20 Apr 2010

Huljich confident of meeting new requirements

6:58 am on 20 April 2010

Huljich Wealth Management says it won't have any problems complying with new reporting requirements ordered by the Government's KiwiSaver watchdog.

The company has been criticised for failing to disclose in its KiwiSaver fund financial reports that managing director Peter Huljich personally topped up the fund to compensate for disappointing investment decisions.

Mr Huljich has since resigned, and former National Party leader Don Brash now heads the company.

Government Actuary David Benison, who is investigating management of the scheme, has ordered Huljich's trustee to provide a statement of investment policies and objectives (SIPO) by the end of April.

Mr Benison also wants to be given quarterly reports on the scheme, the minutes of any meeting the trustee and the company have, and information about how the scheme is complying with its trust deed.

He says the extra reporting, which is similar to that required by the six default KiwiSaver providers, will allow him to closely monitor how the scheme is managed. Huljich has been co-operative, he says, but he wants it to be subject to further and closer monitoring.

Dr Brash says there is nothing in the law requiring KiwiSaver schemes to have an SIPO, but the company has been working to prepare one over the last few weeks.

He says he has every confidence the company can prove it is carefully and responsibly managed, and it won't have any problem meeting the new reporting requirements.

The Securities Commission is also investigating the scheme.