Financial Services Council defends KiwiSaver after criticism
A report by Consumer NZ found New Zealanders preferred non-bank providers such as Simplicity and Milford ahead of the schemes offered by most New Zealand banks.
The report suggested people’s attitudes were soured by a market-led subsidence of KiwiSaver values.
But there were other concerns, separate from market fluctuations, such as a lack of transparency about fund performance and the fees people pay.
“Three out of four KiwiSavers didn’t know what they paid in fees while 60% didn’t know how well their fund was doing compared with others on the market,” Consumer NZ wrote.
The chief executive of the Financial Services Council (FSC) Richard Klipin welcomed surveys and reports on KiwiSaver for “shining a light” on the industry.
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