Insignia appoints former ASIC commissioner
Insignia Financial has appointed a former ASIC commissioner as chair and non-executive director of its Trustees business.
Danielle Press will join the firm’s Trustees division from 19 September and commence as chair in November.
She will replace Lindsay Smartt who had worked on the board since August 2019.
Insignia Trustees comprises IOOF Investment Management, NULIS Nominees (Australia), OnePath Custodians and Oasis Fund Management. Combined, these entities are responsible for five registrable superannuation entities including MLC Super and AvWrap.
Press was formerly a commissioner at the corporate regulator between 2018 and 2023, before departing in August 2023, and was previously the chief executive of Equipsuper and managing director at UBS Global Asset Management.
Reflecting on her time at ASIC, she said: “Over the past five years, I hope I have contributed to fostering a fundamentally different dynamic between the financial services sector and ASIC, one that is founded on increased openness, engagement and communication, and one that fundamentally acknowledges the complexity of the regulatory framework and commercial outcomes.”
Insignia Financial chair Allan Griffiths said: “We’re excited to welcome Danielle. She brings a wealth of industry knowledge and an unwavering commitment to driving outcomes for members.
“Danielle’s appointment also highlights our ongoing focus on and commitment to uplifting our risk governance culture.
“I would also like to take this opportunity to thank Lindsay for his leadership and contribution during his time with us. Lindsay has played a significant role in how we, at Insignia Financial, look after our superannuation members and their best interests.”
Press added: “I genuinely believe in the power of Australia’s superannuation system and what it can deliver for members in retirement. I’m honoured to be joining Insignia Financial at such a transformational time for the organisation, and committed to helping drive member outcomes.”
Insignia Financial has made a series of appointments in recent months following Scott Hartley taking over as chief executive. This includes Dave Woodall from Australian Retirement Trust as chief executive for superannuation, Wylie Fowler as general manager for brand strategy, Liz McCarthy as chief executive of MLC Expand, and Jason Sommer as chief operating officer responsible for strategy and enterprise services.
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
