The fate of New Zealand Financial Services Council (NZFSC) will be decided before June 30, Chairman Rob Flannagan has told insuranceNEWS.com.au.

The council is conducting a review of its operations, which may see the organisation being wound up.

June 30 is “the date we cannot go beyond, but we hope to reach a decision before then,” Mr Flannagan says.

“The problem is lots of people have their own agendas, and the NZFSC wasn’t adding value to the industry. But there is no right answer.”

He admits the body, representing the life insurance industry and KiwiSaver, has had its difficulties.

“We have two disparate sets of people and there was a lot of disquiet about the NZFSC role. I thought it was time we stopped and looked at where the organisation was going.”

CEO Peter Neilson has left the group, and Mr Flannagan says this was amicable.

“While this [review] is under way, the NZFSC will not be needing a full-time CEO.

“We parted on good terms with Mr Neilson, who has provided significant leadership in the past five years as the organisation has changed direction to advocate policies that would build and protect wealth for New Zealanders.”

Mr Flannagan says the board would welcome Mr Neilson’s future involvement in the financial services industry as an employee, consultant or board member.