The Financial Services Council (FSC) chief executive and former Labour Party minister Peter Neilson has stepped down from his role on Friday, according to stuff.co.nz.
The FSC represents New Zealand's banks and insurance companies, lobbying on their behalf and raising awareness of their products.
Neilson said it has been harder for the FSC to fulfil its role as financial services markets and business models become increasingly diverse.
He hopes to stay within financial services in a new role. "I would like to thank the membership for their support of the FSC and myself. Collectively we were able to make a difference on issues that matter for New Zealanders."
FSC chairman Rob Flannagan said, "The FSC board is reviewing how the KiwiSaver and personal risk (life, income protection and credit insurance) industries will pursue their collective interests. While this is under way the FSC will not be needing a fulltime CEO."
"The board has been discussing for some time what it's future will be. The diversity of markets and business models means it has been quite difficult to get an agreed landing and those issues have not disappeared. Twenty years ago, everyone wanted to be a financial services supermarket but now they want to be in a niche so it's more difficult to find common interests.
"We part on good terms with Peter 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,” said Flannagan.
“The FSC Board thanks Peter for his leadership in challenging times. Board members would welcome his future involvement in the industry as an employee, consultant or board member."