The good guys get told off
Pathfinder Asset Management has been censured by the regulator for misleading advertisements.
The FMA says between October 2021 and May 2024, Pathfinder made misleading statements about the nature of its KiwiSaver Funds’ ethical investments in two advertisements on social media and its website relating to animal testing and fossil fuels.
FMA executive director, Response and Enforcement, Louise Unger said: “Misleading statements about a fund’s ethical investment policy have the potential to result in consumers investing in a fund that is inconsistent with their values, and to cause damage to investor confidence in KiwiSaver.”
In an advertisement on social media, “Tara’s story”, Pathfinder represented that its funds did not invest in companies involved in animal testing. In a second advertisement on its website, “Estefania’s story”, Pathfinder represented that its funds did not invest in companies involved in fossil fuels or animal testing. Tara’s story ran for approximately 23 months, and Estefania’s story was available on Pathfinder’s website for approximately 13 months.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
