KiwiSaver providers will face extra scrutiny this year as regulators crack down on unscrupulous companies, especially those who entice savers to switch products.
The retirement savings scheme run by banks and investment funds has enrolled more than two million people and is now worth more than $23 billion.
READ: Megan Whelan asks “Are you saving for your retirement?”
Despite this, Financial Markets Authority (FMA) research shows people are still confused by the scheme.
Chief executive Rob Everett said it would be cracking down on how KiwiSaver was promoted and sold, making sure companies made clients fully aware what they were buying into.
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