AMP Australian Wealth Management CEO Scott Hartley and Challenger chief executive of people, corporate affairs and strategy, Michelle Taylor, will join the board immediately.
Prior to joining AMP in January, Mr Hartley served as CEO of Sunsuper from 2014-19 and has spent 15 years in executive roles with companies including MLC and NAB Wealth.
Meanwhile Ms Taylor brings over 20 years’ experience to the FSC board having worked across industries including financial services, property and health.
FSC chairman David Bryant said both Mr Hartley and Ms Taylor will bring a wealth of knowledge to the board.
“Scott and Michelle are welcome additions to the FSC board, together bringing more than 45 years’ experience to the table,” Mr Bryant said.
“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.”
Last month, the FSC told ifa it will engage with industry groups within the advice sector about a white paper released in October proposing a new advice framework.
The FSC says the proposal could reduce the cost of advice by almost 40 per cent (near $2,000) through recommendations that include abolishing the safe harbour steps for complying with the best interests duty and removing “complex” SoAs in favour of a letter of advice.
KPMG’s analysis of the FSC’s recommendations found that the cost of providing financial advice would be reduced from $5,334 to $3,466, and would save advisers up to 32 per cent of time when dealing with clients and allow them to provide advice to an additional 44 new clients each year.
