ISI looks to become super-lobbyist

After its annual meeting in Auckland yesterday, the ISI announced its members had voted for it to investigate a major change in focus that would see it renamed the Financial Services Council.

Discussions are underway with other financial services industry organisations to gauge support for the development of a pan financial sector group.

ISI members are looking to have a "highly influential industry organisation," according to ISI chief Peter Neilson: "They want an 800-pound gorilla."

If the proposal goes ahead the newly created group would look very different to the current ISI, with a focus on information and lobbying rather than industry self-regulation.