The merger is set to drive better consumer outcomes and create a membership association of close to 80 organisations.
The FSC stated the merger brings together the KiwiSaver, investment and life insurance industries that together will focus on strong and sustainable consumer outcomes, sustainability of the sector and lifting standards and professionalism from a single, stronger voice.
Its Chief Executive, Richard Klipin, said, “Coming together to build a stronger association is exciting and important for growing and protecting the wealth of Kiwis.
“With a bigger, stronger and larger organisation of around 80 members, this merger will focus our work in the sector and create a stronger voice that will help shape the future financial wellbeing of Kiwis.” he said.
FSC Chair, Rob Flannagan, said, “The merger is a great opportunity to bring the wealth management industry together under one roof and focus the efforts of our joint members on the important issues of the day, as well as looking to the future of both the industry and all New Zealanders.”
Workplace Savings NZ Chair, David Biegel, described the move as a “momentous day” for the sector.
“Workplace Savings NZ has a rich heritage of over 50 years of driving great consumer outcomes through superannuation and more recently KiwiSaver schemes, helping New Zealanders save for their future,” he said.
“With such a history of improving consumer outcomes through its work with government, regulators and industry, it is with some sadness that we will lose Workplace Savings NZ, but I am delighted that the work of the organisation will continue under the FSC brand.”
Biegel added: “I would like to take this opportunity to thank Councillors and Members past and present. Their significant commitment over many years has created a strong legacy for the industry and the current team are looking forward to playing an active part in working with the new Financial Services Council to continue to lift standards and professionalism in the industry.”