Finsec has invested a lot of time during the last few months into getting its membership register as current and reconcilable as possible. The processes put in place are proving successful, however it has been hindered to a large extent by Finsec Rule No 9 relating to purging its register of non financial members.

Rule 9 (b) currently gives the Executive Committee the right to purge the register of unfinancial members who have not paid fees for 12 months. However, carrying non financial members for this length of time distorts and encumbers Finsec records and databases.

The Executive Committee is proposing a rule change to clause 9 (b) allowing it to purge the register of unfinancial members after a period of 3 months of no fee payment.

Prior to this proposed rule change Finsec has already introduced a new checking system whereby members whose fees cease after an initial two payment periods (4 weeks) are contacted a number of times by various methods including telephone calls and letters in an attempt to get fee payments reinstated. This procedure takes a total of 3 months. The rule change would mean if fees do not recommence within this period, then the member is resigned from the system.

The proposed amendment to clause 9(b) would also change the requirement that states that members cannot be reinstated unless all arrears are paid. The Executive Committee believes that arrears collection should be a discretionary rather than compulsory practice.

This rule change will be discussed by Finsec National Conference in February 2006. If any members want to see the full details of the proposed rule change they should contact Finsec’s national office at 04 385 7723 or union@finsec.org.nz

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