New Zealand’s Financial Markets Authority (FMA) has expressed concern over how KiwiSaver providers are marketing their services. The FMA is worried providers are overly focusing on past investment performance in advertising materials to attract new transfers into their schemes. Specifically, the regulator noted providers were prominently featuring historical returns, potentially creating an inaccurate impression of future profitability. This practice risks generating unrealistic expectations among investors regarding future gains. The FMA aims to ensure advertising is balanced and does not mislead consumers. The authority seeks to protect investors by ensuring transparency and responsible marketing practices within the KiwiSaver system.