Bank advice 'an area of concern'
There have been anecdotal reports of banks encouraging KiwiSaver members to change to their schemes without clear evidence of why it would be a beneficial move.
Advisers have complained that the staff in bank branches are not held to the same stringent standards as independent financial advisers.
Associate professor David Tripe, of the school of economics and finance at Massey University, said there were issues about the financial advice being given in bank branches, as well as what was financial advice and what was not.
“Encouraging people to go into KiwiSaver is hardly a bad thing to do … but one of the things that happens is banks provide online access to KiwiSaver balances and that moves every month. That’s hardly a constructive way to build long-term savings. There are some issues lurking around that someone will have to look at somewhere down the track.”
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