Two founding directors depart from AFCA board
The Australian Financial Complaints Authority (AFCA) has appointed new directors as two founding directors step down.
Claire Mackay and Andrew Fairley AM will both leave at the end of the year. Mackay joined the AFCA board in May 2018, and Fairley in July 2018.
The two departing directors have experience in financial advice and superannuation respectively, two areas that are seeing increased complaints to AFCA.
Mackay is a director and principal adviser at Quantum Financial and previously worked at Macquarie Bank and PwC, while Fairley is a lawyer and consultant at Hall & Wilcox as well as a former chair of Equip Super.
“Claire and Andrew played such an important part in AFCA’s first five years as founding directors,” said Professor John Pollaers, AFCA chair.
“They both provided invaluable knowledge and expertise during their tenures and we thank them for the significant contributions they have made in helping AFCA to become the world-class ombudsman service it is today.”
They will be replaced by Raylene Bellottie and Yien Hong.
Bellottie is an Aboriginal business director, consultant and board member, and has worked in financial services for over 25 years including at ANZ Bank and Credit Union Australia. She also served as deputy chair of the First Nations Foundation for 10 years.
Hong is general counsel and company secretary at Judo Bank, a challenger business bank for small and medium enterprises. She also held senior roles at Deutsche Bank, NAB and Linklaters.
Pollaers said: “Both of these highly successful women are the perfect fit for AFCA’s board, and their appointments ensure the organisation will continue to provide an independent, free and fair external dispute resolution service for financial disputes in Australia.
“Raylene’s remarkable career in the finance sector along with her experience working with small businesses, means she has a strong understanding of the important work AFCA does.
“Yien’s impressive executive career, strong legal background and solid understanding of governance, underpinned with a strong sense of social justice, makes her an excellent fit for AFCA and an important addition to the board.”
The AFCA board consists of an independent chair and an equal number of directors with consumer and industry experience, covering the multidimensional and highly complex industries AFCA deals with.