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Regulators succeed in suppressing KiwiSaver fees

Dan Brunskill
Tue, 20 Jul 2021

Westpac boss Simon Power says fee cuts will help savers (Image: Supplied)
Dan Brunskill
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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Law & Regulation
David Henry firm moves into liquidation owing $400k
Brent Melville | Sat, 31 Jul 2021

Kinleith Land and Infrastructure moves into liquidation owing at least $400,000, liquidator looks to sell solar farm.

On the Money
On the Money: Chris Dunphy, Peter Wells' potential $250m payday, Banksy, Bridges, and more
Rebecca Stevenson | Sat, 31 Jul 2021

Which minister thought he was at a rave, who's cashing in on another potential IPO on the ASX, why wasn't anyone buying Banksy? And more.

Opinion FREE
Why it's hard to open a supermarket in NZ
Eric Crampton | Fri, 30 Jul 2021

Supermarkets' high profits should motivate a new competitor, if they're real. If the profits are there, what's stopping them?

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