The Financial Services Council (FSC) announced it has added new financial advice businesses to its membership to “deepen its engagement with the sector”.
This new model of engagement, it said, will add advice licensees’ expertise to the FSC’s policy development processes and comes at a “critical time in the financial advice reform debate”.
Advice licensees joining the FSC under this initiative include Count, Fortnum Private Wealth, Infocus, Otivo, Rhombus Advisory, and WT Financial Group.
“The financial services industry is at its strongest when it speaks with a unified voice on regulatory and policy issues that impact the sector and its consumers,” said FSC chief executive Blake Briggs.
“The FSC has a leading role unifying the industry on reform initiatives, and I am pleased to have this opportunity to appoint directors from the financial advice sector to deepen our engagement and strengthen our advocacy on advice issues.”
Keith Cullen, managing director of WT Financial Group, and Neil Younger, managing director and group CEO of Fortnum Financial Group, will also make-up two of the new director spots on the FSC board.
Esther Kerr, CEO for wealth and capital markets at Australian Unity, and Andrew Creber, CEO for Australia and New Zealand at JP Morgan Asset Management, were also added to the board.
“The FSC is the leading voice in the superannuation, financial advice, investment platforms and funds management sectors,” said FSC chairman David Bryant.
“The appointment of four senior industry leaders to the FSC board brings new depth of expertise to the FSC board and will further strengthen our representation of the industry.”
Commenting on his appointment, WT Financial Group’s Cullen said: “Delivering more affordable and accessible financial advice for Australian consumers is a priority for the FSC and the advice profession and I look forward to contributing to a strong, unified industry voice that ensures reform remains a priority for the government.”
Younger added that it is a “pivotal time” for the financial advice profession.
“I look forward to contributing the experience and insights of financial advisers and licensees to the FSC’s policy development, to help deliver a more efficient regulatory framework for financial advisers and their clients,” he said.
The FSC said the addition of two directors from each of the financial advice and funds management sector reflected the FSC’s broad membership and representation of the industry.
“The FSC brings together an increasingly diverse set of businesses and perspectives from across the financial services industry, all focused on achieving sustainable, accessible and relevant products and services for our members,” said Australian Unity’s Kerr.
“I am very pleased that my appointment provides the opportunity to share Australian Unity’s experience to help deliver policies that enable the financial wellbeing of Australian consumers.”
Commenting on his appointment, JP Morgan Asset Management’s Creber added: “Australia’s financial services sector is a significant contributor to the Australian economy, and I look forward to contributing to the important role the FSC plays shaping the national economic reform agenda.”
A very poor reflection on the FAAA & AIOFP if advice professionals (supposedly) find it necessary to join forces with a product flogger association. Shameful.
Sales not advice, a product body, product and advice should be separated, period. So dumb… Australia is an embarrassment.
I mean no offence to either the two gentlemen, but why would Keith Cullen and Neal Younger want to be directors on the board of the FSC.
The FSC represents product manufacturers, and if they get their way with Minister Jones, they’ll also represent product manufacturers who have been allowed to give advice to the clients that advisers placed with them in good faith. Some of those clients with insurers must be the responsibility of these two AFSLs, surely.
Unless I miss-read their CVs, Messrs Cullen and Younger are either the managers or owners of two AFSL’s, the bodies that license advisers to provide personal advice. Surely there is some sort of conflict in there.
The other two appointments to the FSC board are product manufacturers
Apologies in advance to anyone I may have offended, but just saying!!!!!
The KEY thing the FSC has to do is to bring Australia into line with every other jurisdiction & remove the retail adviser ANNUAL Fee Renewal Consent Form RED TAPE that doesn’t exist anywhere on earth, except here. Until then, retail advisers will never be able sort out the orphan servicing disaster that now exists on the FSC Member Platforms.