Insignia completes ANZ P&I separation
Insignia Financial is claiming a significant first – the separation of a superannuation business from one of Australia’s big four banks.
Insignia has announced it has completed the separation of ANZ’s Pensions and Investments business from the bank, representing the finalisation of a multi-year program of work.
It said that the work had entailed 1,257 employees transitioning from ANZ to Insignia, the separation of 638 commercial licence arrangements and 589 applications migrated from ANZ.
Insignia Financial chief transformation officer, Chris Weldon said that unravelling complexities to achieve a clean separation had been no small feat.
“All of the systems and people supporting the P&I business and its clients have now transitioned to the Insignia Financial environment, reinforcing Insignia Financial’s ability to execute on strategic initiatives,” he said.
“We now have full control and management of the systems which support the P&I business. This enables us to unlock benefits of scale for our clients and people, aligned to our enterprise priority of simplification.”
Insignia Financial’s separation and simplification programs also include the separation, integration and simplification of the MLC Wealth business acquired from National Australia Bank Ltd (NAB).
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