The Compensation Scheme of Last Resort (CSLR) has announced the appointment of Kevin O’Sullivan as a non-executive director on its transitional board, ahead of the scheme’s scheduled commencement in April 2024.
He is to commence effective immediately and replaces June Smith, deputy chief ombudsman of the Australian Financial Complaints Authority (AFCA), on the board.
At the helm of UniSuper from 2013 to 2021, O’Sullivan saw funds under management double to over $100 billion during his tenure. Before this, he held the role of director, actuarial and benefits consulting, with Russell Investment Group for over two decades.
O’Sullivan has also contributed to various advisory boards, including at Playfair Asset Management, Deakin University’s investment committee, Allianz Retire+, and the Conexus Institute.
He will become part of the CSLR’s three-person board once an independent chair is appointed by the federal government before April, and in doing so, will meet the CSLR legislative requirement that the board must include a director with actuarial experience and qualifications.
“Kevin brings extensive financial sector experience, both as an executive and as a director, along with analytical acumen, strategic thinking and integrity,” the board said in a statement.
“He has worked in the financial services industry for 40 years, most recently as CEO of UniSuper, one of Australia’s largest and most awarded super funds. We look forward to the contribution he will make as a founding member of the board, which will take over from the transitional board ahead of the CSLR’s commencement.
“His significant actuarial expertise will greatly assist the board in its role determining estimates of claims, fees, and costs for annual levies.”
O’Sullivan added: “The CSLR is an important addition to the consumer protection framework in Australia. I very much look forward to playing a role in its establishment.”
Alongside O’Sullivan on the board will be Delia Rickard, representing the AFCA in accordance with CSLR legislative requirements.
David Berry was also named as its inaugural chief executive in December.
The legislation to establish the CSLR was passed in June 2023, with Financial Services Minister Stephen Jones calling it a “significant victory for over 2,000 people who have been waiting for a resolution on their cases”.
The CSLR is meant to facilitate compensation of up to $150,000 to consumers who have an unpaid determination from AFCA relating to personal financial advice, credit intermediation, securities dealing and/or credit provision.
