24 October 2013
The Financial Markets Authority (FMA) says assets invested in KiwiSaver have passed $16.5 billion, up nearly $4 billion, or 30 percent, on last year.
The figures were released today in FMA’s KiwiSaver Report for the year ended 30 June 2013.
As at 31 March 2013 the number of KiwiSaver members had also increased, up nearly 10 percent, to 2.09 million.
FMA CEO Sean Hughes said KiwiSaver has come a long way from its introduction six years ago and that the level of uptake by members, and providers, had surpassed all expectations.
“KiwiSaver is a key area of focus for FMA and we’ve been working hard to ensure providers are complying with their obligations, which in turn increases public confidence in KiwiSaver,” said Mr Hughes.
“For many New Zealanders, KiwiSaver will be the first investment they make and will represent a large part of their retirement savings and ultimate financial security.”
Sean Hughes said the new standardised quarterly disclosure statements for retail KiwiSaver schemes will make it easier for KiwiSaver members to review performance and fees across different funds and make more informed decisions.
Looking ahead, he said that the changes to come under the Financial Markets Conduct Act and the proposed Regulations will require all KiwiSaver managers to be licensed by FMA.
“These changes have the potential to significantly impact all KiwiSaver schemes and we encourage providers to review their processes in preparation for future licensing.”
“As KiwiSaver continues to grow, we expect all those involved to meet the regulatory standards and to act in the interests of KiwiSaver members.”
A copy of the KiwiSaver Report can be found here.
FMA has also published the Superannuation Schemes Report which can be found here.