AMP’s Dunn elected IFSA chair

AMP Financial Services managing director Craig Dunn and Colonial First State chief executive John Pearce have been promoted to the roles of chair and deputy chair of the Investment and Financial Services Association (IFSA).

Dunn, who is a past deputy chair, replaces Queensland Investment Corporation chief executive Doug McTaggart who remains a board member after spending the last three years at its helm.

Vanguard managing director Jeremy Duffield has held onto his position as the second deputy chair.

The rest of the 14-person board remains unchanged apart from the appointment of recently retired Morgan Stanley Investment Management executive director John Buckeridge as an honorary member.

As deputy chair, Dunn was instrumental in pushing through recent Government approved changes to retirement income streams.

He said that as chair he would work to make sure the association’s members get the best deal out of the Federal Government on legislative reforms ranging from Financial Service Reform to proposed anti-money laundering legislation.

“FSR has been a massive change, which we are still coming to terms with and as we do, we need to make sure we get the right outcomes for consumers and industry.”

To achieve such outcomes, Dunn stressed the importance of IFSA working together with other associations like the Financial Planning Association and the corporate regulator.

“Any significant change in regulation takes a while for the industry to absorb, so we’ll have to work closely with ASIC [Australian Securities and Investments Commission],” he said.