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KiwiSaver providers are focusing more on pushing products than providing advice to ensure their members are in the right funds, the Financial Markets Authority says. It has released its first monitoring report on sales and advice practises. The report covers advice given by AFAs, QFEs, brokers and custodians. Its two main focuses within that are […]

KiwiSaver providers have been told how the Official Assignee will access the savings of people who go bankrupt. A long legal fight has been raging over whether bankrupt KiwiSaver members’ money can be used to pay their creditors. Estimates are that more than 5500 members of KiwiSaver are bankrupt, with accounts worth about $30 million. […]

[UPDATED] Advisers have been “totally out-manoeuvred” by banks when it comes to KiwiSaver, an investment analyst says. Collin Nefdt, formerly of Morningstar and now operating research organisation NZ Trends, said the bank dominance in the KiwiSaver market had pushed financial advisers to the side. His latest research, for the third quarter of 2015, showed the […]

KiwiSaver clients who use financial advisers were less likely to react to last month’s market volatility, ANZ says. ANZ general manager of wealth products and marketing Ana-Marie Lockyer said the bank had noticed a significant increase in KiwiSaver members switching their accounts to more conservative investments. The rate of switches was up 500 per cent […]