[The Wrap] What the heck is a good customer outcome?
It seems to be no one really knows the answer. The question was put to the Financial Markets Authority asking them to explain what a good customer outcome for a KiwiSaver member looked like.
The simple answer is that the KiwiSaver fund had to do what the label on the tin said.
FMA chief executive Rob Everret said it's ensuring "that the customer clearly understands what they’re getting into and the product performs as expected and promised".
That's very simplistic and probably nothing near what KiwiSaver providers think is now considered a good customer outcome.
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