The insurer’s membership means the FSC now has 16 members and 14 associate members
The membership of insurer AIA means the FSC now has 16 members and 14 associate members.
The insurance company’s decision to re-join also means that the association represents 95% of the New Zealand life insurance market, as the industry innovates.
“We are pleased to welcome back AIA to the Financial Services Council,” said FSC Chief Executive Richard Klipin.” The Industry is going through rapid change and AIA is an important part of the New Zealand Life insurance landscape.”
AIA left the FSC in 2016 along with others from the life insurance sector due to dissatisfaction with the organization’s former management and strategy. This was exacerbated by a report into the sector which called for the ban or limiting of certain commissions for financial advisers.
Kristy Redfern, newly appointed General Manager of Corporate Services & General Counsel of AIA New Zealand, added that the FSC’s refreshed strategic direction and focus was the key factor in deciding to rejoin.
“We feel that now is the time to step forward and play a key part in making a difference as an industry,” Redfern said.
The FSC’s strategy is focused on three important elements: strong consumer outcomes; sustainability of the financial services sector; and increasing professionalism through its code of conduct.
“AIA is passionate about re-joining the FSC at this time when the organisation has demonstrated a strong start delivering the refreshed strategic direction and focus, said We feel that now is the time to step forward and play a key part in making a difference as an industry.”
