The first separation of a superannuation business from a big four bank is complete. Insignia Financial has now successfully completed the separation of the pension and investments (P&I) business from ANZ following a multi-year program of work. The firm said that the completion is a significant milestone in its separation and simplification programs, while also representing an industry milestone as the first time an organisation has completed the separation of a superannuation business from one of the big four banks.
“This is a momentous achievement for our organisation and the industry as major banks exit from wealth management to simplify their businesses,” said Insignia chief transformation officer, Chris Weldon. “We’re thrilled to have successfully completed the P&I cutover and separation, and to have done so within our planned timelines.” According to Insignia, 1,257 employees transitioned from ANZ with 638 commercial licence arrangements separated from ANZ and 589 applications separated or migrated.
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