FSC Reports Solid Membership Growth


The Financial Services Council has reported solid growth across its activities, including membership growth of 60 percent.

As of 1 November 2019, the FSC has 59 members, up from 35 members as reported at AGM 2018. The FSC states these members comprise 95 percent of the life insurance market.

FSC Chairman, Rob Flannagan

FSC Chairman, Rob Flannagan says, “The sector continues to face significant regulatory and legislative change, and we are responding through initiatives like the FSC Code of Conduct and supporting the work of the Financial Markets Authority and Government as we progress these changes.”

Chief Executive, Richard Klipin added, “Conduct, culture and ensuring good consumer outcomes is paramount. It is clear that as a sector we need to do more and do it faster, a responsibility that we take very seriously.”

FSC Chief Executive, Richard Klipin

The FSC also held its 2019 Annual General Meeting and re-elected its Board with two new members joining which included:

  • AMP’s Blair Vernon, Chief Executive, New Zealand Wealth Management
  • Reuben Lawrence, Chief Operating Officer – Insurances at Bank of New Zealand

“I would like to thank the Board for their focus on key industry issues over the year, and as we move into 2020, to challenge the Board to innovative and improve the sector.” said Flannagan.

“Finally, thank you to Simon Hoole and Susan Basile, who both retired from the Board this year, for their support and dedication during their tenure.”

Klipin noted: “It has been a year of significant change for the industry and a strong FSC is  focussed on helping the sector respond to ensure help New Zealanders build, manage and protect their wealth.”