18 November 2016
Commerce and Consumer Affairs Minister Paul Goldsmith launched the KiwiSaver Myth-Busting Roadshow, run by Commission for Financial Capability (CFFC), in Gisborne today.
“For many New Zealanders their point of contact with financial markets is KiwiSaver. It is vital that people have access to accurate information so that they can get the most out of it,” says Mr Goldsmith.
“The roadshow is about helping all New Zealanders start a dialogue about their KiwiSaver, and getting answers to questions they have direct from CFFC.
“2.6 million New Zealanders are already signed up to KiwiSaver. It is important we keep working to avoid generations of New Zealanders retiring, having not thought about their KiwiSaver for 30 years, and discovering they have been in an inappropriate fund and paid excessive fees,” says Mr Goldsmith.
Mr Goldsmith says work continues on a number of initiatives intended to make it easier for New Zealanders to engage with their KiwiSaver. In October the government announced it was reviewing the level of transparency around KiwiSaver fees. Officials are currently reviewing the submissions.
“I also expect to release an exposure draft of the Financial Services Legislation Amendment Bill before the end of the year. The Bill will simplify regulation, enable advisers to have sensible conversations and encourage more people to seek high quality advice tailored to their needs,” says Mr Goldsmith.
The CFFC will roll out the roadshows nationwide, with more dates to be announced soon.