Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BNZ KiwiSaver Well Aligned To FMA Report On Fees And Value

BNZ has welcomed the release of the FMA’s review of Managed Fund Fees and Value for Money this morning.

BNZ GM Wealth, Peter Forster, says “BNZ supports the FMA in its ongoing focus to deliver value for money for KiwiSaver members.

“We are thrilled that the report’s findings align with the way BNZ approaches KiwiSaver, focusing on low cost, high quality, and delivering value for customers.

“We use our scale to deliver a quality service at a lower cost, which we then pass on to our customers in the form of lower fees. BNZ removed member fees, the first of the big providers to do this, and reduced management fees in 2019.

“We also have a unique mix of active and passive management of our funds which we believe will deliver better long-term outcomes for our members at a lower cost.

“The FMA report specifically highlights these areas as something fund managers should be doing to make sure they are delivering better value for money,” says Forster.

The report also notes that providers should be more transparent with their fees, and that they should be reviewed regularly.

“Unlike some of our competitors, our approach avoids so-called ‘tax leakage’ where members end up paying more tax, but this is not always clear to them. We are regularly reviewing our approach to ensure we are consistently doing the right thing by our customers too,” says Forster.

“We have a laser-like focus on making sure we are continuously delivering value for money for our customers, and we are unashamed about our belief that this is the right way to run a KiwiSaver scheme.

“It’s crucial we get this right, as our work to improve returns and reduce fees can mean the world of difference to the quality and dignity of retirement our customers might enjoy,” says Forster.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>