Changes to our commission arrangement with Grey Power
From 30 January 2021, customers who are Grey Power members will no longer be able to sign up to contribute to the Grey Power commission payment. Customers who have already signed up will continue to contribute until 31 May 2021 when the final commission payment will be calculated and subsequently paid.
Why are we ending the agreement with Grey Power?
A renewed focus on culture and conduct in the financial industry has led us to review our historic commission arrangements across the board. As a result, we've made the call to end the arrangement. We'll continue to make commission payments to the Grey Power Federation until 31 May 2021.
What does this mean for existing Grey Power members who bank with Kiwibank?
There's no direct impact on Grey Power members who currently contribute. Your balances will continue to contribute to commission payments up to 31 May 2021, and we'll continue to support your banking needs, digital education and provide the products and services you need.