FSC reports sector's growth, strength
The Financial Services Council (FSC) held its 2024 annual general meeting, reflecting on a year of steady sector growth and resilience despite economic volatility.
Announced during the meeting was the new 2025 FSC board, set to lead the sector into the future.
Milestones in KiwiSaver and economic adjustments
Over the last year, the financial sector achieved key milestones, including KiwiSaver funds under management surpassing $100 billion. Additionally, the OCR saw a decrease, which brought shifts in the market.
Despite these positives, rising living costs have led more Kiwis to make KiwiSaver hardship withdrawals, with FSC research indicating that many are prioritizing immediate financial needs over long-term savings.
FSC continues to champion financial resilience
“As the voice of the sector with the vision to grow the financial confidence and wellbeing of New Zealanders, the FSC continues building our policy and advocacy arm to deliver better financial outcomes and build resilience for all New Zealanders,” said FSC CEO Kirk Hope (pictured above), emphasising the council’s commitment to financial education and advocacy.
Annual report outlines achievements
Highlights of the FSC’s 2023/24 report included key advancements in policy, such as the release of the Blueprint for Growth and KiwiSaver Policy Priorities, and 20 submissions advocating for sector-related issues.
Other highlights included four research reports on financial wellbeing, quarterly data tracking in the KiwiSaver and Life Insurance industries, and events featuring senior government officials.
Initiatives like the Money and You website and campaigns like Money Month encouraged Kiwis to actively engage with their finances.
Empowering women and tackling climate goals
The FSC report also detailed the merging of Women in Super NZ into the Empower Women initiative, aimed at supporting New Zealand women’s financial wellbeing. Additionally, the FSC published Climate Scenario Narratives to address climate-related challenges facing the financial sector.
Acknowledgements and farewells on the FSC board
Hope thanked outgoing deputy chair Naomi Ballantyne and board member Peter Forster for their service.
The 2025 board lineup includes leaders from BT Funds Management, ASB, ANZ Funds Management, AIA NZ, and other industry heavyweights, led by Chair Rob Flannagan and Deputy Chair Nigel Jackson.
For more information on FSC’s ongoing initiatives, visit fsc.org.nz.
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