The issue, highlighted by a disclaimer given to Registered Financial Advisers by KiwiSaver provider Aon, revolves around how far RFAs can go when discussing KiwiSaver with clients.

It will be addressed as part of draft guidance on KiwiSaver sales and distribution, which will be published shortly.

FMA spokesman Nick Stride said the FMA wasn't aware of any other providers offering similar disclaimers to the one being used by Aon.

Although he said there was nothing legally wrong with the disclaimer, it wouldn't offer any protection to advisers who cross the line into personalised advice.

"The disclaimer is not in itself illegal. However, advisers can't contract out of the Financial Advisers Act. If an RFA did in fact provide personalised advice to the client the disclaimer would have no effect and the adviser would be in breach of the Act."

Aon's KiwiSaver distribution methods were the subject of a complaint to the Financial Markets Authority last year.

The FMA said in response to the complaint, "We are aware that within industry and the legal profession there are differing views on when a service crosses the various boundaries.

"As we formulate our views on where these boundaries lie we will be reviewing practices of various distributors and providers and it is useful that you have brought your concerns in relation to AON advisers to our attention. 

"We hope to provide guidance to industry as soon as we are able and this guidance should provide a basis for assessment of whether or not the services provided cross the boundary into personalised financial advice."

An adviser who spoke to Good Returns on the condition of anonymity said the Aon disclaimer was good for clients of RFAs, many of whom didn't have access to an Authorised Financial Adviser and had poor understanding of KiwiSaver.

"I've got clients who say to me, 'I don't want to go into KiwiSaver because the government will steal my money'."