New FSC chair signals continuity amid fast-changing regulation
The Financial Services Council (FSC) has appointed former Westpac New Zealand chief executive David McLean (pictured) as its new independent chair.
McLean succeeds Rob Flannagan, who is stepping down after more than a decade in the role.
FSC chief executive Kirk Hope said he was pleased to welcome McLean to the position, highlighting his deep sector and governance credentials.
“David brings a wealth of governance experience and a strong background in the financial services sector that will be of significant benefit to the FSC and our members,” Hope said.
McLean's appointment also comes shortly after the Reserve Bank’s reset of bank capital rules aimed at lowering funding costs and lending rates, and amid capital markets reforms reshaping how institutions raise and deploy capital.
Flannagan’s decade-long legacy at FSC
Hope paid tribute to outgoing chair Flannagan’s long service and influence over the past 10 years.
“I would like to acknowledge Rob Flannagan for his exceptional leadership, commitment, and contribution during an outstanding tenure of more than 10 years as independent chair," he said.
"On behalf of the FSC board, members, and the wider industry, we extend our deepest thanks to Rob for his dedication and vision throughout his time as chair. His contribution leaves a strong legacy that has shaped the direction and impact of the FSC over the past decade.”
McLean brings deep banking and governance experience
McLean, who led Westpac NZ as CEO for seven years until June 2021, said he was looking forward to the role and underlined the sector’s importance to households and the wider economy.
“Financial services underpin New Zealand’s economic resilience and contribute directly to the financial wellbeing of New Zealanders – through retirement savings, life and health insurance, and strong capital markets," he said. "I am pleased to accept the appointment as independent chair of the Financial Services Council and look forward to supporting outcomes that benefit both the industry and New Zealanders.”
McLean currently chairs the New Zealand Memorial Museum Trust, Kiwi Group Capital and Weel Holdings Pty, and sits on the council of Te Herenga Waka – Victoria University of Wellington. His previous roles include chair of KiwiRail, the NZ Bankers Association, Champions for Change, and INFINZ.
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