Now, the FMA is consulting on how those fees should be calculated and disclosed.
It wants all providers to calculate the dollar figure of their fees int he same way.
It has released a proposal for all schemes to use a total expense ratio calculation, and is seeking industry feedback.
It said the method would work for all funds and by including fund charges, would take into account underlying costs. "Providers should be able to largely rely on current methods for calculating the actual fund charges for their fund updates when calculating the total fees amount."
But it said it relied on approximations rather than true costs and was not the most accurate method.
Paul Gregory, the FMA's director of external communications and investor capability, said reporting the dollar amount would improve the information given to KiwiSaver members.
“The annual statement offers a unique opportunity for providers to engage with their investors, and help them make good decisions about their investment.
“We discovered in our survey last year that KiwiSaver investors do read their statements and have a strong appetite for information that helps them to make decisions. Investors told us that one of the pieces of information they wanted to see is their fees in dollars."
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