ISSUE
Friday, August 15, 2025
Volume 16 . Issue 72
National is promising to allow people to split their KiwiSaver between multiple funds.
They also want to roll back measures brought in by Labour including the Credit Contracts and Consumer Finance Act, and the Conduct of Financial Institutions Act, saying these amount to red tape.
National Party leader Christopher Luxon announced the policy at the Financial Services Council in Auckland on Thursday morning. The council's members include major insurers, fund managers and KiwiSaver and workplace savings scheme providers.
In a statement, National's Commerce and Consumer Affairs spokesperson Andrew Bayly said allowing people to invest in multiple KiwiSaver providers would drive innovation and competition, and put downward pressure on fees.
"As the sector grows and matures, some KiwiSaver providers are looking to diversify their investments into different classes of assets - such as start-ups and Build-to-Rent investments. However, under the current settings, savers who want to access these new investments are forced to shift all their savings to that provider - limiting choice and competition," he said.
He said the CCCFA had been intended to restrict predatory pay day lenders, but it had instead stifled access to credit and led to borrowers being subjected to intrusive questioning from their bank over their spending.
The CFIA had been meant to manage financial misconduct, he said, but would instead inpose burdens on lenders - making credit more expensive and harder to get.
National is promising to allow people to split their KiwiSaver between multiple funds.
They also want to roll back measures brought in by Labour including the Credit Contracts and Consumer Finance Act, and the Conduct of Financial Institutions Act, saying these amount to red tape.
National Party...
National is promising to allow people to split their KiwiSaver between multiple funds.
They also want to roll back measures brought in by Labour including the Credit Contracts and Consumer Finance Act, and the Conduct of Financial Institutions Act, saying these amount to red tape.
National Party leader Christopher Luxon announced the policy at the Financial Services Council in Auckland on Thursday morning. The council's members include major insurers, fund managers and KiwiSaver and workplace savings scheme providers.
In a statement, National's Commerce and Consumer Affairs spokesperson Andrew Bayly said allowing people to invest in multiple KiwiSaver providers would drive innovation and competition, and put downward pressure on fees.
"As the sector grows and matures, some KiwiSaver providers are looking to diversify their investments into different classes of assets - such as start-ups and Build-to-Rent investments. However, under the current settings, savers who want to access these new investments are forced to shift all their savings to that provider - limiting choice and competition," he said.
He said the CCCFA had been intended to restrict predatory pay day lenders, but it had instead stifled access to credit and led to borrowers being subjected to intrusive questioning from their bank over their spending.
The CFIA had been meant to manage financial misconduct, he said, but would instead inpose burdens on lenders - making credit more expensive and harder to get.
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