More than twice as many KiwiSaver customers switched provider in the past year than in the same period the year before - prompting the FMA to warn that transfers must be done in the best interest of the customer.
The FMA has released is KiwiSaver report for the year to June 30. It shows the number of customers changing scheme in the year has almost doubled.
Total KiwiSaver FUM has increased 29% to $21.4 billion, of which 47% is in low-risk, conservative or cash funds, down from 50% in 2013.
Growth in member numbers slowed from 14% year-on-year growth in 2013 to 10% this year.
That has meant that providers looking to grow their portion of the KiwiSaver market have increasingly looked to entice members from other firms...MORE»
Monday, September 29th, 11:14AM
AMP has announced it will offer a free accidental death benefit up to $100,000 to existing AMP KiwiSaver scheme members and those who join before the end of 2014.MORE»
Monday, September 15th, 12:38PM
ANZ Investments says KiwiSaver members missed out on $400 million in member tax credits from the Government in the last year.MORE»
KiwiSaver advice does not need to be particularly time consuming for financial advisers, one provider says.MORE»
Labour’s proposal to apply a capital gains tax to investments in shares – unless they are part of KiwiSaver – could encourage people to move out of more liquid investments, one fund manager says.MORE»
Governments need to stop tinkering with KiwiSaver, one banking commentator says.MORE»
Many conservative KiwiSaver funds aren’t delivering returns to justify their fees, Morningstar’s co-head of fund research says.MORE»
KiwiSaver has been the New Zealand’s most successful savings innovation in the last hundred years, the Financial Services Council says.MORE»