Housed on the Sorted website, the portal offers the first opportunity for KiwiSaver members to explore their fund’s investments in detail, and compare their fund against other offerings.
Managing editor Tom Hartmann said members would be able to see, for example, the companies in which their KiwiSaver funds were invested, and decide whether their money was invested ethically. Fees would be broken down and compared against those of other providers, along with returns.
“The tool will encourage greater transparency in the financial sector by revealing everything to consumers about where their money is going, and how well their provider is performing."
When KiwiSaver members were ready to move on to other types of investing, they could compare other managed funds, managed investments and share and bond offers.
“Our aim was to break down the barriers to investing so that all New Zealanders could benefit from this way of growing their money."
Smart Investor has been built by three government agencies – the Ministry for Business, Innovation and Employment (MBIE), the Financial Markets Authority (FMA) and the Commission for Financial Capability (CFFC), which runs Sorted. Its creation was part of the government fulfilling its role in enabling anyone to compare information about financial products.
The information the site provides is pulled from the Disclose Register run by the Companies Office. Financial service providers are required to provide this information as part of their legal disclosure requirements. Smart Investor is updated daily.
Consumers do not have to input any personal information to access the site’s services.
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