Klipin takes helm of FSC

Former Sovereign distribution boss Richard Klipin has been appointed the new chief executive of the Financial Services Council.

Thursday, October 20th 2016, 1:39PM 1 Comment

Richard Kiplin

He will start in the role from mid-November.

Owen Gill had been in the position, spanning both FSC and Workplace Savings, since former chief executive Peter Neilson stepped down after Melville Jessup Weaver's report into life insurance distribution sparked widescale internal ructions.

Gil reviewed memberships and finances, helping to establish a stable basis for the future success of the organisation. But he did not seek the role permanently.

Chairman Rob Flannagan said the FSC was committed to stepping up its work in the areas of regulation, tax policy, and professional standards, among other things. This includes work on a professional code of conduct that will apply to members.

“The FSC is renewing its role, in representing the personal insurance and wealth sector, to the Government and to consumers, in a constructive way. The demands of the proposed regulatory regime, digital products and digital distribution, and rising consumer expectations, require a strong organisation to represent financial services firms in New Zealand.

“Richard is an ideal CEO to lead the FSC and its members through this time of potential change, given his extensive experience in this area.”

Fourteen firms are members of the FSC. A further 14 associate members include several of the large law firms, professional services firms, and consultants that specialise in providing legal, audit, and compliance advice in the sector.

The organisation suffered several high-profile resignations after the release of the MJW report. Some insurers that deal with advisers felt it was overly focused on their distribution model.

AMP, Fidelity LIfe and Sovereign have since rejoined, but others, including AIA and Partners Life, have been waiting to see what direction the organisation would take.

Klipin has strong links to the adviser world - he was chief executive of Australia's Association of Financial Advisers from 2006 until 2013.

Tags: FSC