New board, CEO appointment and solid 2016 financial position

Media release

Date 20th October 2016

Financial Services Council announces new board, CEO appointment and solid 2016 financial position

The Financial Services Council (FSC) has announced a strong financial position for the year ahead following the release of its annual report; (http://fsc.org.nz/site/fsc/Reports/FSC_AnnualReport_2016.pdf) along with a number of key organisational changes including the election of a new board and the appointment of a new Chief Executive Officer.

The new board which will serve for two years sees the addition of two new members who were elected at the annual general meeting on 4 October. The new members include Matthew Hanley, a tax expert, representing EY, and Charlie Trotter, Managing Director, representing FNZ, one of the biggest platformproviders in financial services in New Zealand.

The new Chief Executive Officer, Richard Klipin, will begin from midNovember. With an impressive career spanning 26 years, Klipin has held prominent executive roles within Australian and New Zealand financial services in both commercial and non-profit sectors.

Over the past 11 years Richard has served in a number of key industry roles leading transformation at a time of rapid regulatory change. In Australia, as CEO of the Association of Financial Advisers; and as CEO of Millennium 3. Most recently, in New Zealand, Richard was Chief Distribution Officer for Sovereign.

Klipin replaces Owen Gill, who ran the FSC on an acting basis since April 2016. During his time in this position Mr Gill reviewed memberships and finances, helping to establish a stable basis for the future success of the organisation. Mr Gill did not seek the role permanently.

The Independent Chairman, Rob Flannagan, says the FSC is committed to steppingup 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, covering the vast majority of the New Zealand wealth sector measured by market share, are members of the FSC (wealth sector includes personal insurance, funds management and investments, and KiwiSaver).

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.

Board members elected at the AGM, and the firms they represent, are:

Matthew Hanley (EY)

Charlie Trotter (FNZ)

Nadine Tereora (Fidelity Life)

Lance Walker (Cigna)

Cris Knell (Asteron / Suncorp)

Simon Hoole (AMP)

Chris Lamers (Sovereign)

AnaMarie Lockyer (ANZ)

Susan Basile (BNZ)

Suzanne Wolton (Westpac)

Rob Flannagan (Independent Chairman)

ENDS

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