The bank doesn’t sell funds… 80% reduction in subscribers
Since last year, as the stock market has taken a breather, bank fund sales are shrinking.
The number of new fund sales by the five major domestic banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) in February recorded 53,321, a decrease of 80% from the previous year.
According to the financial industry, the number of new fund subscriptions surged when the KOSPI crossed 3,000 at the beginning of last year, but started to decline as the market entered a bear market. The Financial Consumer Protection Act, which took effect in March last year, also contributed to the sluggish sales. In accordance with the Gold and Silver Law, banks cannot encourage consumers to purchase products with a higher risk than the investment propensity rating.