FSC expands financial advice membership

The Financial Services Council (FSC) is expanding its remit into the financial advice sector by adding six licensees to its network of members.

Count, Fortnum Private Wealth, Infocus, Otivo, Rhombus Advisory, and WT Financial Group have joined FSC's new initiative.

This new model of engagement will see the licensees contribute to the FSC's policy development processes.

FSC chief executive Blake Briggs said the initiative comes at a critical time in the financial advice reform debate.

"The financial services industry is at its strongest when it speaks with a unified voice on regulatory and policy issues that impact the sector and its consumers," he said.

"The FSC has a leading role unifying the industry on reform initiatives, and I am pleased to have this opportunity to appoint directors from the financial advice sector to deepen our engagement and strengthen our advocacy on advice issues."

WT Financial Group managing director Keith Cullen and Fortnum Financial Group managing director and group chief executive Neil Younger have therefore joined the FSC Board as directors.

Younger said: "At a pivotal time for the financial advice profession, I look forward to contributing the experience and insights of financial advisers and licensees to the FSC's policy development, to help deliver a more efficient regulatory framework for financial advisers and their clients."

Cullen said delivering more affordable and accessible financial advice for Australians is a priority for the FSC and advice profession and that he looks forward to contributing to a strong, unified industry voice that ensures reform remains a priority for the government.

The FSC also appointed Australian Unity chief executive for wealth and capital markets Esther Kerr and J.P. Morgan Asset Management chief executive for Australia and New Zealand Andrew Creber to the board to represent the funds management sector.

FSC chair David Bryant said: "The appointment of four senior industry leaders to the FSC board brings new depth of expertise to the FSC board and will further strengthen our representation of the industry."