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Guidance for Kiwisaver Providers
Guidance for Kiwisaver Providers
The Securities Commission has today published guidance for providers on distribution and disclosure of KiwiSaver schemes.
“The Commission recognises the importance of KiwiSaver in encouraging New Zealanders to save for their retirement,” Commission chairman Jane Diplock says. “As many of those taking up KiwiSaver may be relatively inexperienced investors it is important they are not deceived or misled.”
“The Commission has become aware of a number of circumstances where KiwiSaver membership has been solicited in an unusual or confusing manner. This type of behaviour is completely unacceptable and damaging to investor confidence.”
“KiwiSaver issuers need to take particular care to ensure the required disclosures and other promotional materials are accurate, clear, unambiguous and that the methods of distribution are legal, fair and transparent.”
The Guidance Note KiwiSaver Distribution and Disclosure is published at http://www.seccom.govt.nz/downloads/kiwi-saver-provider.pdf
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