Chief of the Monetary Companies Fee Kim Byoung-hwan speaks throughout a gathering with chief government officers of securities firms in Yeongdeungpo District, Seoul, on this photograph supplied by the Monetary Companies Fee, Aug. 29. Yonhap
The top of the monetary regulator careworn the necessity to enhance personal pension packages Thursday, a day after the federal government unveiled particulars of a reform plan for the nationwide pension system.
Kim Byoung-hwan, chief of the Monetary Companies Fee (FSC), additionally referred to as on asset administration firms to develop and introduce varied new merchandise that may assist higher put together folks for retirement.
“The nation’s asset administration trade has grown quickly over the previous few years, however the quantity of its oblique funding stays far decrease than that of superior international locations, which means native asset administration corporations could also be failing to satisfy their clients’ expectations,” Kim mentioned in a gathering with officers from asset administration corporations.
“There’s a want for critical discussions on how the asset administration trade can proceed to develop and enhance its competitiveness to satisfy the wants of the folks and assist put together for the long run in an aged society,” he added.
To this finish, Kim urged the asset administration firms to develop varied pension merchandise, insisting, “Pensions are essentially the most dependable means for one’s later years which have been confirmed over an prolonged time frame.
“As the federal government unveiled its plan to reform the (nationwide) pension program yesterday, it’ll search to reform not solely the nationwide pension program but additionally retirement and personal pension plans as properly,” Kim mentioned.
He added the monetary regulator will proceed to hunt methods to assist the event of assorted, new progressive merchandise within the personal pension market by shut cooperation with different associated authorities officers. (Yonhap)
