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Major bank to cut KiwiSaver fees by a third Westpac is to cut its KiwiSaver fund fees. (Photo / File) Major bank to cut KiwiSaver fees by a third Tue, 20 Jul 2021, 2:00PM The country's third largest KiwiSaver provider is to remove its annual administration fee and reduce its fund fees. Westpac New Zealand which has 380,000 KiwiSaver members will ditch its $12 admin fee and cut its fund fees by between four and 26 basis points by the end of September. The changes come three months after KiwiSaver regulator the Financial Markets Authority issued guidance to all KiwiSaver pro...

Photo: RNZ / Nate McKinnon As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years. Fidelity Life's largest shareholder, the NZ Super Fund and new investor Ngāi Tahu Holdings would fund the acquisition. Westpac acting chief executive Simon Power said Fidelity Life were leaders in the industry. "In talking to Fidelity Life we were extremely impressed with their single-minded focus on their customers," he said. "Westpac Life customers do not need to take any action. Nothing changes with their policies and we know they'll be in great ...

Westpac sells life industry business for $400m © RNZ / Nate McKinnon Westpac Bank has sold its New Zealand life insurance business to local insurer Fidelity Life for $400 million. As part of the deal, Westpac would refer any potential life insurance customers to the company for the next 15 years. Fidelity Life's largest shareholder, the NZ Super Fund and new investor Ngāi Tahu Holdings would fund the acquisition. Westpac acting chief executive Simon Power said Fidelity Life were leaders in the industry. "In talking to Fidelity Life we were extremely impressed with their single-minded focus...

Print Westpac will retain ownership of Westpac New Zealand (WNZL), after it announced in March that it was accessing whether a demerger would be in the best interest of shareholders as new requirements had been put in place by the Reserve Bank of New Zealand. In an announcement to the Australian Securities Exchange (ASX) Westpac Group chief executive, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders. “Our review identified opportunities to improve service for customers and value across the WNZL busine...

Westpac (ASX:WBC) share price on watch after NZ update Westpac has provided an update on its New Zealand operations… James Mickleboro has been a Motley Fool contributor since late 2015. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. This was the start of a love affair with Australian equities and he hasn't looked back since. James is part of the CFA Institute's Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help ...