Partners rejoins FSC

Partners Life has rejoined the Financial Services Council after quitting the organisation in 2015 amid the fallout of the Melville Jessup Weaver report

Friday, February 17th 2017, 11:00AM

The insurer was one of several that quit the organisation in 2015 over the report into commission structures.

But new chief executive Richard Klipin said Partners had returned to the fold, bringing the total number of members to 15.

There are also 14 associate members.

“We are pleased to welcome back Partners Life to the Financial Services Council," he said. "The industry is going through rapid change and Partners Life is an important part of the New Zealand life insurance landscape.”

He said the FSC aimed to advocate for a strong and robust wealth management industry that served the New Zealand community. With the inclusion of Partners Life, the FSC represents more than 90% of the life insurance market in New Zealand.

“Strong competition is a signpost to a robust sector dedicated to serving customers,” he said, “and members of the FSC are dedicated to looking after the insurance and wealth needs of New Zealanders.”

Naomi Ballantyne, Partners Life chief executive said: “Partners Life is very pleased to have re-joined the FSC at this time when the organisation has demonstrated a renewed focus on its key objectives, when the industry is facing significant change, and where a strong and united industry voice has become a necessity.”

Klipin said the FSC's strategy focussed on three outcomes:

Consumer outcomes. "The financial services industry must continue to deliver great products and services that deliver to the wealth, protection and wellbeing of New Zealanders"
Sustainability of the financial services sector. "The sector is key for the prosperity of New Zealand – through the way we serve New Zealanders, to the jobs we create, to the insurance claims we pay, and to the way in which we help people save for retirement."
Increasing professionalism and trust through the FSC code of conduct. "This requires the industry to continuously improve, address the hard issues and increase the trust and transparency of the sector."

Tags: FSC