FSC appoints deputy chair
The Financial Services Council (FSC) has promoted Alexis George to deputy chair of its board.
George, who is CEO of AMP, joined the FSC board in September 2023.
She will support the FSC’s chair David Bryant who is CEO of Marsh McLennan Pacific.
Her appointment means there are now two deputy chairs at the organisation as Sean West, head of wealth management at Macquarie, is already in the role.
In a statement, the FSC said: “Alexis is a senior industry leader with more than 30 years’ experience in the financial services sector in Australia and overseas. Thank you to Alexis for taking on this role at an important time for the FSC and broader financial services sector.”
As well as her deputy chair role, she is also co-chair of the superannuation board committee.
George has been CEO of AMP since August 2021 when she took over from Francesco De Ferrari.
Since George’s appointment, the composition of the FSC board has shifted to include a focus on financial advice as well as fund management and superannuation with the addition of Keith Cullen, CEO of WT Financial, and Neil Younger, managing director at Fortnum.
The board presently consists of:
- David Bryant, Marsh McLennan
- Alexis George, AMP
- Keith Cullen, WT Financial
- Neil Younger, Fortnum
- Nick Hamilton, Challenger
- Esther Kerr, Australian Unity
- Kelly Power, CFS Superannuation
- Matt Rady, BT Financial Group
- Alison Telfer, UBS Asset Management
- Sean West, Macquarie Group
Younger and George have been working closely in recent months as it was announced in August that AMP would be selling its advice division to Entireti, which is the parent company of Fortnum.
Entireti will acquire AMP’s advice licensees and Jigsaw and AMP will retain a 30 per cent stake. This is for $10.2 million, 70 per cent in cash and 30 per cent being AMP’s equity stake, which will hold AMP’s three licensees and Jigsaw.
Entireti will deliver comprehensive licensing and business services to AMP’s advice network and self-licensed practices and combine forces to deliver this scaled model, with AMP Advice resources to transfer to Entireti.
Entireti will establish a new joint venture entity (NewCo) to acquire AMP’s financial advice licensees: Charter, Hillross, and AMP Financial Planning, as well as its self-licensed offer Jigsaw, with AMP to retain a 30 per cent shareholding in NewCo. AMP Advice practices within NewCo will continue to be licensed through existing arrangements and supported by Entireti Services.
AUTHOR
Laura Dew
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