"Your answer — late last year — to the couple who were considering the impact of both having KiwiSavers with ANZ is a little misleading.
I would agree that they don’t need to consider “diversifying” across banks. However, the fact that the Reserve Bank has recently taken “further steps to strengthen (banks’) finances”, as you said, isn’t relevant here.
All KiwiSaver assets are held in separate custodial accounts (audited) where the assets are ring-fenced away from the custodial business. If ANZ, the bank, or even ANZ Investments, the manager, failed, they would have no recourse over those assets, and the supervisor would have the right to reappoint a different manager.
The reason I say this is there is a large percentage of the public who still believe that their assets can be “lost” by the manager. We should be educating them otherwise."
Source: February 8, 2020, NZ Herald Q&A Column.
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