Changes to KiwiSaver reports
The government is proposing changes to KiwiSaver fund reporting to help members better understand their funds
Wednesday, October 10th 2012, 1:13PM 3 Comments
by Susan Edmunds
The public will get a chance to have a say on proposed new rules for reporting of KiwiSaver funds.
Commerce Minister Craig Foss said the rule change, signalled in this year’s budget, would help investor confidence.
KiwiSaver schemes would be required to report information on returns, fees and costs, assets and portfolio holdings, liquidity and liabilities, and key personnel.
That will be done through five disclosure statements per provider, per year, including a disclosure statement relating to the tax year and four shorter statements relating to to the 12 months preceding the end of each quarter of the tax year.
Foss said: "At the moment, it is difficult for KiwiSaver members to make direct comparisons between funds. This is the next step in continuing to improve investor confidence in the financial sector. It is imperative that KiwiSaver providers offer transparent information for investors.”
He said consistent reporting would allow investors to make better comparison.
Submissions close November 5.
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