Low-fee Simplicity runs foul of FMA with misleading ad campaign

The Financial Markets Authority ordered Simplicity to remove an advertising campaign that claimed its KiwiSaver clients would retire with up to 20% more than the average from its competitors, the market regulator has revealed today.The advertising campaign was run between August and October last year across television, social media, billboards, and its website.It encouraged people to switch to Simplicity and included the statement: “get out of the game when you want to, retire with up to 20% more than the average KiwiSaver plan”.The...