AMP’s chief executive of Australian Wealth Management Scott Hartley has become the latest high-profile executive to join the board of the Financial Services Council, this week being named on the 12-person board after a year on the job at AMP.
Hartley, who led Sunsuper for almost six years to 2019 and held a string of executive roles at MLC/NAB before that, was named to the board alongside fellow new recruit Michelle Taylor, Challenger’s chief of people, corporate affairs and strategy.
Both join a host of other financial product and services executives, including Bell Asset Management CEO Nick Fels, Blackrock head of Australasia Andrew Landman, AIA CEO Damien Mu, BT’s managing director or platforms, investments and operations Kathy Vincent and Macquarie head of wealth, Sean West.
“Scott and Michelle are welcome additions to the FSC Board, together bringing more than 45 years’ experience to the table,” commented FSC chair David Bryant. “Their respective talents and dedication to grow and protect the long-term financial wellbeing of Australians will be valued on the FSC Board, and we look forward to working with them.”
Hartley’s appointment comes at an interesting time for the FSC, which is lookin to gain traction with its plan to save the “unprofitable” advice industry.
The Whitepaper for Financial Advice blueprint for reform, which proposes abolishing the safe harbour steps and demarcating advice types, has drawn praise from several corners in wealth management.
In equal measure, it has drawn scorn from those that prefer a group other than one primarily representing product providers to put forward solutions to the industry’s problems.
The FSC has stuck to its guns, however, saying that relitigating old debates won’t do anything to move the industry forward.
“The broader industry can’t agree on every detail but does agree on the fundamentals – complexity and cost is ultimately being driven by an incoherent regulatory framework progressively added to over several decades – this must change,” an FSC spokesperson commented.