Research houses philosophical about disclosure
As of last month, KiwiSaver providers have been required to display their periodic disclosure statements on their websites, detailing who manages money, where it is invested and what fees are charged.
The statements have to be issued every quarter.
Sam Stanley, of FundSource, said it would not make a big difference to the operation’s day-to-day business. “What it means is that traditionally some of the stuff that we would have provided is now provided by the FMA. That’s good for the industry, not so good for us as a business.”
He said clarity on fees would help investors. Presenting information in a way that was straightforward would benefit consumers and the KiwiSaver sector, he said. “It might encroach a bit on what we do and we’ll have to adapt and add value in different areas.”
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