KiwiSaver a difficult sell for RFAs

The IFA has cautiously welcomed the FMA's latest guidance note on KiwiSaver selling, while pointing out some concerns, including around the problems RFAs might have keeping within the guidelines.

IFA President Nigel Tate said, "There's a lot they've got right. It makes it clear that Registered Financial Advisers might be able to distribute KiwiSaver in very tightly controlled circumstances if only giving class advice - but that is difficult to achieve.

"Advisers have faced uncertainty on this particular area for some time and now they have some clear guidance." 

The IFA says the FMA has done well to provide clarity on the difference between class and personalised advice as well as the criteria they would expect an adviser to take into account when providing this service.