Im going to foward your blog onto all the UNIONS in Australia who run industry funds over there.Even they have the forsight to see retirement savings in the markets is the future.The difference between them and NZ companies, is that they select competent people to run the funds, unlike in NZ, with Banks, Hulijch and Brash being a bunch of 'nobodies' in the financial scheme of things.English also.I have blogged before that the Australian Securities and Investment Commission should be the regulator in NZ funds management -as most advisors in the NZ industry are sitting their examinations to get ASIC accreditation anyway.Most should fail.

John, the finance industry is going through a major regulatory overhaul in NZ and Australia as it is right now, there was no need for a politician to jump up and down on a soapbox over this like you when it is already happening.

"Why would we trust fickle financial markets driven by profit to make provision for our retirement?" by all means provide for your retirement with a shoebox under your bed if you're that financially clueless.

Hooray. At last John is onto something worthwhile. Although his story has an under-current of socialist anti-business claptrap, he is correct that Hujlich Funds Management should be stripped of their right to participate in the managing other peoples money. They should not be allowed to market a KiwiSaver product, and the should be made to compensate people for their deception and investors should be able toe xit the scheme at no cost.

I assume your alternative to Kiwisaver is for the government to provide for retirement, by compulsory savings, a practice far riskier than financial markets.

If I wish to invest in Kiwisaver or any other financial mechanism to provide myself with a comfortable retirement, could you excplain to me what damn business it is of yours? I assume in your eyes that it is immoral that I actually have enough money to be able save. Well I am sorry I am not poverty stricken like most of those you patronise.

If I am prepared to take the risk and if I do not bleat if things go wrong, that is my concern. No one is asking you to invest in Kiwisaver - thank God, there is still some freedom left in this country. Your concerns are very laudable, but possibly the majority of people in this country prefer to look after themselves without your advice.

Agreed - Kiwisaver is dangerous. Moves public money into private markets and speculation via Fund managers. A flaw in Michael Cullen's good effort as Finanace Minister, carefully providing for 'the future' . Once the crash came, the Super "Cullen Fund' lost heaps. As would mixed portfolios under Kiwisaver. Golden Rule - don't trust the markets....they're constantly manipulated and volatile. Though Cullen's paying down of National Debt looks much better than Bill English's borrowing at 240 million a week. Chews up 2 months worth of GST at 15%. This Gov is moving everything into the International markets...heavily manipulated by USA banks. Key wants a Futures Exchange here as we become a 'little New York' financial centre. It's forcing Joe Citizen into the open markets he doesn't know or trust ( rightly ), as the door is being closed on the natural provision for retirement - real property ( eg rental ) and land. So, we're pushed out of the Real Economy and into the paper world of Financialsism. USA is way over financialised and can't even afford health care. Public savings should never touch private funds to start with. Should be managed by Gov ( well ) paid managers under Gov guarrantee and be rock solid...if low yield. Eg Gov bonds and big Aussie mines. And NZ mines and oilfields if NZ owned ( unlikely ). This transfer of wealth should happen now....but won't.

And an upper echelon of Names is pulling strings and getting the invites....so not surprising John Banks gets a board appearance/fee when he's not a financialist. Nor that John Banks was drawing up the protocol early on Auckland Supercity with John Carter. Both are Freemasons. Am expecting him to be new mayor and follow the Nat/Act neo-liberal agenda of selling off the assets. The Banks will rule - in more ways than one.

Kiwi saver is an entirely voluntary scheme John. So if people chose to invest with these people it is 'caveat emptor'. However the inaccurate reporting of a fund's performance should be slammed as hard as possible. On this point we agree.

I would note from the article that Peter Huljich used his own money to prop up the investment fund, and that no investor had been finacialy impacted by this series of events. Could you explain what the issue really is?

Unfortunately this is another result of the cowboy (non)regulation of financial markets and investment in NZ. Where is the Securities Commission action in this? Surely if a company is soliciting public investment it should have to abide by strict operating and disclosure rules and be punished severely if it fails.

I am a Kiwisaver member (with another provider) but only because it enabled me to bring a pension fund over from the UK where I had NO visibility of it. At least here I have some control over how it is invested and with whom.

NZ really is the Wild West when it comes to financial services. I'm surprised there isn't more of this kind of thing going on.

I'm left wondering what John thinks the altrernative should be?

Increased taxation for "pay as you go" Govt super? - he generally seems to be in favour of taking as much money from the taxpayer as possible and to hell with the consequences.

Ultimately someone has to make decisions about vast amounts of money - whether Union run or Investment industry run.........there is no 100% safe option sorry.

Running the country into bankruptcy with tax-feed universal super doesn't look all that attractive - but at least it has no risk since it is a sure thing.......

Would John have us believe that politicians who would ahve to run it over the decades have the desired "honesty and integrity"??

Pull the other one mate......

So where are your retirement savings, Bob? Under the bed I assume given your pathological aversion to banks.

With the financial meltdown I did lose some money, although i had switched to conservative funds before the worst happened. I timed the switch back and recovered my losses and more. And as for the Super Fund; yes it lost heaps and for 2009 gained heaps. It has now gone off the boil but will at some stage start gaining again. That's the whole point about volatility and the markets. Over time things generally smooth themselves out.

As with, John, what do you do with your money? Do you think that an ever shrinking population is going to support your dotage because you cannot be bothered to provide for yourelf? your faith in 'rock solid governments' is touching.

John, Unite (YOUR UNION!) promotes the Huljich Kiwisaver scheme FOR YOUR members. Get your own house in order before you start criticizing others. Unbelievable.