The Bank of Russia has revoked the licences of pension group Nowicki


The regulator canceled the licenses NPF Zerich, NPF Ural financial house”, NPF “the Mechel-Fund” NPF “the First national PF and NPF “Metallurg” for violations of pension legislation in terms of orders pension savings”, as well as for violation of requirements to disclose information. All NPF introduced a temporary administration. Funds included in the pension group, which is controlled by a former top Manager of AFK “System” Evgenie Novitsky. According to the Bank, on March 31, 2016, their combined assets amounted to nearly 30 billion rubles, including pension savings – RUB 17.3 billion of All their clients were 335 thousand.

Earlier, the Central Bank also announced the revocation of the criminal code “Pallada asset management”, which is also in the group Yevgeny Novitsky, and revoked the qualification certificate of its CEO Oleg Mezentsev. According to the regulator, the management company did not fulfill the previously issued order of the controller prohibiting the conduct of the operations, and also violated the requirements to disclose the information. Earlier, the Bank of Russia has imposed a ban for a period of three months for operations of the criminal code “Pallada asset Management” with the open and interval mutual Funds. The regulator found that the managers ‘ actions threaten the rights and legitimate interests of unitholders.

Funds Evgeny Novitsky — the only pension the group has still not entered into the insurance system. In addition to “Zeria”, “First PF”, “Ural FD”, “Mechel Fund” and the “metal” also includes “Trade-industrial pension Fund with assets of 2.9 billion roubles. Fund specializiruetsya on voluntary pension provision, the decision on the entry into the guarantee system is not yet announced.

As previously mentioned , in June 2015, the regulator refused to allow “the First national PF” in the insurance system. As reported by sources close to the Central Bank and funds Nowicki, the regulator have any questions for the implementation of legislative norms on counteraction to legalization (laundering) of incomes, and the regulator questioned the reliability of the Fund’s investments. In particular, the claims of the Central Bank called the First national PF investments in bonds of companies “UNGP-Finance” and “Delta Finans”.

The regulator asked Fund to bring the assets into compliance with the standards of risk management, says a source close to the First national PF. According to him, the share of assets that will have to “clear” the Fund, exceeds 10% of all investments.

Refusal of entry into the system for guaranteeing pension savings in June 2015 was received and Mechel-Fund, also belonging to Novitsky.

Complaints about the quality of the assets of the Central Bank and in relation to other NPF. As the newspaper “Kommersant”, the auditors of the four funds of the group “Mechel-Fund “Zerich”, “Ural stock house”, NPF metallurgists — IFRS has noticed that the Bank of Russia carried out the inspection funds, the results of which (18 March 2016) “the violations of the pension legislation, the research also found that pension reserves were invested in low-quality securities.” The funds filed an objection under this act.

In addition, the newspaper notes, in the actuarial report of the First national pension Fund noted that the market (liquidation) value of the pension reserves on December 31, 2015 was only 1.33 billion rubles, i.e. less than 50% of their book value. The market value of pension savings was estimated only 5.69 billion rubles, i.e. 56% of their book value.

In December 2015, the funds Nowicki made a second attempt to join the insurance system. As wrote the newspaper “Vedomosti”, the funds received from the shareholder, the collateral — shares of the oil company “Petrarca” at 11 billion rubles Until the end of December applications to join in the guarantee system will serve all six funds of the group, five of them, it will be re-bid in the spring and summer, the Central Bank has already checked the funds, after which the regulator had questions — mainly to the structure of assets,” — said the publication of Oleg Mezentsev.