FMA defends KiwiSaver fee guidance
FMA director of investment management, Paul Gregory says more than 40 submissions were made on its KiwiSaver fee consultation document last year.
He says the guidance was done to ensure that members were getting value for money from the fees they paid their KiwiSaver provider.
“The guidance expects boards and management of KiwiSaver and other managed fund providers to regularly evaluate what they charge their members and investors, and why, and the value their members and investors receive in turn.”
Once that is done it needs to be “properly disclosed and discussed with members and investors to help them make informed investment decisions”.
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