The two have been operating in tandem, with chief executive Richard Klipin serving across both.

From July 1, they will become one organisation.

FSC chair Rob Flannagan said: “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.”

David Biegel, chair of Workplace Savings NZ, said “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.

“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.

“I would like to take this opportunity to thank councillors and members past and present. Their significant commitment over many years has created a strong legacy for the industry and the current team are looking forward to playing an active part in working with the new Financial Services Council to continue to lift standards and professionalism in the industry."

FSC chief executive Richard Klipin said: “Coming together to build a stronger association is exciting and important for growing and protecting the wealth of Kiwis.

“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.”