KiwiSaver fees have further to fall: FMA

Paul Gregory said fees paid per member are continuing to trend higher. (Photo: supplied)

Tue, 28 Sep 2021

The Financial Markets Authority expects to see more cuts to KiwiSaver fees after providers earned a record $650 million in the year ended March.Revenue earned from management and administration fees increased 20.7% during the year, as funds under management rose 31.7% to $81.6 billion and strong returns triggered some performance fees.By comparison, combined fees revenue in the “more normal” prior year was $480 million the regulator said.While headline revenue did grow, some downward pressure on fees prevented it from climbing at th...

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