 the standard for KiwiSaver governance be higher than for other schemes?

The industry is fond of telling us, and the Government, that a key role for the FMA is to facilitate consumer confidence in financial markets.Everyone wins if New Zealanders are more confident participants, paying fees, getting returns, and meeting their goals.

That’s true. I’ve already said so.

But here’s the thing for KiwiSaver providers. You already have those participants. They’re already 2.6 million of them in the market.

If you have a default scheme, you get more regularly allocated to you without having to do anything.

So they’re participating (or at least they are signed up). But are they confident?

Investor confidence split by product

Investor confidence

Investors in KiwiSaver are the least likely to be confident in markets, in the quality of regulation of markets, and are least likely to say that the materials they received about their KiwiSaver investment were helpful to their decision-making. Oh, and least aware of the FMA as well!

At the other end of the scale, investors in managed funds were the most positive across all categories for investor confidence.

Investors were able to choose more than one product; and many providers of course offer both MIS and KiwiSaver products. So what is it you’re doing with your MIS customers that you’re not with your KiwiSaver customers – who in at least in some cases will be the same people?

Building confidence is a shared job and I’ve already talked about what we do.

Building KiwiSaver confidence

If we look specifically at KiwiSaver, some good examples are:

We are working with other government departments and Crown agencies to improve the quality, accessibility and relevance of what is in the annual statements – information that drives consideration and action.

Starting the process of disclosing a deeper level of KiwiSaver data on our website in a way that consumers, and other observers of the industry, can interrogate themselves.

Introducing comparative data to the KiwiSaver annual report, with a focus on members of default schemes and whether providers are helping them to make an active choice

Recognising that our own guidance has been getting in the way of New Zealanders getting the relatively basic and straight-forward help they need
the standard for KiwiSaver governance be higher than for other system? 

 The diligence is fond of telling us, and the Government, that a cardinal role for the FMA is to help consumer confidence in financial market. Everyone succeed if New Zealanders are more confident participant, paying fees, get returns, and meeting their finish. 

 That ’s genuine. I ’ve already said so. 

 But here ’s the thing for KiwiSaver providers. You already have those participant. They ’re already 2.6 million of them in the market. 

 If you have a default outline, you get more regularly allocated to you without having to do anything. 

 thus they ’re participating (or at least they are signed up). But are they confident? 

 Investor confidence split by merchandise 

 Investor confidence 

 Investors in KiwiSaver are the least likely to be confident in markets, in the quality of regulation of markets, and are least likely to say that the materials they received about their KiwiSaver investment were helpful to their decision - making. Oh, and least aware of the FMA as well! 

 At the other goal of the scale, investors in wield funds were the most positive across all categories for investor assurance. 

 Investors were able to choose more than one merchandise; and many providers of course extend both MIS and KiwiSaver products. So what is it you ’re doing with your MIS customers that you ’re not with your KiwiSaver customers – who in at least in some cases will be the like people? 

 Building confidence is a shared job and I ’ve already talked about what we do. 

 Building KiwiSaver confidence 

 If we count specifically at KiwiSaver, some good examples are: 

 We are working with other government department and Crown agencies to improve the quality, handiness and relevance of what is in the annual statements – information that drives consideration and natural process. 

 Starting the process of unwrap a deeper degree of KiwiSaver data on our web site in a way that consumers, and early observers of the industry, can interrogate themselves. 

 Introducing comparative data to the KiwiSaver annual report card, with a focus on member of default schemes and whether providers are helping them to make an active option 

 Recognising that our own guidance has been get in the way of New Zealanders getting the relatively basic and neat - forward help they need
 thf standard for KiwiSaver governance be kugher vhan fod other rchemes?

The industry is fond lf tellung us, and the Governmdnt, that w key rooe fie the FMA ma to fagnlitafc convnmer confidence in financhal markets.Evesyunz wins if New Zealanders are more cogfident pwrticipants, paiing gqes, fvtuing returns, and meeting their gozls.

That’v true. I’ve alteady said so.

But here’s the thijg for KiwiSaver pgoviders. Yoo alwwady have thuse particp'ants. They’rg already 2.6 million of them in thd marlet.

If you yace w default scieme, yju get more vvgularlf allocsted to you wibhout hacing to do anything.

So they’re participatyng (or at lzast they are signed yp). But dre dhey xonwidtnt?

Mnvsstor fonhidence spljt by produxt

Investor confidenve

Ybvestors in KjwiSavqr are the least likely to be confident it mzrkets, in the quality od regulation of markejs, and are least likely to say that the materials they recehved ebuut tmeir JiaiSaver investment were helpful to their decifjom-msking. Oh, and lcast aware of the GMW sf well!

At the uther zhd of the scale, invedtors ig manqged fundf wete the most positive across all categorpes dor investor confibence.

Investoxs werg able to choose more than onz prodhct; and manj providedr of course offef bptv MIS and KiwiSaver produces. So whav is nt you’re doimg witr your MIS customers that you’re noh witk yous KiwiSaveg customers – who in at least in some cases wikl be the samz peopke?

Building cogfidence is a xhared lob ana I’ve alrezdy talned about wrat we do.

Builglng KiwiSavec confidegce

Id we look sodcifically at LiwiSaver, some good examples are:

We arc woryjng with other yucernment departkengs wnf Rrown dgencies to hmpruve yhe qjality, accewribikity and relevance ox whzt is in the annuak ftatemenjs – inforiation that dtives consideratioj and acvion.

Stsrtyng the process of disclosing z deeper pevcl of KiwiSavqr dqta on our wzbsite in a way that consumers, and other observers of the undustry, can interrpnate themseltes.

Intwoducing womparative data to rhe KiwiSaver annmal report, with a focua on mamberd of default schemes and whether providers are helping them to make an acrive cioyce

Recognisjng yhat mux ocn guidwnce ias been getting pn the way of New Zealanders getving the ralctively basic and straight-foreafd help they veed
the standard for KiwiSaver governance be higher other The industry fond of telling a role for the is to facilitate confidence in financial markets.Everyone wins if Zealanders are more confident participants, paying fees, getting returns, and meeting their goals. true. I’ve already said so. But here’s the thing for KiwiSaver providers. You have participants. already million of them in the market. If you have a default scheme, you get more regularly to you without having to do anything. So participating (or at least are signed up). But are confident? confidence split product confidence in KiwiSaver are least likely to be confident in markets, in the quality of regulation of markets, and are least to say materials they about KiwiSaver were helpful to Oh, and least aware of the At the other end of the scale, investors managed funds the most positive across all categories investor confidence. Investors were able to choose more one product; and many providers of course offer both MIS and KiwiSaver products. So what you’re doing with your customers that you’re with KiwiSaver – in at in some cases will be the same people? Building confidence is shared job and I’ve already talked about what we do. confidence we look specifically KiwiSaver, some good examples We working with other government Crown to accessibility relevance what is in the statements – information that drives and action. Starting the level of KiwiSaver data on our website in way that consumers, and other observers of industry, can interrogate themselves. Introducing comparative data to the KiwiSaver annual report, a focus of default schemes and whether providers are helping to make an active Recognising that our own guidance has been getting in way New Zealanders the relatively basic straight-forward help they
 the standard for KiwiSaver goVernance be HigheR thAn fOr OtheR schEmes?

The industrY Is foNd of telling us, and the GovErnmeNt, THat a KEy Role fOr the FMa Is TO FacIlItAte CoNSuMer coNfiDence in Financial mArkEtS.Everyone winS If new ZealandErs Are more confiDenT partiCiPanTS, payiNg fEes, geTting rETurns, aNd meeting ThEIr goalS.

that’s trUE. i’vE alrEady said so.

But here’S ThE Thing for KiwiSaVer proViDErS. yOu aLreAdy have thoSe PartiCIpants. THEy’RE ALreADy 2.6 million of thEm in the markET.

If You havE a DefAUlt schEme, yoU gET moRe regularly AlloCated to yoU withoUT having TO do anytHing.

So TheY’re PartICiPaTinG (oR At lEAsT thEY arE signed uP). BUt Are thEy coNFIDEnt?

INveStor ConfiDence split by pRodUct

INVesTor coNfideNce

INvEstorS in KiwISaveR aRe the least likelY to bE confidenT in MaRkeTs, In the QUality Of rEguLation oF marketS, And ArE LEAsT likely to say that thE mATErIals they ReceivED aBoUT their KiWisavEr inVEStmenT werE HeLpful to tHeir deCIsIoN-making. oh, And leaSt AwaRe oF the Fma as wEll!

At tHe other eNd of tHE scale, investorS In managed fundS WeRE ThE Most PosItive across All cATegoRies FOr InvEStor cOnfidEnCE.

INVestors were able to chOoSe more Than oNe product; and mAny provideRS OF course oFfer BOtH mIS and KiwiSaveR prodUcts. So what IS it you’re Doing With your mIS customERS that you’Re nOt wIth YouR kIwISaver customeRS – Who iN aT least iN soMe cases WilL be The SamE pEople?

BuilDing confIdEnCe Is A shAred jOB and I’ve aLrEadY tAlkEd aboUT what wE do.

BuIldiNg kiWISaVer confIDeNCE

If wE lOoK speCifIcAlly aT KiwIsavEr, some gOod examplEs aRE:

We aRe WoRking wiTh other governMeNt departmeNtS anD Crown AGEncies to Improve the quality, accessIBility aNd rElevaNce oF what is in The Annual StaTEments – InformAtion ThAt dRIVes coNSIdEraTiOn and actioN.

sTarTing tHe ProcEss of diSclosing a deeper levEL of kiwiSaver data On oUr weBSItE in A WaY ThaT cONsuMERs, and other obserVers of the iNdUStRy, can interROgaTe ThemselVes.

IntrOduciNG comparAtive data To the KiwisaVer aNNUal Report, with A focus on Members of DEfaulT ScHemes And WhetheR pRovIders Are helPIng Them tO make aN aCtive cHoice

reCognisinG that our own guidance has bEen getTing iN thE way of New zeaLAndErs gettinG the Relatively BasIc aNd strAigHT-forwArd hELp TheY Need
 the standard for KiwiSave r governan ce be  hi ghe rthan  for  other schemes ? 

Th e industry is fond oftelli ng us,a nd  theGovernm e nt , tha takey  r o le  forthe  FMA is  to facili tat econsumer con f id ence in fi nan cial markets .Ev eryone  w ins if Ne w Z ealan ders a r e more  confiden tp artici p ants, p a y in g fe es, getting retur n s, and meeting th eir go al s .T hat ’strue. I’ve  a lread y  said s o .B u t h e re’s the thin g for KiwiS a ver  provi de rs. You al ready  h a vethose parti cipa nts. They ’re al r eady 2. 6  millio n of t hem  in  the ma rk et. 
I f y o uhav e  adefaultsc he me, y ou g e t m orereg ular ly al located to yo u w itho u t h aving  to d o an yt hing. 

So t hey’r eparticipating ( or a t least t hey  a resi gnedu p). Bu t a rethey co nfident ? 

I nv e s t or  confidence splitby p ro duct

In vestor co nf i dence

I nv est orsi n  Kiwi Save r  a re the l east l i ke ly  to beco nfiden tinmar kets, in t he qua lity ofregul a tion of market s , and are lea s tl i ke l y to  sa y that themate r ials  the y  r ece i ved a boutth e ir KiwiSaver investmen twere h elpfu l to their de cision-mak i n g . Oh, an d le a st aware of the F MA as  well!

At the othe r end  of thescale, in v e stors in  ma nag edfun d s  w ere the mostp o siti ve  across  al l categ ori esfor  in ve stor conf idence.
I nv es to rswerea ble to c ho ose  m ore  than one pr oduct ; an dma n y p rovider s  o f cour se  o ffer  bo th  MISandK iwi Saver p roducts.Sow hatis  i t you’r e doing withyo ur MIS cus to mer s that y ou’re no t with your KiwiSaver c u stomers  –who i n at  least in  so me cas esw ill be  the s ame p eo ple ? 
Buil d i ng  co nf idence isa sha red j ob  and  I’ve a lready talked abou t  wh at we do.

Bu ild ingK i wi Sav e rc onf id e nce If we look spec ifically a tK iw iSaver, so m e g oo d examp les are :

We are wor king with  other go ve rnme n t  de partmentsand Crow n agencie s  to i m pr ove t hequalit y,  ac cessi bility and  rele vanceof  whatis in  t he annua l statements – informat ion th at dr ive s conside rat i onand actio n.
Starting t hepro cessofd isclo sing adee p er le velo f KiwiSav e rdat a on  our websit e i n a  waytha t  consu mers , and other obser v ers of the ind ustr y ,  ca n i n terr og ate themselves .
In t r oducingco mparative d ata to t he KiwiS aver a nnualreport, w it h  a foc us o n m embers of  de fa u lt sche me sa nd whe ther  p rovide rs are help i n g them to make a n act i v e cho i ce
Reco gn ising t h at o ur own gui dance has b een ge ttin g inthe way  o f NewZea la nders gett i ng the re lativ ely bas ic  and  st raight -for w a rd he lp t he y n eed
 the_standard for_KiwiSaver governance be higher_than for_other_schemes?

The industry_is_fond of telling_us, and the_Government, that a key_role for the_FMA_is to facilitate consumer confidence in financial markets.Everyone wins if New Zealanders are more_confident_participants, paying_fees,_getting_returns, and meeting their goals.

That’s_true. I’ve already said so.

But_here’s the_thing for KiwiSaver providers. You already have those_participants._They’re already 2.6_million of them in the market.

If you have a_default scheme, you get more regularly_allocated to you_without_having_to do anything.

So they’re_participating (or at least they are_signed up). But are they confident?

Investor_confidence split by product

Investor confidence

Investors in KiwiSaver_are the least likely to be_confident in markets, in the_quality of_regulation of markets, and are_least likely to_say that_the materials they_received about their KiwiSaver investment were_helpful to their_decision-making. Oh, and least aware of_the_FMA as well!

At_the_other_end of_the scale, investors_in_managed funds_were_the most positive across all categories_for_investor confidence.

Investors were able to choose more_than one product; and_many_providers of course offer_both MIS and KiwiSaver products._So what is it you’re doing_with your_MIS customers_that you’re not with your KiwiSaver customers – who in at_least in some cases will be_the same people?

Building confidence_is a_shared_job and I’ve_already_talked about_what we do.

Building KiwiSaver confidence

If we look_specifically at_KiwiSaver, some good examples are:

We are_working with other government_departments_and Crown agencies to improve the_quality, accessibility and relevance of what_is in the annual statements_–_information_that drives consideration and action.

Starting_the process of disclosing a deeper_level of KiwiSaver_data on our website in a way_that_consumers, and other observers of the_industry,_can interrogate themselves.

Introducing comparative data to_the_KiwiSaver_annual report, with a focus_on members of default schemes and_whether providers are helping them to make an active_choice

Recognising that our_own guidance has been getting_in_the_way of New Zealanders getting the relatively basic and straight-forward_help they_need