FMA cage-rattling sees Westpac pledge to cut KiwiSaver fees

Thu, 10 Oct 2019

The Financial Markets Authority is broadening its focus to consider whether KiwiSaver investors are getting value for money but it still believes the cost of managing that money should be cheaper. In its annual KiwiSaver report, the market watchdog reiterated concerns that management fees hadn't come down in dollar terms, despite the increased competition and greater scale among some providers. The FMA hired Melville Jessup Weaver to conduct an international comparison on fees, which found that KiwiSaver fees appeared higher than their UK c...

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