As you will be aware KiwiSaver is one of the main priorities for FMA. This is because for many New Zealanders, KiwiSaver will be their first investment and will represent a large proportion of their retirement savings and ultimate financial security.
With changes in legislation it now means New Zealanders can choose to transfer their Australian superannuation savings into a registered KiwiSaver scheme. While this may present opportunities for New Zealanders, FMA expects those providing advice or selling KiwiSaver to put their customers first, and to concentrate on what outcomes are being achieved for them.
This means providing factual and balanced information to them when promoting a transfer facility and is likely to include information on:
• Fees and costs
• Access to information and advice
• Tax implications
• Exchange rate movements
We also expect advisers to offer the option of financial advice to customers.
FMA will be closely monitoring providers’ advertising and other publically available information to ensure it is not misleading, deceptive or confusing.
In support of having well informed investors, FMA has published information on our website for those considering whether to transfer funds from their Australian Superannuation Fund into their KiwiSaver scheme in New Zealand.
If you would like further information about this please contact us on 0800 434 567 or email us at firstname.lastname@example.org
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