• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Subscribe
  • Twitter
  • RSS Feed

Investment News NZ

Investment News provides financial advisers news stories from the financial industry in New Zealand. Subscribe to our free weekly newsletter.

  • Home
  • News
  • Kiwisaver
  • Subscribe
  • About
  • Advertise
  • Contact
You are here: Home / Investment News / Industry body shuts Wellington HQ

Industry body shuts Wellington HQ

July 24, 2016

Owen Gill: joint chief FSC/WSNZ
Owen Gill: joint chief FSC/WSNZ

Workplace Savings NZ (WSNZ) has closed its Wellington office as behind-the-scenes merger talks with the Auckland-based Financial Services Council (FSC) continue apace.

WSNZ, and its predecessor organisation Association of Superannuation Funds of NZ (ASFONZ) founded in 1969, has been based in Wellington for decades, due to its proximity to government and a number of scheme headquarters.

The resignation of long-time WSNZ chief, Bruce Kerr, last year (who officially finished up at the end of this March) sparked a rethink in the organisation, including scoping out a potential merger with the FSC.

At the time the FSC was facing an internal revolt as a number of insurer members staged a walk-out following the publication of a critical report of the life insurance industry by Melville Jessup Weaver (MJW). The MJW review, which recommended a capping of upfront commissions, was commissioned by the FSC.

While several FSC insurance members – including Partners Life and Asteron – tendered resignations in protest at the MJW report, all are still listed as members on the industry body website.

FSC members are required to give 12 months notice.

After almost five years as FSC chief, Peter Neilson, resigned this February with his replacement, Owen Gill, joining in April with a mandate to also head Workplace Savings.

In a note members in April, WSNZ said Gill’s appointment “signals support from the Board of the FSC and the Council of Workplace Savings to work together to strengthen industry advocacy in New Zealand”.

“Recognising that there is a lot of cross over in objectives and membership of the organisations, the time seems right to investigate how best to leverage the resources of the organisation to achieve better outcomes for financial services industry and customers,” the WSNZ note says.

Both WSNZ and FSC reported surpluses in their most recent accounts. After recording a deficit of more than $435,000 in the 2013/14 financial year (partly due to funding the MJW insurance report), the latest FSC financial statements show the industry body achieved a surplus of almost $245,000 in the 2015 fiscal period on member subs of just above $1 million, leaving total equity of about $33,000.

In the year to December 2015, WSNZ reported a surplus of almost $30,000 on revenue of just under $300,000 (including member fees of $71,000 and sponsorship of about $120,000). The superannuation fund and KiwiSaver industry group has cash assets of almost $340,000, the accounts show.

 

 

Print Friendly, PDF & Email
Twitter0
LinkedIn0
Google+0
Facebook0

Read More » Investment News

Recent articles

  • KiwiWRAP lays down investment backing tracks January 24, 2021
  • Government to set eyes on PIEs as tax hike bites January 24, 2021
  • Venture fund hires short-term chief, refits board January 24, 2021
  • MJW finds KiwiSaver manager choice matters more at riskier end… January 24, 2021
  • … as weight gain spread among mid-level schemes January 24, 2021
  • NZX admin unit confirms old client for new platform January 24, 2021
  • NZ Super adjusts dials on reference portfolio as risk-return gauge edges up January 24, 2021
  • State Street wins Perpetual custody job January 24, 2021
  • New future-facing FAP compliance firm fronts up January 24, 2021

Primary Sidebar

WEEKLY NEWSLETTER

Sign up here to receive our weekly newsletter.
Learn More »

Most Recent Investment News

KiwiWRAP lays down investment backing tracks

January 24, 2021

Government to set eyes on PIEs as tax hike bites

January 24, 2021

Venture fund hires short-term chief, refits board

January 24, 2021

MJW finds KiwiSaver manager choice matters more at riskier end…

January 24, 2021

… as weight gain spread among mid-level schemes

January 24, 2021

Search by Keyword

Investment News

  • KiwiWRAP lays down investment backing tracks January 24, 2021
  • Government to set eyes on PIEs as tax hike bites January 24, 2021
  • Venture fund hires short-term chief, refits board January 24, 2021
  • MJW finds KiwiSaver manager choice matters more at riskier end… January 24, 2021
  • … as weight gain spread among mid-level schemes January 24, 2021
  • NZX admin unit confirms old client for new platform January 24, 2021
  • NZ Super adjusts dials on reference portfolio as risk-return gauge edges up January 24, 2021
  • State Street wins Perpetual custody job January 24, 2021
  • New future-facing FAP compliance firm fronts up January 24, 2021
  • How to fit ESG processes into UN’s sustainability goals January 24, 2021

Investment News Archive

Most Popular Articles

  • NZ share-trading splurge could trigger tax alarms… posted on October 5, 2020
  • Westpac NZ flags retail advice sale to Forsyth Barr posted on October 19, 2020
  • The horror year in technicolour: free KiwiSaver 13 report released posted on September 30, 2020
  • Flint set to spark platform competition posted on August 17, 2020
  • Four to the core: Smartshares to expand, rearrange and reprice ETFs posted on June 22, 2020
  • Kitset KiwiSaver scheme set to unwrap in spring posted on April 27, 2020
  • Funds eye bargains, self-shoppers hoard cash, KiwiSavers turn conservative posted on March 15, 2020
  • AMP Capital NZ chief quits amid equities exodus offshore posted on August 28, 2020

Sponosored Content

David-Boyle

On the industry play-list: four chart-topping regulations for 2021

David-Boyle

Charge of the lite (advice) brigade

Nathan Field

Pandemic Baby Boom a Bust

Star-date 2020: it’s inflation Jim but not as we know it

Quick-links to Popular News

  • FAP Compliance
  • Coronavirus
  • New Appointments
  • Financial Markets Authority (FMA)
  • Kiwisaver
  • Climate Change
  • Crypto Currency
  • Blockchain
  • Insurance

Secondary Sidebar

Recent News

  • KiwiWRAP lays down investment backing tracks January 24, 2021
  • Government to set eyes on PIEs as tax hike bites January 24, 2021
  • Venture fund hires short-term chief, refits board January 24, 2021
  • MJW finds KiwiSaver manager choice matters more at riskier end… January 24, 2021
  • … as weight gain spread among mid-level schemes January 24, 2021
  • NZX admin unit confirms old client for new platform January 24, 2021
  • NZ Super adjusts dials on reference portfolio as risk-return gauge edges up January 24, 2021
  • State Street wins Perpetual custody job January 24, 2021
  • New future-facing FAP compliance firm fronts up January 24, 2021
  • How to fit ESG processes into UN’s sustainability goals January 24, 2021

Footer

Copyright ©2020 InvestmentNews.co.nz — All Rights Reserved ·— Terms & Conditions