Advice industry split on KiwiSaver rules

The FMA’s final guidance on KiwiSaver sales and distribution confirms Registered Financial Advisers (RFAs) can sell KiwiSaver in limited circumstances.

However, the FMA has stuck to its controversial view that advice can be implied, despite a number of submitters questioning whether this view was supported by the Financial Advisers Act or by Parliament.

The Bankers’ Association has slammed the guidance, which chief executive Kirk Hope said was bad for consumers because it would limit access to information about KiwiSaver products.

“By limiting who can provide information about KiwiSaver, they make it harder for consumers to make informed decisions. It could also force people to bear the cost of using specialist advisers,” he said.