Signs of excessive competition for retirement pension… Financial Supervisory Service warns of “concern about confusion”

The Financial Supervisory Service issued a warning as competition among financial companies to attract large-scale funds in the retirement pension market overheated at the end of the year.

According to the financial sector on the 4th, at the end of last month, the Financial Supervisory Service instructed 90 financial companies, including 44 retirement pension operators and 46 product sellers, including commercial banks, securities companies and insurance companies, to “reasonably reflect the costs and operating profits of product provision when determining interest rates in December.” We ask for your active cooperation so that the fair competition order in the retirement pension market can be maintained.”

This is in response to signs of excessive competition to prevent withdrawal of funds from retirement pension funds as market funds are concentrated in bank deposits due to a series of recent rises in the benchmark interest rate.

Reporter Jahyun Kim [email protected]

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