Insignia Financial has announced “a significant milestone” in the separation of MLC Wealth from National Australia Bank in what sees as a major step in its simplification program since it acquired MLC from NAB in 2021.
This milestone follows the separation of MLC Life Insurance from NAB when Nippon Life formally took over 80% of MLC Life in October 2016, a year after that move was first announced.
Insignia says its transition of the MLC MasterKey and Plum registries, along with associated applications, from NAB to Insignia Financial “…is one of the largest wealth management separations in Australia’s financial services history.”
It notes that over 700,000 MasterKey and Plum accounts, 55 systems and applications and more than 100 terabytes of data have been migrated.
“As a result, Insignia Financial is no longer reliant on NAB systems and technology to service its customers, employers and advisers, with employees operating entirely within the Insignia Financial environment.”
Insignia Financial Chief Executive Officer, Scott Hartley says separating MLC from NAB “…was the most important initiative we had to deliver as an organisation in FY25, and I am pleased to announce this significant separation milestone.”
