The Financial Supervisory Service said on the 3rd that it provides key information by product so people can compare and choose pension savings products disclosed on the integrated pension portal.
For dividend-paying products such as funds and exchange-traded funds (ETF), risk rating information is provided to help users intuitively grasp the risk level. Customized return information by product type—trusts, funds, ETFs, and insurance—has also been applied since the fourth quarter of last year so consumers can compare. New ETF-related product information, including total net assets, returns, and risk ratings, has also been added.
Previously, the same return indicator was used for all products, but because it did not reflect the unique characteristics of each product, returns were distorted and it was inadequate for the purpose of comparative disclosure.
The Financial Supervisory Service (FSS) expects that with this overhaul, consumers will be able to more easily compare and choose products that match their investment profile, improving access to information.
It will also provide the status of accumulated funds by type—trusts, funds, and insurance—by product seller, which serves as the subscription channel for pension savings. The goal is to help consumers transparently compare the performance of financial companies that sell and manage pension savings products and make sound decisions.
Although the size of accumulated funds is an important indicator of a seller's market selection, only manufacturer-centered information had been provided, limiting consumers' ability to compare and choose pension savings providers.
The Financial Supervisory Service (FSS) plans to collect feedback from users of the integrated pension portal in the second half of this year and carry out an overhaul to improve accessibility.
An official at the Financial Supervisory Service (FSS) said, "We will work to improve convenience features so that subscribers to pension products who use the integrated pension portal can use it more easily, and we will strive to provide high-quality information."