Australian Finance Group has shaken up its executive team, having added new positions, saying it is preparing for heightened industry and regulatory engagement required in a post-royal commission environment.
The management changes include elevating the leadership role for the AFG Securities business (AFGS) as well as consolidating executive accountability for all residential mortgage product sales.
The company is appointing a general manager for AFGS, a new role on the executive team, which AFG said reflects the increasing importance of the line.
The segment recently hit a milestone, reaching $2 billion asset under management.
Meanwhile, AFG’s general manager of residential and broker, Mark Hewitt, will take up the newly formed position of general manager of industry and partnership development.
Mr Hewitt will be held responsible for the company’s residential mortgages lending relationships and his mandate will be expanded to include all lender relationships, across the AFG home loans, commercial, business and personal loans divisions.
He has led the AFG sales and distribution team for the last 13 years.
With Mr Hewitt in the new role, AFG home loans general manager Chris Slater will assume the broader sales and distribution leadership across both the residential broking and AFG home loans businesses.
Mr Slater has worked in the company for 12 years, having held roles such as national accounts manager and NSW state manager as well as general manager of AFG home loans.
“The external forces impacting our business across the 18 months have underlined why it is crucial to constantly engage with the broader industry and continue to position AFG as taking a leadership role in the market with both regulators and our lending partners,” David Bailey, chief executive of AFG, said.
“While we have done a tremendous job in reminding regulators, politicians and the broader community of the vital role our industry plays in delivering a competitive lending market, we must ensure that the broker proposition remains front and centre of the debate as the industry shapes its future over the next three years.
“The changes strengthen our leadership across the business and reflect the priorities of the business as we continue the diversification of our earnings base.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah spent her career working in business-to-business media, including print and online, as well as cutting her teeth on current affairs programs for community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.
You can contact her on [email protected].
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