[Weekly Wrap] Bank bashing
A number of years ago when I first met one of the key people in the FMA's Intelligence Unit he asked me what is the biggest problem in the market. The answer offered up was how banks were selling KiwiSaver. Nothing much has changed there.
Figures you will see very soon reinforce how banks have been able to capture and control KiwiSaver without the use of AFAs.
Unfortunately nothing much has changed - from the outside anyway.
However, I have it on good authority that FMA chief executive Rob Everett has spoken to the boards of all the banks. The FMA's position, I understand, is that one of the biggest systemic risks in the financial markets in New Zealand is KiwiSaver. The authority's attitude here borders on obsessive.
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