Risk People Update

New Appointments

MLC Life welcomes innovation and transformation head, life insurance officer

Rick Wingfield is the new chief innovation and transformation officer at MLC Life, replacing Tahir Tanveer. Wingfield moves into the role from Catapult, a sports performance technology company, with a history at financial services companies such as AMP Australia and National Australia Bank (NAB).

Michael Rogers is the new chief life insurance officer at MLC Life, overseeing insurance operations, replacing Sean McCormack. Rogers joins from QSuper.

Departures

AMP Bank MD resigns

Rod Finch, AMP Bank’s managing director, has resigned after being in the role for just over a year, though being at AMP for about eight years. Finch is moving to a new role at Bank of Queensland.

ANZ loses CFO

Michelle Jabiko is leaving the financial services industry, moving into a chief financial officer role at Transurban, a toll road operator. Jabiko joined ANZ as chief financial officer, then appointed to a director of ANZ New Zealand in 2018. A new CFO is being sought.

AMP FP no longer largest AFSL by adviser count

AMP Financial Planning lost 345 financial advisers between January and December 2020. The new top spot is the SMSF Adviser Network with 839 advisers at the end of 2020. It has been many years with AMP in the top spot, however, after changes to the terms of its agreements with advisers in 2019, terminated some smaller practices.

Only some of those advisers forced out of AMP - usually single-practitioner advisers with less than $300,000 annual turnover, could move into other licensees, with many leaving the industry completely, ASIC data show. AMP FP advisers launched a class action against AMP in mid-2020 after revaluations of Buyer of Last Resort agreements.