The New Zealand Investment Savings and Insurance Association (ISI) is to become the Financial Services Council of New Zealand (FSCNZ) from tomorrow.

ISI CEO Peter Neilson says the old name doesn’t reflect what the association is doing for the New Zealand financial services industry.

“Our members told me they wanted an 800-pound gorilla that the Government would listen to,” he told insuranceNEWS.com.au.

“In the past everybody in New Zealand had a bespoke argument that covered their particular industry, but that has changed in the past few years.”

The ISI has traditionally been seen as representing the product manufacturers, but Mr Neilson says the new organisation will also represent brokers and financial advisers.    

The new organisation has no formal links with Australia’s Financial Services Council (FSC), although FSC CEO John Brogden is in New Zealand this week to talk with the FSCNZ about how the two can work together.

“The two organisations are independent of each other, but we both have a large number of members in common,” Mr Neilson said.

“We have no formal link, but we will be building a relationship with the Australian FSC to talk about trans-Tasman issues.”

He admits the New Zealand financial services industry doesn’t have a good public image after the global financial crisis.     

“The financial services industry needs a collective voice, and that will also take money,” he said. “We will have to go to the Government with solutions, not problems.”

The FSCNZ has almost completed a review of underinsurance, but its publication will now be delayed until after a KiwiSaver report is released.