FSC names new chairman

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The Financial Services Council has elected a new chairman to take over from Peter Maher, who will retire from the board today.

The board unanimously elected Greg Cooper, CEO of Schroders Australia, to the position. He will officially take on the role tomorrow, during the FSC’s annual conference.

Maher was elected to the FSC Board in 2004 and became chairman in 2010.

“Peter’s guidance and support of the Financial Services Council has been critical during this time of the most substantial regulatory change in the history of Financial Services Industry in Australia,” said Cooper.

“Agreement to increase compulsory superannuation contributions from nine to 12%; the commissioning of the Johnson Review into Australia as a regional financial services hub; industry self-regulation to improve financial services for consumers; the abolition of commissions through the FSC’s standards; and, the broadening of representation and work within the FSC to cover the full value chain including financial advice networks and trustee companies, are some of the key industry achievements the FSC has led while Peter has been on the Board.”

Maher is pleased with the appointment, saying Cooper had made a significant contribution to the FSC since he became a director in 2008.

“He has been deputy chairman of the FSC since 2011, deputy chairman of the FSC's Administration & Risk Board Committee, deputy chairman of the FSC's Nominations Board Committee and co-chairman the FSC's Investment Board Committee,” Maher said.

Cooper is a trained actuary, and commenced his investment career in 1992. He has worked in Hong Kong, Singapore and the UK, is a fellow of the Institute of Actuaries of Australia and is ambassador for the Australian Indigenous Education Foundation.