The Financial Services Council says the report was a valuable annual check-up on KiwiSaver
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The Financial Service Council (FSC) has welcomed the Financial Market Authority’s (FMA) annual KiwiSaver report and won’t shy away from the challenges it has set out for the industry.
FSC CEO Richard Klipin said the report was a valuable annual check-up on the KiwiSaver system. “This transparency is a key part in continuing to build Kiwis’ trust and engagement in the scheme,” he said.
FMA’s report showed that overall KiwiSaver is in good shape and is becoming an important part of New Zealanders retirement planning. Total KiwiSaver assets are now more than $40 billion and 2.7 million Kiwis are members.
“This is fantastic growth for a scheme that is only 10 years old, and as the recently released FSC research ‘Growing the KiwiSaver Pie’ showed, there is overwhelming public support for further strengthening of KiwiSaver.
“As an industry, a major focus of ours over the last year has been improving transparency on fees, and education and engagement with KiwiSaver members. While it’s pleasing that the report demonstrates solid progress in these areas, it also finds that more still needs to be done,” Klipin said.
The FSC said it will be redoubling its work on transparency and education “to ensure that Kiwis enjoy a world-class saving scheme.” Engaging New Zealander and getting them on the KiwiSaver literacy journey is a large and ongoing task, Klipin said.
“The FMA raised some particular concerns about active fund choice and engagement with KiwiSaver default scheme members. This is a concern for the industry and an area we acknowledge that our efforts need to improve in.
“There are no silver bullets here and educating Kiwis about money and how KiwiSaver fits in is a long-term process, that as the FMA report shows, we still have a way to go on.
“FSC and our members are at the forefront of this debate and we welcome the FMA report and we won’t shy away from the challenges it sets out for us,” Klipin said.
Related stories:
$40 billion in KiwiSaver assets, FMA
Demand for KiwiSaver improvements
FSC CEO Richard Klipin said the report was a valuable annual check-up on the KiwiSaver system. “This transparency is a key part in continuing to build Kiwis’ trust and engagement in the scheme,” he said.
FMA’s report showed that overall KiwiSaver is in good shape and is becoming an important part of New Zealanders retirement planning. Total KiwiSaver assets are now more than $40 billion and 2.7 million Kiwis are members.
“This is fantastic growth for a scheme that is only 10 years old, and as the recently released FSC research ‘Growing the KiwiSaver Pie’ showed, there is overwhelming public support for further strengthening of KiwiSaver.
“As an industry, a major focus of ours over the last year has been improving transparency on fees, and education and engagement with KiwiSaver members. While it’s pleasing that the report demonstrates solid progress in these areas, it also finds that more still needs to be done,” Klipin said.
The FSC said it will be redoubling its work on transparency and education “to ensure that Kiwis enjoy a world-class saving scheme.” Engaging New Zealander and getting them on the KiwiSaver literacy journey is a large and ongoing task, Klipin said.
“The FMA raised some particular concerns about active fund choice and engagement with KiwiSaver default scheme members. This is a concern for the industry and an area we acknowledge that our efforts need to improve in.
“There are no silver bullets here and educating Kiwis about money and how KiwiSaver fits in is a long-term process, that as the FMA report shows, we still have a way to go on.
“FSC and our members are at the forefront of this debate and we welcome the FMA report and we won’t shy away from the challenges it sets out for us,” Klipin said.
Related stories:
$40 billion in KiwiSaver assets, FMA
Demand for KiwiSaver improvements
