Work to change fee disclosure
A working group has already begun to look at ways that KiwiSaver fees could be reported with more transparency.
Monday, September 19th 2016, 11:55AM
There has been criticism raised over many providers’ habit of displaying fees as a percentage or basis point calculation, rather than a dollar amount.
CFFC group manager of investor capability David Boyle said there was clear consumer demand for fees to be presented in an easier-to-understand way.
He said New Zealand could be among the first in the world to move to a dollar-figure representation.
There was strong Government interest in making it happen, he said. He is part of a working group that is looking at how the transition could be made. “It looks like it will happen here.”
New low-fee provider Simplicity said there was a need for change.
"Alarming reports of widespread misleading fee disclosure practices is an opportunity for the entire KiwiSaver industry to come clean and commit to full transparency and disclosure," said Simplicity managing direct Sam Stubbs.
“New Zealand can become a world leader in disclosure and transparency of fees if we learn from this experience.”
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