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Power to fast-track moves to tighten up KiwiSaver regulation after Huljich affair
Commerce Minister Simon Power has announced he has asked officials to report back within 4 weeks on quickly adopting recommendations made by the Capital Market Development Taskforce that would extend the disclosure rules for default KiwiSaver funds to all KiwiSaver funds.
The announcement follows controversy around misleading reporting of returns by Huljich Funds Management.
"In recent weeks there has been growing concern regarding the regulation of KiwiSaver schemes. Mum and dad investors must have confidence that their money is being well managed," Power said in a statement.
"We were intending to make changes in this area as part of the current review of the Securities Act. However, in light of recent developments, I have asked my officials to fast-track this work to ensure investor confidence is maintained," he said.
There are 1.3 million savers who have invested NZ$4.88 billion in KiwiSaver funds.
Power said officials would report back to him on the following areas and whether:
* The monitoring and reporting regime for default funds should be extended to all KiwiSaver funds. This would require detailed quarterly reporting to an expert monitoring panel and require that one of the trustees of KiwiSaver schemes be a trustee corporation, rather than just an independent trustee, as at present.
* KiwiSaver funds should be required to regularly report to investors and the regulator on the returns, fees and assets of each fund in a consistent and comparable manner. At present, the only requirement for non-default schemes is for annual returns, and I am advised these are not prepared in a manner which allows for easy comparison between schemes.
Related Topics
* To increase the ability of the regulator to supervise the trustees of KiwiSaver schemes and hold them accountable for fulfilling their obligations.
* Further powers for enforcement by regulators are necessary.
“Improving public confidence in financial markets has been a key objective of this Government. We must ensure where possible that mistakes from the finance company collapses are not repeated," Power said.
9 Comments
I'm on one of the
I'm on one of the default schemes and I get a report once in a blue moon. You almost forget it's there. Not even close to good enough.
I am in a complying
I am in a complying scheme and its reporting is once a year! You can go online and see your balance but it goes up and down without any explanation. My wife is in a Gareth Morgan scheme and it has reports available every month online about 10 days after the month end. Details are good there too.
Apparently the trustee was aware
Apparently the trustee was aware of the top up and didnt feel the need to have it noted. Why no one has had a crack at these trustees over their oversight of finance companies is an ongoing mystery to me and here they are again with their dirty little fingers in the fees trough again.
If Power/Diplock want to restore trust in capital markets and get people to switch from housing investments they really need to show they are serious.
Announcing new laws when you wont even enforce the raft of legislation you already have on the books is nothing but PR fluff.
David nails it.
David nails it.
"think big" is back! Listen
"think big" is back!
Listen to this shit from BE
http://www.youtube.com/watch?v=bw13g_I1-wQ
TrevorS (aka GMK employee), your
TrevorS (aka GMK employee), your wife is losing money hand over fist. Multiple pages of every single minute investment that is losing her money is not helping her retirement savings. I guess that's why you're still with the (barely better performing) complying scheme...
Sparkytheclown; that's you again, masquerading
Sparkytheclown; that's you again, masquerading as Reality, isn't it.
Huh? The clown here is
Huh? The clown here is the guy who posts that his wife is in a great scheme like everyone should be in it, but isn't himself. Instead just 'happens' to be in different scheme to use as a seperate point about default schemes already complying with tighter regulation around investment reporting and still only reporting once a year.
Perhaps you are too Arrand if you can't see that it's just an advertisement by Gareth Morgan.
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