The Financial Markets Authority has given the go-ahead to Fisher Funds taking over the Huljich KiwiSaver scheme.

The former Huljich Wealth Management managing director has resigned from two NZX-listed company boards.

UPDATED-The Securities Commission has confirmed that it has laid criminal charges against Huljich Wealth Management and former managing  director Peter Huljich.

The charges, laid under the Securities Act, carry a maximum penalty of three months in prison and a $300,000 fine.

The Commission alleges Mr Huljich and Huljich Wealth Management misled prospective investors by misrepresenting the investment performance of the scheme’s funds in offer documents.

Defeated supercity mayoral candidate John Bank is taking over as executive chairman at  Huljich Wealth Management.

Former National Party leader and ex-Reserve Bank governor Don Brash, who has been with the company since it began in 2007 and acted as executive chairman at Huljich for the past seven months, is leaving the board and the company.

A bill to improve the governance and management of retail KiwiSaver schemes was introduced to Parliament today.

The newly announced changes are included in the Financial Markets (Regulators and KiwiSaver) Bill, which also formally establishes the new super regulator, the Financial Markets Authority.

They will put the onus on fund managers to act in the best interests of investors by making them primarily responsible for the accuracy of their prospectus, investments statement and advertisements.

Nearly half of all KiwiSaver members wrongly think they have a government guarantee, according to a new survey that raises further concerns about the safety of investors.

The UMR Research survey of 750 people found worrying gaps in many people’s KiwiSaver knowledge.

Slightly more than one third (34%) of the people surveyed said they were KiwiSaver members.

When asked if the KiwiSaver fund they had invested in had a government guarantee, only 15% correctly answered that there was no guarantee while 48% thought their fund was guaranteed and 37% were unsure.