In addition to the appointment of Mr McDonald, the Financial Planning Association (FPA) named Dale Boucher as deputy chair.
The Conduct Review Commission (CRC) is an independently chaired tribunal that hears and determines disciplinary complaints, holding FPA members accountable to standards of ethics and professionalism.
The appointments will be integral to the FPA’s application to become a code monitoring body following the passing of the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 by parliament on 7 February, the FPA said.
Code monitoring bodies will be responsible for ensuring the conduct of members meets the new Code of Ethics set by the Financial Adviser Standards and Ethics Authority (FASEA).
Mr McDonald is a former presidential member of the Australian Administrative Appeals Tribunal and has also served previous roles as a banking ombudsmen and chair of the Superannuation Complaints Tribunal, the FPA said.
Mr McDonald’s role also includes the position of independent code administrator (ICA) for the FPA Professional Ongoing Fees Code. His term as chair is for three years.
Mr Boucher will commence as deputy CRC chair on 1 July 2017. His current role as chief executive officer of the Legal Services Council and Commissioner for Uniform Legal Services Regulation will end in September 2017, the FPA said.
Mr Boucher’s previous experience includes time as an Australian government solicitor, a partner with Minter Ellison in Canberra, chairman of the Tax Practitioners Board, and chair of the Mortgage and Finance Association of Australia Tribunal.
Chair of the FPA Neil Kendall said, “The high calibre of the new appointments reflects the reputation the FPA has built in the financial planning profession. Both appointees put their names forward to independently uphold the high standing of members, and we’re delighted to have them on board.”
Commenting on outgoing deputy and acting chair Mark Vincent, Mr. Kendall said, “Over the past two years Mark has lead the CRC through an important period of transition, improved processes and independence for our professional accountability systems.”
The appointments were made on the recommendation of an independent selection committee chaired by the Honourable Bernie Ripoll, former Federal Member for Oxley, the FPA said.
Read more:
Foreign firms could “colonise” Australian banking
ETF pioneer leads robo-adviser capital raise
Improved supervision needed for AFS licensees
Macquarie records 7.5% full-year profit growth
Markets returning to ‘old normal’
