NPF postpones tools

Non-state pension funds (NPF) and their managers (AMS) are faced with the risk of fiduciary liability for investment of customer funds in a number of tools. The Central Bank also sees the problem and consider the possibility of improving the methodology of control of transactions from the point of view of fiduciary responsibility. Now fears to stumble on penalties by the regulator may deprive many of the tools of pension money, which will ultimately impact either the reliability of the NPF, or on the profitability of the client.

the regulator is considering the possibility of improving the methodology of control transactions in the framework of fiduciary responsibility imposed two years ago (see "Kommersant" on February 12, 2018) for investment of customer funds, the NPF, said the representative of the Bank of Russia. It is not excluded "more detailed approach to rating the groups," he said. Last year the Central Bank introduced the methodology of application of the mechanism of fiduciary responsibility, that is responsibility of the asset Manager to the client on the proper disposal of his money, for the simplest instruments in which to invest private funds: deposits and bonds with a simple structure of cash flows, the so-called plain vanilla securities (see "Kommersant" of June 10, 2019).

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