ISI appoints new frontman to replace Arkinstall

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The Investment, Savings and Insurance Association (ISI) has named Peter Neilson as its new chief executive, eight months after Vance Arkinstall quit the role.

Neilson has been chief executive of the New Zealand Business Council for Sustainable Development since 2004 and will join the ISI on May 1.

ISI chairman Sean Carroll said he believed Neilson's background as an economist would help drive debate about retirement income and savings and the level of under-insurance in New Zealand.

"We believe Mr Neilson has all the necessary skills, experience and energy to drive change and improve public confidence in the financial services industry," he said.

The ISI has been without a leader since Arkinstall resigned last July after he and other directors of failed lender Dominion Finance were accused of misleading investors.

Neilson said he looked forward to leading the ISI as New Zealand debated saving for retirement.

"Most New Zealanders recognise the need for us to make better provision for retirement. The ISI is gearing up to ensure the best solutions are identified and enduring cross party support is found for them.

"This will require the ISI and the finance sector, to have a much larger role in the public debates on these issues that are critical for New Zealand's future success," he said.

Neilson was in David Lange's cabinet in the 1980s, and was minister for revenue, customs, and works. He held associated roles in finance and State-owned enterprises.

- NZ Herald Online / BusinessDesk