Why regulators harp on about value-for-money

(Image: Getty)

Wed, 20 Apr 2022

About a year ago the Financial Markets Authority (FMA) issued what must be its most depressing regulatory publication ever – and it has some competition.The FMA ‘Managed fund fees and value for money’ industry guidance led with these research-based observations:Members don’t seem to benefit from lower costs as KiwiSaver and other managers reach ‘scale’ – an undefined metric that stands in for pretty big.The regulator could find no “systemic relationship” between fund fees and returns, or fee...

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