KiwiSaver providers asked to defend high fees

Mon, 02 Nov 2020

The Financial Markets Authority has asked KiwiSaver providers to defend their fees and has hinted at regulatory action against charges it considers unreasonable. A consultation paper released today asks the industry and the public to provide feedback on the criteria the regulator plans to use when assessing fees. It highlights the authority's ability to issue “stop orders” that would prevent a scheme with unreasonable fees from advertising or adding new members.Independent research commissioned by the FMA has shown a...

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