UDPATE FMA to bring two KiwiSaver issuers into line over disclosure

Fri, 21 Jun 2013

By Paul McBeth June 21 (BusinessDesk) - The Financial Markets Authority is seeking to bring two KiwiSaver issuers into line after finding potentially misleading statements in their offer documents. The market watchdog said it’s in the process of taking action against two issuers for non-compliance “relating to potentially misleading statements in their offer documents” after reviewing 15 schemes, representing 40 percent of the market with $5 billion under management. The action is at the compliance end of its regulatory framework, rather tha...

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