The FSC has announced that David Bryant, Mercer Australia CEO and Pacific Zone Leader, has been elected by the Board as its new Chairperson.
A statement from the council says Bryant replaces Geoff Lloyd, CEO of MLC Wealth, who has stood down as Chairperson due to his resignation from MLC Wealth.
Lloyd says it has been his privilege to lead the FSC over the past four years during a period of unprecedented reform.
“We have experienced many industry-changing events during this time which have provided the FSC, its members and their clients with numerous challenges and, importantly, opportunities. We have steered the organisation through the Royal Commission into Misconduct in the Banking and Financial Services Sector, acknowledging deficiencies and driving meaningful change for those our member organisations serve.”
Lloyd says he leaves the FSC board in good hands as Bryant has made a significant contribution both as his deputy and as an FSC director over many years. He says Bryant is an experienced and respected leader in financial services, as CEO of Australian Unity, and now Mercer Australia.
Bryant has held several positions within the FSC since being appointed to the Board in 2013 and he thanked Lloyd for his significant contribution to the FSC and to Australia’s financial services industry.
He said Lloyd’s leadership had been integral in “…helping the industry navigate substantial headwinds and a period of unprecedented change; change that is for the benefits of Australians and for our members who serve them.”
The FSC also added that Richard Howes, Managing Director and CEO of Challenger, has been elected to the FSC Board, replacing Andrew Tobin, Chief Financial Officer of Challenger, who will step down in November.
Click here for a full list of the FSC Board.
The FSC have a lot to answer for and rather than self congratulations for a job well done, they should be reflecting on what chaos they have caused over the years with their in-action and actions that were NOT in the best interests of Australians, or even their own members.
Replacing one member with another member who is part of the clique, can be seen as nothing more than rearranging the deck chairs.
If the FSC want to be seen as a relevant body that truly represents all interests, then they need to bring in people who have real experience on the ground to educate the board and bring in positive changes.
The days of entities like the FSC being allowed to spread inaccurate data to improve their members positions at the expense of others, is coming to an end.
Honesty, Integrity, and a focus on sustainability is the new benchmark everyone must be held to account for.
Let us see if the FSC will bring about positive change.
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