Fund managers should be accountable to a regulator: Mayhew
He says the Ministry of Economic Development (MED) discussion paper on the review of Security Law notes that globally collective investment schemes are becoming the dominant method of investing for retail investors.
He asks why fund managers who manage and promote retail KiwiSaver schemes are not being subjected to licencing?
Mayhew says the fact that there are trustees who may be monitoring KiwiSaver fund managers is beside the point.
He believes for the investing public to have confidence that the fund manager will manage their money with their interests in the forefront of considerations, fund managers must be directly accountable to the regulator i.e. licensed.
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