Minister for Revenue and Financial Services, Kelly O’Dwyer, has appointed Reserve Bank of Australia (RBA) payments systems board director, Catherine Walter, as chair of the new Financial Adviser Standards and Ethics Authority (FASEA), effective for four years.
Walter, who has served on 15 boards since 1993, will be responsible for maintaining cohesion and uniting directors to work collaboratively toward the professionalisation of the sector.
O’Dwyer also announced the appointment of eight directors to the FASEA board with terms between two and three years.
Countplus chief executive, Matthew Rowe, Integra Financial Services founder and managing director, Deborah Kent, and UniSuper and Guild Group director, Stephen Somogyi had been appointed.
Also appointed to the board was Financial Ombudsman Service director and Australian Competition and Consumer Commission (ACCC) co-chair, Catriona Lowe, and Legal Services Board (Victoria) director, Carolyn Bond. Former chief executive of National Seniors Australia and Australian Gold Council, Michael O’Neill, had also been appointed.
The final two positions on the board would be filled by Ethics Centre executive director, Dr Simon Longstaff, and Griffith University finance professor Mark Brimble.
The primary responsibilities of the FASEA board would be to ensure the viability of the authority, approve education standards for financial advisers, and appointing a chief executive to hold to account on the strategic objectives for the authority.