The ASX-listed firm announced on Wednesday morning that Press, who previously served as a commissioner at the Australian Securities and Investments Commission (ASIC) from 2018 to 2023, would join the trustees as a non-executive director from 19 September 2024 and will commence as chair in November.
Press will replace Lindsay Smartt, who will step down from the board after five years with Insignia.
“We’re excited to welcome Danielle,” said Insignia Financial chair Allan Griffiths.
“She brings a wealth of industry knowledge and an unwavering commitment to driving outcomes for members.
“Danielle’s appointment also highlights our ongoing focus on and commitment to uplifting our risk governance culture.
“I would also like to take this opportunity to thank Lindsay for his leadership and contribution during his time with us. Lindsay has played a significant role in how we, at Insignia Financial, look after our superannuation members and their best interests.”
The firm added that Press has more than 30 years’ experience across the financial services industry, including as CEO at The Myer Family Company, CEO at Equip Super and managing director at UBS Global Asset Management.
“I genuinely believe in the power of Australia’s superannuation system and what it can deliver for members in retirement,” Press said.
“I’m honoured to be joining Insignia Financial at such a transformational time for the organisation and committed to helping drive member outcomes.”
Insignia Trustees is comprised of IOOF Investment Management, NULIS Nominees (Australia), OnePath Custodians and Oasis Fund Management.
In July, Insignia Financial announced that it had increased its remediation provision by an estimated $135 million after tax, with $23 million related to the enforceable undertaking to the Australian Prudential Regulation Authority (APRA) from OnePath Custodians Pty Ltd (OPC).
This included client remediation and infringement notices totalling $10.7 million, in respect of a failure to comply with APRA’s direction relating to the time taken to remediate breaches of “accrued default amounts” requirements and related alleged contraventions of “default” contributions requirements.
Speaking on a Netwealth podcast in July, Press said that super funds have taken over the role previously played by banks and insurance agencies, working their way into advice, but that they do have a role to play in the future of advice as long as consumers are adequately informed about the service they provide.
“In this future, it’s the super funds that are taking the position of the banks, right. They don’t look unlike the old, tired insurance agencies, particularly when you start looking into and facing into the retirement space and thinking about longevity products, which are truly long-term lock-in products in a completely 100 per cent vertically integrated business,” Press said.
“I really hope that as an industry, we’ve learned some of our lessons and we don’t go back to some of the poorer behaviours that we saw before from that tiredness, and the vertical integration doesn’t worry me, vertical integration for me is absolutely fine actually, as long as you understand what it is, manage the conflicts, and your customer knows what it is, right?
“What worries me is when you go into Ford, and you’re given a Toyota, but you think it’s a Ford, right? That doesn’t work. It’s got to be, you’ve got to be really clear about what you’re selling. I do think we’re a little bit back to the future.”
“…vertical integration for me is absolutely fine actually, as long as you understand what it is, manage the conflicts, and your customer knows what it is, right?”
So, if a retail client walks in the door and asks for product XYZ, then we recommend XYZ because “your customer knows what it is, right?”
And here I was, thought BID was all that mattered. Perhaps I need to do Ethics from where ever it is this Danielle Press does hers?
“….and the vertical integration doesn’t worry me, vertical integration for me is absolutely fine actually, as long as you understand what it is, manage the conflicts, and your customer knows what it is, right?”
So, Advisers should work for the Product Manufacturer who pays the best, right?
“What worries me is when you go into Ford, and you’re given a Toyota, but you think it’s a Ford, right?
So, AMP selling AMP will be OK again? how many year has ASIC be on and on and on about “conflicted advice”, “conflicted renumeration”? Not even allowed more than $300 pa from a Product because it might lead to “conflicted advise” and “Consumer detriment” – but now that the Banks are out and AMP is about history, seems to be OK again? Seriously? Do I still need to continue with “Ethics courses”? If I just Advise on one in house product all day is that now OK? Bring on the next election – I will never vote Labor or Liberal ever again.
Please don’t vote Greens they are worse!
No – not that silly. Where I like it is deep Liberal – but I’m talking to lots of people – and turns out Liberals are as useless in other industries as they are Financial Planning. Primary votes do seem to be falling for both parties – Greens and Teals seem to be getting a free ride for the time being until something better arrives to fill the gap – and it will.
These comments are bizarre and insulting to all those financial advisers who are struggling under the weight of the Dixons CSLR scandal and the red-tape which flowed from the Royal Commission and Ripoll Inquiry.
Those issues were almost entirely brought about due to client losses from vertical integration. To say it is not a problem as long as the customer understands the brand they are buying is quite disturbing coming from a former ASIC commissioner.
If this is an example of the intellect on Insignia’s board, I have serious concerns for the company and I will be reviewing all of my clients who are invested in one of their products.