Tower joins ISI

After sitting outside the Investment Savings and Insurance Association (ISI) since its formation, Tower has now decided to join the group.

Naturally ISI chief executive Vance Arkinstall is delighted with Tower's decision.

He says while the group already represented the majority of the savings industry, that position was now increased.

He expects Tower's decision to give the ISI more clout and leverage in its lobbying efforts, particularly with officials.

"The industry becomes much stronger for their involvement and participation," he says. "It means we speak with a stronger voice and have increased credibility."

Tower New Zealand managing director Jim Minto says the organisation had a change of heart about joining the ISI because there are many issues, including some emerging in the managed funds area, which Tower wants to be involved in.

He says Tower is better placed to be part of the industry and actively participate, rather than being outside the association.

These include building a strong industry view around:

* Encouraging greater private provision for retirement
* Encouraging greater employer participation in retirement savings and risk protection for staff
* Taxation of investments in New Zealand
* Taxation of life companies in New Zealand
* Regulation of investment advisers
* Regulation of the funds management and life industries
* Marketing of offshore products in the New Zealand environment.

Tower has been a member of the Insurance and Savings Ombudsman scheme since its inception and is a member of the Health Funds Association and Insurance Council as well as actively supporting the Financial Planners and Insurance Advisers Association and the Life Brokers Association.

The one major group which is not a member is New Zealand Funds Management. However, NZ Funds is understood to get involved with the ISI on some issues.

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