New Kiwisaver Rules: what the hell?
Accepting that I am not a fan of Kiwisaver – I am a little bit gobsmacked about new rules that the government have brought out, ensuring that Kiwisaver Providers:
are to have a direct duty of care to their investors and will have to provide regular updates on their investment performance, fees and asset allocation.
Ummm – you mean they don’t currently have to do this?
Thats outrageous! After all the problems that people have had in the last year or two losing all their money, a new scheme didn’t write in these rules in the first place?
It seems there is currently about $5bn invested in Kiwisaver funds. Thats a helluva lot of money that people have put into the hands of providers when it seems they don’t have a duty of care to the people investing with them. And it doesn’t say much for them them this had to be written into law, rather than them just behaving properly off their own backs.
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Related posts:
- Kiwisaver Problems: keep your eye on your provider.
- Kiwisaver Changes – Arggghhhh
- Getting out of Credit Card Hell
Comments
One Comment on New Kiwisaver Rules: what the hell?
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wafu on
Mon, 3rd May 2010 1:07 am
I’m not a Kiwisaver for some of the reasons you highlight. I’d like to ask though why is that NZ charges me for using cash. If I buy something for say $6.98 and pay by EFTPOS I am charged just that, but if I pay cash I am charged $7! Two cents may not be much, but added up over the whole population it will be quit a sum.
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