Vamos finds Freedom but can she find a strategy?

Outsider/Pauline-Vamos/Royal-Commission/freedom-insurance/Freedom-Insurance-Group/

16 November 2018
| By Outsider |
image
image
expand image

Outsider sends a big yuletide shout out to former Association of Superannuation Funds of Australia boss, Pauline Vamos, for taking on what might possibly be one of the bigger financial services challenges of 2019.

Vamos, for those who don’t already know, has been appointed chair of publicly-listed direct insurance outfit, Freedom Insurance Group. Yes, that’s the same Freedom Insurance that took up so many hours of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Vamos, as a former Australian Securities and Investments Commission executive, will bring more than a modicum of regulatory knowledge to the role but from where Outsider sits the real challenge for Freedom is not regulation but rather finding a business model which will help it survive in a post-Royal Commission world.

Given that insurance sales via outgoing call centres looks like something the Royal Commission will demand is excised from the business model options book, Outsider wonders how Freedom is going to develop a growth strategy at the same time as meeting the requirements of the Financial Services Council’s proposed new and improved insurance code of conduct.

It was, after all, as recently as the beginning of October that Freedom announced it was suspending selling its products directly to consumers and that it was halving staff numbers and waving goodbye to its chief executive, Keith Cohen and chief financial officer, Jenny Andrews.

Still, Vamos knows the in and outs of financial services and Outsider feels sure that notwithstanding her untimely departure from reg tech outfit, Regnan earlier this year she will help lead Freedom to what Churchill once referenced as the broad, sunlit uplands.

So to Vamos on the finding of Freedom’s new strategy – Arriba! Arriba! Andale! Andale!

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 3 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND