FSC boss quits

The Financial Service Council's (FSC's) Chief Executive Peter Neilson is stepping down while the organisation considers its future.

Monday, February 15th 2016, 1:06PM

FSC indpendent chairman Rob Flannagan said: "The FSC Board is reviewing how the KiwiSaver and personal risk (life, income protection and credit insurance) industries will pursue their collective interests. While this is under way the FSC will not be needing a fulltime CEO.

"We part on good terms with Peter who has provided significant leadership in the past five years as the organisation has changed direction to advocate policies that would build and protect wealth for New Zealanders. The FSC Board thanks Peter for his leadership in challenging times. Board members would welcome his future involvement in the industry as an employee, consultant or Board member."

Peter Neilson said: "I would like to thank the membership for their support of the FSC and myself. Collectively we were able to make a difference on issues that matter for New Zealanders."

The FSC lost a number of its insurer members late last year when it released a controversial report which was critical of the independent financial adviser distribution model.

Neilson said it had been hard to balance the increasingly diverse interests of FSC members. "Twenty years ago, everyone wanted to be a financial services supermarket. Now they want to be niche and it's more difficult to find common interests."

Neilson said he hoped to find a new role within the sector. "I do plan to have some involvement with KiwiSaver and making sure middle- to lower-income people have access to financial services."

Tags: FSC