FMA lines up two KiwiSaver issuers over ‘potentially misleading statements’ in offer docs

Fri, 21 Jun 2013

By Paul McBeth June 21 (BusinessDesk) - The Financial Markets Authority is preparing to take action against two unnamed KiwiSaver issuers for making misleading statements in their offer documents as it puts the state-sponsored retirement schemes under greater scrutiny. After reviewing 15 schemes, representing 40 percent of the market with $5 billion under management, the market watchdog contacted “a number of issuers” seeking clarity on some disclosure matters, leading to the reassessment and voluntary improvement of some offer documents, a...

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