KiwiSaver fees have further to fall: FMA

KiwiSaver fees have further to fall: FMA
Paul Gregory said fees paid per member are continuing to trend higher. (Photo: supplied)
Dan Brunskill
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...

More Law & Regulation

Rod Drury calls for radical shakeup of energy industry
Law & Regulation

Rod Drury calls for radical shakeup of energy industry

No more energy gentailers would improve competitiveness, says Drury.

India denied 'basmati' trademark
Retail

India denied 'basmati' trademark

New Zealand's decision is similar to action previously taken by Australia.

Elite Fitness hit by cyber attack, customer data stolen
Law & Regulation

Elite Fitness hit by cyber attack, customer data stolen

Personal data from passports to credit cards stolen in Elite Fitness breach.

Liquidators investigate sale of three Pizza Hut stores
Retail

Liquidators investigate sale of three Pizza Hut stores

Maloita sold three Wellington Pizza Hut stores prior to its liquidation.

John Anthony 05 Jul 2024