No sympathy for Simplicity

The iced schadenfreude flowed generously across the New Zealand funds management community last week to celebrate a historic regulatory moment.By slapping mostly passive KiwiSaver provider, Simplicity, with a mid-weight cease-and-desist order, the Financial Markets Authority (FMA) provided a dash of cheer to competitors in a week short of good investment news.Under the FMA direction order, Simplicity agreed to pull down the controversial omnichannel ‘All Greys’ advertising campaign that claimed members of its scheme could “get...