Regulators succeed in suppressing KiwiSaver fees

Westpac boss Simon Power says fee cuts will help savers (Image: Supplied)

Tue, 20 Jul 2021

Westpac New Zealand’s decision to slash the fees it charges on its KiwiSaver products suggests the industry is responding to pressure from regulators to bring down costs for customers.The bank is cutting some fund fees by as much as 25 basis points and will remove its $12 annual administration fee altogether.Acting chief executive Simon Power said the reductions will help members grow their KiwiSaver balances.“Removing the annual administration fee will have a particularly positive effect on members with low balances,” he said...

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