KiwiSaver transfer lags a concern
KiwiSaver transfers are in the Financial Markets Authority’s sights. It has requested information from all providers about transfers in the last quarter of last year, broken down to the number of days a transfer took to process.
Binu Paul, founder of SavvyKiwi, said there were problems with the current situation.
"There is too much lag between when an investment decision to move is made, and when their account balances actually get transferred, with some taking more than a month," he said.
"That is assuming the process goes smoothly. I have seen instances where some users on SavvyKiwi have made a decision to move and even received the sign-up pack from the new provider, and they have simply sat on it for up to three months or more, til we have sent them a follow-up email.
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