The Financial Services Council (FSC) has extended its congratulations to the incoming National-led government, expressing eagerness to collaborate on policy initiatives aimed at bolstering the financial resilience and overall wellbeing of all New Zealanders.
FSC CEO Richard Klipin said that the sector is looking forward to working with the new government to bolster the financial confidence and wellbeing of Kiwis.
“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,” Klipin said in a news release.
During the FSC’s annual conference, New Zealand First Leader Rt Hon Winston Peters and the ACT Party also outlined their priorities. Klipin said that the council acknowledges the pivotal 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,” he said.
Recent research by the FSC highlights the increasing struggle of younger Kiwis in coping with the current cost of living, let alone planning for emergencies or retirement. The council announced that it is strongly advocating for a comprehensive review of KiwiSaver to ensure that New Zealanders achieve optimal returns, positioning them effectively for retirement.
The recent milestone of KiwiSaver funds reaching the £100 billion mark signifies the need for a meticulous review to establish the best settings and foster further growth in 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,” Klipin said.
Klipin said that the FSC is also extending its acknowledgment to the outgoing Labour government and the leadership of Dame Jacinda Ardern, Rt Hon Chris Hipkins, finance minister Hon Grant Robertson, and the various other ministers with whom the FSC has collaborated closely over the past six years.
Acknowledging the challenging period that the outgoing government went through, Klipin said that Labour’s willingness to collaborate was greatly appreciated by the council.
“We will continue that focus with the new government,” Klipin said. “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.”
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