The Morningstar view on KiwiSaver reporting
In its submission to the Ministry of Economic Development (MED) Periodic Reporting Regulations for Retail KiwiSaver Schemes Discussion Paper Morningstar also said improved disclosure would encourage greater investment in managed funds.
"We believe that mandatory, periodic disclosure of comprehensive portfolio holdings would increase equity between managed fund investors and encourage greater engagement with retirement savings and pooled investment vehicles more generally," the company said.
Morningstar also advocated full disclosure of any fees paid to financial advisers, however, "if the payment to advisers is being paid by the fund manager then the information is not so pertinent. Information about the sales practices of a scheme through an adviser channel would be interesting information, but it doesn't help the end investor make a more informed decision."
Morningstar also outlined its responses to questions on a number of issues raised by the MED paper.
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