Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): Good news: the Financial Markets Authority (FMA) released its annual report this week and it highlights how the Government's recent decisions are positively benefiting Kiwis. Here's a few examples. The Government changed KiwiSaver settings in March to allow people with congenital life-shortening conditions such as Down syndrome, cerebral palsy, Huntington's disease, and fetal alcohol spectrum disorder to withdraw their funds at the time that's right for them. The annual report shows 14 people have so far taken up that opportunity. I also note that despite the COVID-19 pandemic, this report indicates an increase in overall KiwiSaver membership and an increase in members contributing to their accounts. KiwiSaver schemes now have over $81 billion in funds under management, and the average KiwiSaver balance was $26,410 as at 31 March 2021. Finally, I draw your attention to an article currently running on Stuff reporting ANZ is following BNZ, Westpac, and ASB in abolishing annual membership fees. That's $18 a year it will no longer be charging its 650,000 KiwiSaver customers. Two days ago, the FMA slammed the membership fees in its report, saying there's little justification for these fees to be charged by investment managers that have achieved scale. They know the regulator is watching. They know Government has asked default providers to sharpen their pencils, and now the market is clearly responding.