Fees in dollar terms? Easier said than done
The Financial Markets Authority, Commission for Financial Capability and Ministry of Business, Innovation and Employment are working on a project that could lead to some fund managers being required to change the way they disclose fees.
MBIE financial markets manager James Hartley said the Commerce Minister had commissioned work on annual statement reporting of KiwiSaver, superannuation and workplace savings schemes earlier in the year.
“The annual statement work focuses on making KiwiSaver statements easier to read and gives us an opportunity to consider ways we can ensure banks and fund managers make clear and easy to interpret disclosure information available to consumers.”
The work is being led by MBIE. It proposes that annual statements should include a projected retirement balance and income figures, and the total fees the investor has paid in dollars.
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