This quote from Tim Williams at Chapman Tripp:
“The proposed fees are higher than expected and favour QFE participation. The fees proposed for adviser registration are higher than the $160 cost to register a company (including name reservation) - companies do not pay an annual return fee - and higher than the Companies Office charge for reviewing and registering a prospectus ($320). Reviewing a prospectus should require more Companies Office involvement than adviser registration."
Quite. There are some more comments from Chapman Tripp here.
If you don't like it, then you should make a submission. It's simple, and quick to do so, and if you don't know what to say then you could do no very great wrong by echoing Tim Williams comment above. You have until 13 November and the place to start your submission is here. Link. I reckon if you don't submit on the matter you forfeit your right to complain about it later, and you wouldn't want to do that, would you?