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Let’s Not Have Wall St Practices Here on Kiwisaver

Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
20 MAY 2016

Let’s Not Have Wall St Practices Here on Kiwisaver

A warning shot has been fired at KiwiSaver providers for treating ordinary Kiwis as “cash cows”, just as New Zealand First predicted.

“The warning by the Financial Markets Authority comes a long time after New Zealand First sounded warnings of the legalised plunder of KiwiSaver by the private sector,” says New Zealand First Leader and MP for Northland Rt Hon Winston Peters.

“Three years ago we had an independent estimate that over 30 years these private sector interests would suck over $20 billion from the pockets of New Zealanders.

“Right on cue and just as predicted KiwiSaver providers attacked New Zealand First.

“But remember, private providers in Wall Street destroyed the retirement plans of tens of millions of Americans through ticket clipping and risky investments.

“That’s why in 2013 we launched KiwiFund. It would be government guaranteed, have lower management and commission costs and would give enhanced returns.

“Kiwis who want to save must be able to trust their investment will be secure, and they will not be subject to astronomical and unfair fees,” says Mr Peters.

KiwiSaver members not just cash cows

ENDS

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