Concerns about KiwiSaver churn

David Maida | financialalert | 20 June 2013

Churning of KiwiSaver accounts has many financial advisers up in arms over alleged unethical and potentially illegal tactics from some of the country's largest financial institutions.

As KiwiSaver account balances, grow it's expected that savers are more likely to take notice of what funds they are in and make adjustments. But some advisers report that their clients are unaware they'd even switched schemes until well after it happened.

Milton Jennings, CEO of Fidelity L...