Financial adviser group takes crack at default KiwiSaver funds; backs govt scheme

Mon, 16 Jul 2018

By Paul McBeth July 16 (BusinessDesk) - A group of financial advisers want the government to change the default KiwiSaver fund settings, which they say aren't working, and support government stepping into the default role, at a time when MPs are considering a bill to set up a state-run scheme. The nine advisers today wrote to the heads of the Financial Markets Authority and Reserve Bank, and finance and commerce ministers outlining their concerns that KiwiSaver members in default funds with conservative investment mandates have not only...

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