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New KiwiSaver disclosure rules giving New Zealanders better information to compare Kiwisaver funds come into force tomorrow says Commerce Minister Craig Foss.
Retail KiwiSaver schemes will be required to publish consistent and comparable information about their funds. Previously there have been no specific reporting requirements on KiwiSaver schemes to disclose information about the performance of their funds.
“These changes allow KiwiSaver members to directly and easily compare funds and make an informed investment choice,” says Mr Foss.
Under the regulations, KiwiSaver providers will have to publish quarterly and annual disclosure statements online.
“KiwiSaver schemes will have to report on fund performance, fees, asset allocation and other matters in a simple and standardised form. This is a pivotal step in continuing to improve investor confidence in the financial sector.
“KiwiSaver providers will also need to publish the information in a consistent dataset that can be easily accessed.
“The new KiwiSaver disclosure rules are part of the Government’s Business Growth Agenda, which includes a comprehensive range of actions to build high-performing capital markets,” says Mr Foss.
The first disclosure statements are due to be published in mid-October 2013.