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Financial Services Council defends KiwiSaver after criticism

The finance industry says it is improving the KiwiSaver system but it is a work in progress.

Monday, June 20th 2022, 12:04PM 1 Comment

A report by  Consumer NZ found New Zealanders preferred non-bank providers such as Simplicity and Milford ahead of the schemes offered by most New Zealand banks.

The report suggested people’s attitudes were soured by a market-led subsidence of KiwiSaver values. 

But there were other concerns, separate from market fluctuations, such as a lack of transparency about fund performance and the fees people pay.

“Three out of four KiwiSavers didn’t know what they paid in fees while 60% didn’t know how well their fund was doing compared with others on the market,” Consumer NZ wrote.
The chief executive of the Financial Services Council (FSC) Richard Klipin welcomed surveys and reports on KiwiSaver for “shining a light” on the industry.

But he defended his members against criticism.

“KiwiSaver companies are working really hard to serve their clients in really tough times …. and the Consumer NZ report provides an insight into some of the opportunities available to continually lift the bar.”

Klipin said both consumers and product providers were on an evolutionary journey and that would continue.

“I do think there is an underlying issue with financial capability in New Zealand, that we all have a responsibility to address, and that is to help New Zealanders be better with money.”

So, did the Consumer NZ report suggest the industry not done well enough up til now?

“I think it is a work in progress.”

« What researchers found when they looked at 3 million KiwiSaver accounts

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Comments from our readers

On 22 June 2022 at 10:25 am Dirty Harry said:
“Three out of four KiwiSavers didn’t know what they paid in fees while 60% didn’t know how well their fund was doing compared with others on the market,” Consumer NZ wrote.

Sure. Ok.
Do they know where to look? Have they looked? Did they give a smidgeon of a portion of a slice of a crap up until a split second before consumer asked those questions?

How many of those same people know how much of last week's mortgage payment was interest vs principal? How many know how many KiwiSaver providers there are to choose from?

While I admire Klipin's willingness to "welcome" consumer "shining a light" on the industry, the truth is consumer is continuing a myopic and agenda-fuelled ideology where they choose the type, shape and colour, and aim of the light.

It's not a floodlight or sunlight, it's a 'follow spot' aimed at whatever they want to show their readers.

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Last updated: 29 June 2022 9:23am

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