Moshe Barkat: “Without innovation we will die, but the IT managers cry for us to be burdened”

Moshe Barkat, in charge of the Capital Market, Insurance and Savings Authority, visited today (Tuesday)RepoThe technological capabilities of insurance companies and institutional bodies: “Whoever fears competition guides him will lose not only the battle but the whole battle. Without innovation we will die. Sharp and smooth. If I have to wait a day or two for market data, and other investment managers and IT managers For them, something here is not working properly and needs to be improved, “Barkat said at a ‘better’ conference.

Barkat added: “Today we need things at the push of a button, in a short time, agile and flexible systems and not heavy systems that require improvement. The very fact that we are talking about improvement indicates the problem. Does anyone do the regulator any good for his systems? Think again. “For a regulator that he invests in cyber protection systems? Think again.”

Barkat today for the first time referred to the cyber incident at Shirbit and the theft of information from it by hackers, although did not elaborate too much on the matter, and only said: “Here we had a case of Shirbit, I will not expand. I appreciate the company’s heroic struggle to return to activity “

Barkat also presented the plans of the Kadima Capital Market Authority, and said that he would like to see the deposit ceiling in investment provident funds increase from the current threshold of about NIS 70,000 per year: “We need to increase the investment provident funds to NIS 250,000 as it pushes Deputy Minister Rabbi Yitzchak Cohen, thanks to whom we have this great tool for household savings.We should not fight savings policies, but find a way to expand their distribution, and expand the supply of products that are also real competition to the banking system and savings plans or public deposits. “This is the engine of the capital market. Who wants to turn it off?”, Barkat said.

Recall that Provident fund Is considered one of the fastest growing savings channels, and enjoys advantages in the field of taxation over alternative products such as mutual funds.

In addition, Barkat stated that it intends to pursue another reform in the field of management fees: “First, we will promote the ‘differential management fees’ reform that establishes a common practice in investment management around the world. “For retirement age and higher management fees for tracks with active investment management,” Barkat said.

A second reform that Barkat intends to promote is the reform of the variable management fee, in which the rate of the management fee will be derived from the performance, subject to control, which will prevent the taking of high risks.