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Did the ISI/FSC miss an opportunity?

There's a game of musical chairs, with a diminshing number of chairs going on amongst the various lobby groups at the moment,

Sunday, March 25th 2012, 9:38PM

by Philip Macalister

One of the themes in our space at the moment is the changing shape of the group/association space.

Recently I attended the relaunch function of the Investment Savings and Insurance Association – it’s now called the Financial Services Council.

Somehow I can’t get over the notion that the FSC missed an opportunity here. Sure it has a new CEO but much of what was said at the launch seemed like a rehash of what was being done before.

Doing research is positive but what was presented to the media – New Zealanders ain’t saving enough – is barely news. No wonder it didn’t make a big splash.

Mind you giving some media an exclusive doesn’t help.

It also was surprising that an organisation many considered to be an old-boys network of firms, an image reinforced by not accepting new-comer and upstart life company Partners Life into its fold, choose the Wellington Club for its launch.

This is the ultimate old boys club in the capital. Surely there were other venues in Wellington?

It would have been useful of the FSC could have announced something like accepting new members or doing some sort of get together with an allied association. This would truly give it more meaning to regulators and politicians.

Amalgamations are the trend at the moment. Business lobby groups are getting together; the NZMBA and PAA are getting together .

Don’t get me wrong. The idea of the FSC is good. We want to see it succeed. It needs to have a coherent voice and message to politicians. Hopefully it can talk with one voice.

But I guess from the lack of heavy weight political figures at the launch (Peter Dunne, I believe, was the most senior) suggests there is still more work to do on the political engagement front.

Politicians, too, have to want to engage and have an open mind to these issues. Considering John Key’s position on superannuation and the age of eligibility the FSC may have a very tough task.

 

Musical chairs

  • Peter Neilson becomes chief executive of ISI. His former organistion, the New Zealand Business Council for Sustainable Development becomes part of Business New Zealand
  • Former IFA president Lyn McMorran becomes chief executive at the Financial Services Federation (FSF).
  • Former FSC ceo Kirk Hope becomes head of NZ Bankers Association.
  • Professional Advisers Association absorbs NZ Mortgage Brokers Association.

 

« What to make of the Kiwibank dealKiwiSaver rot runs deeper than defaults »

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AIA 5.95 4.85 5.35 5.65
ANZ 5.94 ▲5.95 ▲6.40 ▲6.59
ANZ Blueprint to Build - - - -
ANZ Special - ▲5.35 ▲5.80 ▲5.99
ASB Bank 5.85 ▲5.35 ▲5.80 ▲5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - ▲5.35 ▲5.69 ▲5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 ▲5.95 ▲6.29 ▲6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - ▲4.75 - -
Co-operative Bank - Owner Occ 5.85 ▲4.85 ▲5.35 ▲5.65
Co-operative Bank - Standard 5.85 ▲5.35 ▲5.85 ▲6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.95 5.45 -
Heartland Bank - Online 4.10 ▲4.40 ▲4.90 ▲5.10
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 5.00 5.75 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 5.85 6.19 6.39
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 4.85 5.19 5.39
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 ▲5.55 ▲6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 5.05 5.69 5.89
SBS Bank Special - 4.55 5.19 5.39
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank 5.59 5.14 5.79 6.15
TSB Special 4.79 4.34 4.99 5.35
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 ▲5.95 ▲6.29 ▲6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - ▲5.35 ▲5.69 ▲5.99
Median 5.85 5.00 5.69 5.99

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