The Financial Services Council (FSC), which represents major life insurance companies, has announced that it will merge with Workplace Savings NZ.

To operate under the Financial Service Council banner, the new entity will create a membership association of close to 80 organisations starting July 1.

According to the FSC, the merger is a key milestone, as it brings together the KiwiSaver, investment and life insurance industries together.

“The merger is a great opportunity to bring the wealth management industry together under one roof and focus the efforts of our joint members on the important issues of the day, as well as looking to the future of both the industry and all New Zealanders,” FSC chair Rob Flannagan said.

Read more: FSC acknowledges progress made in the financial sector

“This is a momentous day for our sector. Workplace Savings NZ has a rich heritage of over 50 years of driving great consumer outcomes through superannuation and more recently KiwiSaver schemes, helping New Zealanders save for their future,” Workplace Savings NZ chair David Biegel added. “With such a history of improving consumer outcomes through its work with government, regulators and industry, it is with some sadness that we will lose Workplace Savings NZ, but I am delighted that the work of the organisation will continue under the FSC brand.”

Read more: FSC acknowledges progress made in the financial sector

“With a bigger, stronger and larger organisation of around 80 members, this merger will focus our work in the sector and create a stronger voice that will help shape the future financial wellbeing of Kiwis.” FSC CEO Richard Klipin said.