In brief: Reasonableness of fees and value for money is not just something for KiwiSaver schemes – all managed schemes are within scope of the new Guidance Fees should be formally reviewed for reasonableness and value for money at least annually Four key principles have been provided to guide fee reviews FMA’s Guidance does not prohibit or prescribe any particular fee structure, size, or type FMA’s Managed Fund Fees Guidance – extending the boundaries of unreasonableness On 14 April 2021 the Financial Markets Authority released its latest guidance note ‘Managed fund fees and value for money’. The Guidance has a very different look and feel to the proposed guidance that was released for consultation back in November 2020. In particular, the explicit extension of its scope beyond KiwiSaver fees will come as a surprise to many.