Tamsyn Parker

Money Editor for NZ Herald

Close watch on KiwiSaver

Watchdog checks progress as several providers struggle to meet deadline for new reports.

Kiwisaver provider reports must be made publicly available within 15 business days after the end of each quarter. Photo / Thinkstock
Kiwisaver provider reports must be made publicly available within 15 business days after the end of each quarter. Photo / Thinkstock

The investment watchdog says it will take a close look at new KiwiSaver reports to ensure they meet regulations and are accessible to the public.

Yesterday was the last day KiwiSaver providers had to file their first quarterly reports and several struggled to meet the deadline.

The reports must include information on fees, performance and where the money is invested and be available on the providers' website as well as sent to the Financial Markets Authority.

They must be made publicly available within 15 business days after the end of each quarter.

But the new regime got off to a slow start. Despite the start date for it being pushed back three months just five out of the 10 largest providers had the information available early yesterday morning. AMP, Westpac, Aon, Mercer and Fisher Funds, which also owns the Tower scheme, did not have the information up online first thing but put it on their websites during the day.

A search by the Herald also revealed some reports were difficult to find with most requiring at least four to five clicks to access the information.

Under the periodic disclosure regulations the disclosure statement or information, or a link to the disclosure statement or information, must be "prominently displayed" on the website.

A spokesman for the Financial Markets Authority said it would check that KiwiSaver managers were complying with the regulations.

"We will be providing feedback to them and their trustees, who have oversight as the frontline supervisor.

"As part of our monitoring we will be looking at the ease of accessibility to the disclosure statements."

David Kneebone, executive director at Commission for Financial Literacy and Retirement Income, said the online focus was not a big concern for it in an age of growing internet usage. "Yes for some it will be a challenge. But for a growing majority it is less of an issue."

Kneebone said he was less worried about the reports being online focused now than he would have been if it was launched in 2007 when KiwiSaver began.

KiwiSaver investors can also request a hard copy of the information from their provider.

Kneebone said the commission would take four to five weeks to compile the data on providers' websites before launching a new tool on its Sorted website by the end of November. The tool would compare fees and rate service levels and returns. "The challenge is to filter the information in a way that is easily digestible for the public."

Finding your Kiwisaver information:

ANZ KiwiSaver Scheme
OneAnswer KiwiSaver Scheme
OnePath KiwiSaver Scheme
ASB
AMP/AXA - not available yet

Westpac
Fisher Funds
Tower
Mercer KiwiSaver scheme and Mercer Super Trust KiwiSaver scheme
Fidelity
Grosvenor
Aon - not available yet
Milford

- NZ Herald

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