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[GRTV] Richard Klipin reflects on time at FSC

Richard Klipin signs off as Financial Services Council (FSC) chief executive this week, he talks to Philip Macalister about his achievements and his thoughts on financial advice.

Thursday, May 9th 2024, 9:10AM

Klipin came to New Zealand to take up the role of chief distribution officer at Sovereign. That job only lasted 10 months and he had to find a new gig.

At a farewell function in Auckland last week Klipin described how when he first met FSC chairman Rob Flannagan things just clicked.

He joined FSC which had no staff and the council was in trouble with members, mainly life insurance companies, leaving the organisation.

During his reign the council has grown from 29 members to 120 and has more than 500 industry people taking part in a plethora of committees.

Over the past few years FSC has absorbed Workplace Savings, Women in Super and the Health Funds Association.

The one group not under FSC is financial advice.

Although there had been talk of the two getting together Klipin is non-commital about whether it should happen saying collaboration is good.

“Whether there's a merger or coming together at some later point in time, it'll obviously be up to the leaders of the day,” he told GRTV.

However, he does make the point many FSC members have their own FAPs and are in the business of giving advice.

At his farewell Financial Markets Authority chief executive Samantha Barrass gave a warm speech saying regulators and the FSC shouldn’t be friends. She paid tribute to Klipin’s collaborative approach and the help he had given the regulators.

She acknowledged Klipin had built the organisation into an influential group and was recognised as being “an honest broker” by many in the FMA.

“You played a pivotal role in supporting MBIE and the FMA to engage with the financial advice sector on the implemention of FSLAA.”

Barrass noted Klipin was "always, without exception, polite" no matter what was being said.

"If that was me I would be really sitting on my nails," she said.

Tags: GRTV

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