NPF Payments & RegTech: PART II – BACK ON TRACK
NPF will not be able to compete for new customer-based funds in the fact that, according to the Law on OPP Outlooking, transitions from one NPF to another will have to be carried out through the FIU or the current insurer (that is, the NPF, which a citizen is going to leave). The law states that the norm comes into force from 2015, that is, this year the NPF can work on the old rules, freely transferring clients from other NPF. "However, in the law the mass of obvious flaws and contradictions, so we decided to suspend any transfers, waiting for the position of regulators",— explained earlier "Kommersant" Head of the NPF from Top 10.
According to the results of yesterday’s discussions, it was indeed decided to remove the NPF from the translations of citizens from other NPFs now. "It is assumed that the FIU will not prolong the agreement, and in the spring session of the State Duma, the amendments will be adopted, which in the same year will allow citizens to apply for the transition to that NPF that they want to leave. In addition, the process of submitting applications through the Public Services portal will be improved",— reported a source familiar with the plans of the Central Bank. "Such a scenario is logical with the fact that this year will undergo cleaning the pension market and is unknown who will continue to work from the NPF",— Indicates a profile federal official.
In NPF, they responded in different ways to solve the regulator. Those who, according to market participants, lobbied a similar limitation (for example, NPF "Welfare"), support it because it will allow almost completely saving the current client base. The majority perceives the decision of the Central Bank negative. "We are actively increasing the database, including by transferring customers from other NPF. This year it was the only opportunity to continue the expansion, and we lost it",— says top manager of large NPF. In total, according to the results of the 2012 campaign, 1.34 million people were transferred from one NPF to another, from January to September last year, 1.35 million declared.