The Assistant Treasurer, Kelly O’Dwyer, has announced a series of appointments to independent panels and committees tasked with providing advice to the Government on dispute resolution, financial literacy and the wider financial sector.
Each of the announcements were made in the days following the Budget but prior to the calling of the Federal election with the first stating that a three member panel would lead the review into the external dispute resolution (EDR) and complaints framework.
The panel will be chaired by University of Melbourne, Professor of Commercial Law, Ian Ramsay with Choice, Chief Executive, Alan Kirkland and Productivity Commission member Julie Abramson joining as panel members.
O’Dwyer said the Government was committed to ensuring three EDR schemes – the Financial Ombudsman Scheme (FOS); Superannuation Complaints Tribunal; and Credit & Investments Ombudsman – working as effectively as possible to meet the needs of users.
The panel will provide a final report to the Government by the end of 2016 with its review taking place while the Australian Securities and Investments Commission (ASIC) reviews the small business jurisdiction of FOS.
O’Dwyer also reappointed four existing members and appointed four new members to the Australian Government Financial Literacy Board.
Current chair Paul Clitheroe was reappointed for a further two years as were current members Robert Brown, Fiona Guthrie and Elaine Henry.
New appointees to the board were Martin MacDonald, Professor Roslyn Russell, Theresa Mills and Dr Phil Lambert who were appointed for four years.
Those appointments came as the Government reconstituted the Financial Sector Advisory Council which O’Dwyer said provided advice to the Government on policies that will maintain an efficient, competitive and dynamic financial sector to support growth in the economy.
The nine-member council will be chaired by Suncorp Group, Managing Director and Group Chief Executive Officer, Michael Cameron with the other eight positions also held by representatives from banks, brokers and funds managers, for a period of three years.
These appointed include:
- Sarah Rennie, Managing Director Equity Capital Markets, Goldman Sachs;
- Brian Hartzer, Managing Director and Chief Executive Officer, Westpac;
- Craig Meller, Chief Executive Officer, AMP;
- Heather Zampatti, Head of Wealth Management, Bell Potter Securities;
- Brett McKeon, Managing Director, Australian Finance Group;
- Mike Hirst, Chief Executive Officer, Bendigo and Adelaide Bank;
- Lisa Gray, Chief Executive Officer, Victorian Funds Management; and
- Karl Morris, Executive Chairman, Ord Minnett.
O’Dwyer stated the Council will advise the Government on the implementation of its response to the FSI and provide advice to the Government on the performance of the financial system regulators, emerging trends in the financial sector and potential areas for regulatory reform.
