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From Sunday, no more data on provident funds via the banks By Eti Aflalo As of Sunday, the banks will stop publishing data on provident funds on their web sites. Yadin Antebi, the commissioner of capital markets, insurance and savings at the Ministry of Finance, issued this directive as the next step in the Bachar reform, which aims to sever the banks from the provident funds. Also as of Sunday, depositors in provident funds will not be entitled to withdraw more than NIS 50,000 through their bank branch. Advertisement The reform, designed by a team headed by former Finance Ministry director general Joseph Bachar, forced the banks to sell their holdings in provident and mutual funds, in order to prevent conflicts of interest. Banks had tended to advise customers to join funds that the banks themselves owned, even though there might be better deals in the private sector (or at other banks). Rather more quickly than anticipated, the banks complied, selling their provident and mutual fund holdings to institutional investors - insurance companies and investment houses. However, the sale was mostly formal in nature, and administrative management of the funds, including service to customers, remained in the hands of the banks. Antebi now seeks to scale back the services that banks may grant to provident fund members. Theoretically at least, provident fund members are supposed to get the services from the funds' new owners instead. The institutional investors that bought the funds are naturally pleased by this next step of the reform. Lately, the public has been withdrawing money from the funds in droves. The institutional investors complain that the banks are failing to advise people that prematurely withdrawing long-term savings may not be in their best interest, even when the markets are retreating. But the immediate upshot is that service to customers may suffer. The institutional investors are not yet equipped to provide alternative service. Bank branches are everywhere, but that cannot be said of the funds' new owners. Nor, for that matter, do all the institutional investors provide information on the funds through their web sites. Bookmark to del.icio.us   Former top spy speaks Ex-Mossad chief Halevy says a strike on Iran would affect Israel for 100 years. Trying Hitler Did a light sentence in a Munich trial pave the way for Hitler's rise to power?

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