19 Aug 2016

Banks' KiwiSaver policies under review over blacklist

5:42 pm on 19 August 2016

Some banks might change their KiwiSaver investment policies after it was revealed they were putting customers' money into cluster bomb, landmine and tobacco manufacturers.

Land mine

Some KiwiSaver funds have found their way into companies that make land mines (file). Photo: AFP

ANZ, BNZ, Westpac, Grovesnor, AMP and ASB are all investing in at least some of the manufacturing companies that are banned from government investment lists.

Most of the banks said today they had been receiving queries about the investing from customers.

AMP said it had been moving away from those investments since 2014, and would be fully out by the end of the year.

ASB said it was already reviewing its policy, while Westpac and ANZ said they were now looking into theirs.

BNZ said it had no plans for a special review.

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