Outgoing AMP head on inquiry panel
Outgoing AMP CEO Craig Dunn will be one of four members serving on the financial system inquiry (FSI) panel, Federal Treasurer Joe Hockey has announced.
Dunn is stepping down from his role as CEO and managing director of AMP this month after serving for 14 years in the company.
The Murray Financial System Inquiry is chaired by David Murray.
The panel also includes representatives from the finance, business and academic community. Chair of Westpac Foundation Carolyn Hewson will also serve on the panel. She was previously an investment banker at Schroders Australia for 15 years.
The Financial Services Council (FSC) commended the selection of the panel members, saying it "delivers the experience, diversity and perspective needed for this review".
The FSC said that with the appointment of Dunn and Hewson, the wealth management industry was well represented.
"These two appointments reflect the importance of an industry with $2.2 trillion of funds under management to the Australian economy," FSC director of policy and global markets, Andrew Bragg said.
"Mr Dunn and Ms Hewson bring experiences and skills from within the industry which complement those of the other review panellists — Brian McNamee, former CSL CEO, and Professor Kevin Davis from the Australian Centre for Financial Studies — and the inquiry chairman David Murray."
The financial system inquiry will be a root and branch review of Australia's financial system. It will examine how the financial system should be positioned to support Australia's economic growth.
The terms of reference have been finalised after input from organisations and individuals during the consultation period.
The Government made only minor changes to the document after Industry Super Australia and others in the industry were satisfied with the final terms of reference.
AUTHOR
Malavika Santhebennur
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
