The FMA still isn’t saying which two KiwiSaver schemes were asked to change potentially misleading statements to investors or face court action.
But it has said why.
The first fund reportedly had inappropriate disclosure of past investment performance and asset allocation disclosures contained in advertising material.
The second had inappropriate disclosure of past investment performance and asset allocation disclosures.
Both will change the advertising material.
Rumours have been flying about which two schemes were targeted but so far none have been proved.