Savings industry frontman resigns

Vance Arkinstall. Photo / Supplied

Vance Arkinstall, who is facing criminal and civil proceedings as a director of collapsed Dominion Finance and North South Finance, has resigned as chief executive of the Investment Savings and Insurance Association (ISI).

The Securities Commission said last week that it has laid criminal charges and issued civil proceedings against Dominion Finance Group and North South Finance directors Arkinstall, Richard Bettle, Terence Butler, Ann Butler, Paul Forsyth and Robert Barry Whale. The directors are expected to fight the charges.

ISI chairman Sean Carroll announced the resignation yesterday. He said Arkinstall would continue working for the ISI until the end of July.

The ISI said a week ago that it was working through options and expected to make a decision last Friday or on Monday.

"While we would have preferred to have reached an outcome earlier, we also believed the process should not be rushed given the severity of the situation and the implications on the professional interim career of a longstanding chief executive," Carroll said.

Carroll said Arkinstall was placing the association's credibility and reputation ahead of his own personal circumstances. He acted in good faith and conducted himself commendably over recent days.

"He will be strenuously defending the charges, but in the interim he believed it would not be in the ISI's best interests to continue as chief executive during court proceedings.

"Vance is aware of the importance of retaining public confidence in the investment, savings and insurance sector and today's decision reflects that."

- NZPA