The ASIC report into death benefit claims revealing the devastating impact of poor industry practices on grieving Australians has again highlighted the pressing need for change. While some funds have taken up the cudgels, others are still playing hardball on improving their service offering.
A Retirement Income Covenant obligation notwithstanding, there is still a paucity of these complex products on offer. The Advice Through Superannuation draft legislation might offer a way forward.
Bailey seeks a change after leaving Fidelity
(Pictured: Gary Bailey)
Gary Bailey, head of institutional business for Fidelity International in Australia, has resigned and left after nearly five years with the firm.
He said that he decided that he “really needed a change” and resigned at the end of January after returning from a month’s leave. His last day was February 28.
Michael Bargholz, Fidelity’s chief executive, said: “He let me know shortly after he returned from leave over Christmas… We wish him well. We have commenced a search for a replacement and anticipate serving more and more institutional clients in the years ahead.”
Bailey has worked exclusively for big international managers for the past 14 years. He joined Fidelity in May 2009 after spending a similar length of time as managing director of Wellington International Management Company, also in Sydney. Prior to that he was a senior vice president of the Capital National Alliance, a joint venture between Capital International and MLC in Australia.
