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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.”

Tags: KiwiSaver

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 ▼4.05 ▼3.95 4.49
ANZ Special - ▼3.55 ▼3.45 3.99
ASB Bank 5.20 4.15 3.99 4.39
ASB Bank Special - 3.65 3.49 3.89
BNZ - Classic - 3.65 3.49 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
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China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 4.15 4.09 4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kiwibank 5.80 4.30 4.24 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.49 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 4.50 4.86 3.89 3.94
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.65 3.59 3.89
Sovereign 5.30 4.15 4.29 4.55
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The Co-operative Bank - Owner Occ 5.15 ▼3.49 3.59 ▼3.89
The Co-operative Bank - Standard 5.15 ▼3.99 4.09 ▼4.39
TSB Bank 6.09 4.49 4.39 4.85
TSB Special 5.29 3.69 3.59 4.05
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Westpac 5.34 4.15 4.09 4.49
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