Industry leaders to join establishment board of new body

by Maya Breen04 Aug 2017
The five directors forming the Establishment Board of Financial Advice New Zealand have been announced. 

Joining Michael Dowling (Investment Director) and Bruce Cortesi (Risk Director) on the Establishment Board, are Sue Brown and Kate Morrison (Independent Directors) and John Bolton (Lending Director). 

The five Directors will form the Establishment Board Working Group and will then become the Establishment Board of Financial Advice New Zealand once the process of incorporation is complete. 

Founder and CEO of Squirrel Mortgages, Bolton was formerly a general manager with ANZ and Westpac. He is widely known in the industry and regularly appears in the media on mortgage and housing related topics and issues.

General manager at New Zealand’s Commerce Commission, Morrison has held positions at Deutsche Bank and ABN Amro in London and has extensive experience in legislative reform and regulatory compliance. Kate serves on a number of Boards, including the National Board for the Cancer Society and the Ethics Committee for the Fundraising Institute of New Zealand. 

Brown, founder of Sue Brown Solutions, has practiced law as a partner in major law firms in the UK, Australia and New Zealand, held senior leadership positions in financial market participants and government agencies, and played a lead role in shaping and delivering the FMA’s approach to the regulation of financial advisers and to the Financial Markets Conduct Act. 

Speaking to NZ Adviser, Dowling said there were a total 43 applications for the three roles and the high quality of them all made the job of choosing three very difficult . “We were stunned with the quality of people that applied and the only regret is we didn’t have more positions we could offer.”

Cortesi added the establishment board will meet and “work will begin in earnest in building the foundations for the new body and the framework so that when we get to the first AGM, when the full board of Financial Advice New Zealand will be elected, then the new association can continue on its own standing.” 

The existing three bodies can then begin the process to close down, if they haven’t already before the first AGM. 

Dowling said it is important to get the new body started and then focus on the transition process of the existing bodies. “What we’re not wanting to do is dictate what the underlying bodies do because they have constitutional requirements to satisfy and we felt it would be a mistake to try and align three bodies and get a new one started.” 

Cortesi told NZ Adviser the timing in announcing the launch of the new association at the National Advisers Conference has brought more awareness to the message represented by Financial Advice New Zealand. 

“Everybody that I’ve spoken to has been very upbeat and positive,” Yates told NZ Adviser. “I haven’t had anybody question it.

“The work that’s been done in getting to this point in Financial Advice New Zealand, has effectively re-established the distinction between the role of the group and the role of the professional body.”  

COMMENTS

Most Read

NZ Adviser TV