FSC congratulates new Government – time for fresh thinking

The Financial Services Council (FSC) congratulates the incoming National-led government and looks forward to working with it to pursue policy that can strengthen the financial resilience and wellbeing of all New Zealanders.

“The financial services sector looks forward to a constructive and collaborative working relationship with the new Government. We believe there are many opportunities to further strengthen the financial confidence and wellbeing of Kiwis,” FSC CEO Richard Klipin says.

“Prime Minister-elect Christopher Luxon set a number of clear policy signals for the financial services sector at our annual conference in August. The FSC will work constructively with his Government to ensure new policy settings are well informed by the collective expertise of the industry.

“New Zealand First Leader Rt Hon Winston Peters and the ACT Party also outlined their priorities at our annual conference. We acknowledge the central role they are likely to play in the new government.

“The most pressing issue for Kiwis is the rising cost of living, which needs addressing for both the short and long term. Financial wellbeing is vital for all New Zealanders.”

Research the FSC launched last month revealed younger Kiwis are finding it harder to cope with the current cost of living, let alone have the ability to plan for an emergency or retirement.

The FSC also reinforces its strong desire for a full review of KiwiSaver to ensure New Zealanders are getting the best possible returns to get them ready for retirement.

“It is time for some fresh thinking and innovation with KiwiSaver. It has been a huge success for Kiwis and now is the time to capitalise on that success,” Richard Klipin says.

“The recent news of KiwiSaver funds reaching the $100B mark shows the time is right for a detailed review to ensure we get the best settings in place and ultimately further grow financial confidence.

“The collaboration and innovation should not stop there. We support efforts to strengthen New Zealand’s health system to ensure all Kiwis get access to quality healthcare. The financial services sector is ready to look for innovative and pragmatic solutions and to help relieve pressure on our stretched health system.”

The FSC also acknowledges the outgoing Labour government and the leadership of Dame Jacinda Ardern and Rt Hon Chris Hipkins, Finance Minister Hon Grant Robertson and the many other Ministers the FSC has worked closely with over the past six years.

“The outgoing administration led New Zealand through an historically challenging period, and we thank them for their service to the nation and their willingness to collaborate, especially when policy decisions did not meet the FSC’s focus of doing the right thing by consumers,” Richard Klipin says.

“We will continue that focus with the new Government. We look forward to seeing the Ministerial line-up we will be working with in due course and continuing our work to shift the dial on policies that strengthen the financial wellbeing of New Zealanders”.

ENDS