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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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  • a2: could the milk be starting to turn?
    “Great Fundemental look.I guess in the ASX50 . as long as Aussies still love buying the Dip..its no worries Graeme Adams...”
    1 day ago by Graeme33
  • It starts with governance
    “Hi David and thanks for your words also. I did read the FMA stuff before the post and also in my first response mention...”
    1 day ago by gavin austin adviser business compliance
  • AMP reports profit drop amid 'solid' result
    “Sadly, AMP is becoming less and less relevant. Apart from this tiny blip of positive cash inflow, they've been bleeding clients...”
    1 day ago by Contrarian
  • It starts with governance
    “Good words Gavin - might also mention the FMA publication - https://www.fma.govt.nz/compliance/guidance-library/corporate-governance-in-new-zealand-principles-and-guidelines/...”
    1 day ago by dcwhyte
  • It starts with governance
    “adviser1 - go talk to Partners Life. they have a great tool to help with this sort of stuff. ...”
    1 day ago by Tash
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AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
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BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
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BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
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China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 ▼3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
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SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
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Median 4.55 3.05 3.13 3.12

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