The way KiwiSaver is sold and distributed has come under the eye of the Financial Markets Authority.
The FMA has released guidance on what it considers to be "no advice", class advice and personalised advice models in a bid to make it clearer for sellers.
Sue Brown, head of primary regulatory operations at the FMA, said the guidance took into account the need for potential investors to have access to information and advice which was provided with "skill, care and diligence".
In its guidance note the FMA said it was aware of concern in the industry about the extent of service which may be provided by people who are not authorised financial advisers or advisers who work for a qualifying financial entity.
Only authorised financial advisers and QFE advisers are allowed to give personalised advice on KiwiSaver.