14 Mar 2012

Financial Services Council aims to restore public's faith

8:24 am on 14 March 2012

A new organisation has been launched aimed at restoring public confidence in the financial services sector and increasing the wealth of New Zealanders.

The Financial Services Council replaces the old Investment Savings and Insurance Association and has 38 members managing more than $60 billion in savings.

The council says it wants to promote best practice in the financial services industry.

It also wants to work with the government on ways of increasing wealth.

Statistics show the richest 1% of New Zealanders hold more than 16% of the country's wealth, while the poorest 50% own just 5%.

The council says it will work closely with the Financial Markets Authority to keep dishonest operators out of the sector.

It says a priority is to tackle under-insurance and long term savings.