KiwiSaver providers warned over sharp sales practises when switching customers

Wed, 01 Oct 2014

By Fiona Rotherham Oct. 1 (BusinessDesk) - The Financial Markets Authority has warned KiwiSaver providers over sharp sales practices following a doubling of the amount of money switched by customers into other schemes in the past year. The FMA's KiwiSaver report out today for the 12 months to June 30 showed overall KiwiSaver funds have grown 29 per cent to $21.4 billion, with 235,730 new members joining over the year. Over that year, some $3.57 billion was transferred between schemes, up 333 percent from $825 million in the 2013 r...

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