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Commerce and Consumer Affairs Minister Jacqui Dean today welcomed the release of FMA guidance intended to make basic advice about KiwiSaver available to more New Zealanders.

“Some of the most important financial decisions kiwis make are joining KiwiSaver, and working out what type of fund to invest in,” says Ms Dean

“The guidance makes it clear that a lot of simple advice about KiwiSaver falls within the category of ‘class advice’ that can be provided by any person permitted to give financial advice.

“The new guidance will give confidence in the industry to provide key information and basic advice to help consumers make more-informed choices about KiwiSaver.

“As well as making it easier for people to access basic advice about KiwiSaver, the Government is also making changes to ensure people receive key information about their KiwiSaver investment through their annual statement.

“From next year all KiwiSaver providers will need to include fees in dollars in annual statements, state the total amount the investor’s fund has grown or decreased by, and a summary of the money that has gone into and out of the investor’s account over the year.

“For any other service you would expect to know the fees you’re paying – KiwiSaver investments should be no different,” says Ms Dean.

For more information on the Financial Advisers Act 2008 and to read the draft Bill see www.mbie.govt.nz/faareview

Notes

The FMA guidance document is here: https://fma.govt.nz/assets/Guidance/170309-Guidance-note-KiwiSaver-sales-and-advice.pdf

An infographic with the 5 pointers for consumers on what to consider before transferring their KiwiSaver is here: https://fma.govt.nz/assets/images/Consumer-section/170306-5-Qs-Before-Moving-Your-KiwiSaver.pdf

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