Insignia completes substantial MLC separation from NAB

Mike Taylor

Managing Editor/Publisher, Financial Newswire

26 November 2024

Just days after nominating MLC as its key retail brand, Insignia Financial has announced that it has successfully completed the technology separation of MLC Wealth from National Australia Bank.

Insignia announced that as a result, Insignia Financial is no longer reliant on NAB systems and technology to service its customers and advisers with employees operating entirely within the Insignia Financial environment.

The Transitional Services Agreement with NAB is due to end in May, next year.

It claimed the transition of the MLC MasterKey and Plum registries, along with associated applications, from NAB to Insignia Financial is one of the largest wealth management separations in Australia’s financial services history.

It said over 700,000 MasterKey and Plum accounts, 55 systems and applications and more than 100 terabytes of data have been migrated.

Commenting on the milestone, Insignia Financial chief executive, Scott Hartley said the separation was the most important initiative the company had to deliver as an organisation in FY25.

“Following the migration of MLC Wrap, MLC Navigator, and associated offers to the MLC Expand platform in April, this separation further demonstrates our ability to deliver complex, large-scale transformation projects. It also marks the second successful execution of a major exit of a superannuation business from a bank, the first being Insignia Financial’s separation of the Pensions and Investments business from ANZ in 2022.

“While there is still work to be done before we formally exit the Transitional Services Agreement (TSA) in May 2025, achieving this critical milestone sets us up to simplify our Master Trust capabilities and enables us to shift our focus in FY26 towards accelerated and sustainable growth, driven by a relentless obsession with our customers,” he said.