The Mercer KiwiSaver scheme is the first to meet the requirements of strengthened legislation - more than a year ahead of deadline - demonstrating its commitment to heightened compliance and clearer communication with members.
The Financial Markets Conduct Act 2013 requires KiwiSaver providers to enter the new regime, while also providing members an easy to understand product disclosure statement (PDS), by December 2016.
Mercer has long recognised the value of stronger regulation and an increased focus on clearer member communication. Prospectuses and investment statements required under the old legislation tended to be lengthy, and often written in highly technical language.
Martin Lewington, Mercer Managing Director, said, “We are constantly striving to make our materials clearer and more concise. Our goal is to help members understand KiwiSaver, and the importance of planning early.
“Our people are personally committed to helping Kiwis save for a better future.”
The new legislation requires companies providing managed investment schemes to be licensed, join a new compliance regime and provide a PDS.
Mercer, one of nine Government-appointed KiwiSaver Default providers, was one of the first fund managers in NZ to become licensed and is now first in NZ to put out a PDS for a managed investment scheme, following extensive consultation with many stakeholders including the Financial Markets Authority.
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 20,000 employees are based in more than 40 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.co.nz. Follow Mercer on Twitter @Mercer_NZ.