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Public submissions wanted to make KiwiSaver easier

Hon Simon Power
Minister of Commerce

1 December 2010 Media Statement

Public submissions wanted to make KiwiSaver easier to understand

Commerce Minister Simon Power has released a discussion document aimed at making investing in KiwiSaver easier to understand for everyday investors.

The discussion paper outlines proposals that require retail KiwiSaver providers to report quarterly on key investment information, including:

• Fees and charges.
• Performance and returns.
• Portfolio holdings.
• Conflicts of interest.
• Fund manager tenure.

“If the 1.5 million people in KiwiSaver are to have confidence in the scheme then they need to be able to rely on the information they are given – and for that to happen the information needs to be easily compared across funds,” Mr Power said.

”Standardised reporting will help investors make better-informed decisions about which KiwiSaver fund is most suitable for them.”

“This will ensure all KiwiSaver providers are on the same playing field.

“I see no good reason why non-default retail funds should be subject to different reporting requirements than default funds.

“Investors also need to be able to rely on the information about fund performance without wondering if the figures have somehow been doctored.”

The proposals will make it easier for the yet-to-be established Financial Markets Authority to regulate KiwiSaver providers.

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It is envisaged that the information will be published on each provider’s website and also by the FMA.

The published reports will be fund-specific rather than investor-specific, and investors will still receive individual reports on the value of their KiwiSaver account.

“We’ve received some useful initial feedback from industry and I encourage all interested parties to comment on the proposals.”

The discussion document, ‘Draft Periodic Reporting Regulations for Retail KiwiSaver Schemes,’ is available here.

Submissions close on 11 March 2011.

ENDS

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