of risk level, 18 products have 17 products with R2 level (low to medium) and only one product with R3 level (medium).

Last month, relevant persons from the China Banking and Insurance Regulatory Commission revealed that by the end of the first quarter, 16 wealth management products for the elderly had been successfully sold, and165,000 investors had subscribed for 42 billion yuan, of which more than 70% were over 40 years old and more than 60% were under 200,000 yuan.