The Minister for Small Business and the Assistant Treasurer the Hon Kelly O’Dwyer MP, announced the reconstitution of the Financial Sector Advisory Council.
“I would like to announce that the Council will be chaired by Mr Michael Cameron, Managing Director and Group Chief Executive Officer of Suncorp Group, and supported by a further eight members,” Minister O’Dwyer said.
Mr Cameron will be joined by the following new members, each of whom has been appointed for a three year term:
- Ms Sarah Rennie, Managing Director Equity Capital Markets, Goldman Sachs;
- Mr Brian Hartzer, Managing Director and Chief Executive Officer, Westpac;
- Mr Craig Meller, Chief Executive Officer, AMP;
- Ms Heather Zampatti, Head of Wealth Management, Bell Potter Securities;
- Mr Brett McKeon, Managing Director, Australian Finance Group;
- Mr Mike Hirst, Chief Executive Officer, Bendigo and Adelaide Bank;
- Ms Lisa Gray, Chief Executive Officer, Victorian Funds Management; and
- Mr Karl Morris, Executive Chairman, Ord Minnett.
“This announcement delivers on the Government’s commitment announced as part of our response to the Financial System Inquiry (FSI) to reconstitute the Council with a renewed Charter,” Minister O’Dwyer said.
“The Members of the Council have experience in a wide cross section of the financial services sector, which will position the Council to effectively fulfil its sector wide advisory role.
“The Financial Sector Advisory Council is a non-statutory body that provides advice to the Government on policies that will maintain an efficient, competitive and dynamic financial sector to support growth in the economy.”
Under its renewed Charter, the Council will have a mandate to 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 —the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority and the Payments System Board of the Reserve Bank of Australia.
The Council will also provide advice to the Treasurer on the conditions and emerging trends in the financial sector, potential area for regulatory reform which could improve the efficiency and competitiveness of the financial sector, as well as play a role as an industry consultation body.
“The Chair and Members of the Council will each bring valuable perspectives on the financial sector and I look forward to each of them making a significant contribution to the considerations of the Council,” Minister O’Dwyer said.
The Council is expected to meet at least three times per year, with the initial meeting likely to be convened around August 2016.
Biographies of the Chair and Council members
Mr Michael Cameron commenced as the Suncorp Group Managing Director and Group CEO in October 2015. He has over 30 years’ experience in the finance sector, including in roles at Barclays Bank, Lend Lease and senior executive positions within the Australian banking sector with NAB, CBA and St. George.
Ms Sarah Rennie is Managing Director, Equity Capital Markets at Goldman Sachs. She was previously Managing Director of Equity Capital Markets at UBS (Sydney and New York) and Director of Equity Capital Markets at Deutsche Bank.
Mr Brian Hartzer was appointed Managing Director and CEO of Westpac in February 2015, and also serves as Chairman of the Australian Bankers' Association. He has over a decade of experience with ANZ, as well as international experience as the CEO for Retail, Wealth and Ulster Bank at the Royal Bank of Scotland Group, and as a financial services consultant in the United States of America.
Mr Craig Meller is the CEO and Managing Director of AMP. He was previously Managing Director of AMP Financial Services and has experience in the United Kingdom with both AMP and Lloyds TSB.
Ms Heather Zampatti is currently Head of Wealth Management at Bell Potter Securities, and the Chair of Lotterywest. She is a Certified Financial Planner (CFP), with over 20 years’ experience in investment advising, providing investors with professional portfolio management.
Mr Brett McKeon is the Managing Director and a founding Director of Australian Finance Group (AFG). AFG offers commercial finance and insurance products; and is one of the largest providers of mortgage broking services in Australia.
Mr Mike Hirst is the Managing Director of Bendigo and Adelaide Bank and Deputy Chairman of Australian Bankers’ Association. He has had experience across most areas of the bank’s business, including having served as Chief Operating Officer and Chief Executive Retail Bank.
Ms Lisa Gray is the CEO of the Victorian Funds Management Corporation. She has previously held senior executive roles at NAB and MLC Wealth and has also served as CEO and Managing Director of Plum Financial Services and held senior roles at AXA Australia/NZ.
Mr Karl Morris is Executive Chairman of Ord Minnett, and has previously held the roles of CEO and Managing Director of the company. He has experience across stockbroking, funds management and corporate finance, and is the Chairman of the Stockbrokers Association of Australia and Qsuper.