Government flunks own advice standards
Speaking at the Workplace Savings NZ conference yesterday, Paul Mersi said the default KiwiSaver schemes have a "one-size-fits-all" approach that would be unacceptable if used by financial advisers on their clients.
"Let me ask you, is the government the de facto financial adviser to tens of thousands of default investors? And how do you think the FMA would rate it in that regard?" the Savings Working Group member said.
"Is it giving the people going in there what they deserve and what the regulatory system demands of everyone else except the government when it designs these schemes?"
Mersi said the default KiwiSaver provider system was both a "loading zone" and "long stay parking" and was doing neither role particularly well.
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