Sean Hughes, head of the FMA, said the scheme had come a long way since then and the level of uptake by members and providers had surpassed all expectations.
"For many New Zealanders, KiwiSaver will be the first investment they make and will represent a large part of their retirement savings and ultimate financial security."
Hughes said the new standardised quarterly disclosure statements would make it easier for members to see how performance and fees varied across different funds.
All KiwiSaver managers will also soon need to be licensed by the FMA, under the recently-passed Financial Markets Conduct Act and proposed regulations, he said.
"These changes have the potential to significantly impact all KiwiSaver schemes and we encourage providers to review their processes in preparation for future licensing.
"As KiwiSaver continues to grow, we expect all those involved to meet the regulatory standards and to act in the interests of KiwiSaver members."
Research firm Morningstar yesterday released its three-monthly performance numbers for KiwiSaver, which showed funds with higher exposure to shares were the best performers over the September quarter.
The best performing fund for the quarter was the Grosvenor Trans-Tasman Small Companies fund which grew 12 per cent.
Milford Active Growth KiwiSaver continues to be the best performer over the longer term with an annual return of 14.87 per cent.
