Bank KiwiSaver 'cause for concern'
The FMA today issued its first Qualifying Financial Entities (QFE) monitoring report, for the period ended June 30. It covers site visits and other monitoring activities conducted at some of the major banks and non-bank entities.
The FMA said it was particularly interested in the selling and provision of class and personalised financial advice by QFE staff, particularly around KiwiSaver.
The monitoring report said the FMA found that banks largely depended on branch managers to ensure that staff were supervised, and a lack of reporting made it hard for senior management to identify performance issues.
It said while the QFEs had AFAs available to help with KiwiSaver sales, very few customers were referred to them or asked for that service.
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