KiwiSaver Regulations 2006

Requirement that KiwiSaver fees not be unreasonable

10 Purpose of regulations on KiwiSaver fees

(1)

Regulations 11 and 12 deal with the FMA’s function under the Act and a court’s function under the KiwiSaver scheme rules of considering whether a KiwiSaver scheme complies with clause 2 of the KiwiSaver scheme rules (which requires fees not to be unreasonable) (the fees assessment).

(2)

The purpose of these regulations is to prescribe a process for the FMA’s fees assessment and the matters to which the FMA or a court must have regard in carrying out a fees assessment (see section 118 of the Act and clause 2 of the KiwiSaver scheme rules).

(3)

Neither regulation 11 nor regulation 12 prevents the FMA or the court from considering any other matter that the FMA or the court considers relevant.

Regulation 10(1): amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 10(2): amended, on 1 December 2014, by regulation 11 of the KiwiSaver Amendment Regulations 2014 (LI 2014/338).

Regulation 10(2): amended, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 10(2): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 10(3): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).