He replaces Ben Heap, who recently resigned as managing director of UBS Global Asset Management (Australia) to become chief executive officer of Australasian Wealth Investments.

Mr Benari has many years’ experience in the financial services industry including executive roles with JP Morgan, Bankers Trust and Macquarie Bank, before joining Challenger in 2003.

He was founding chief executive of Challenger’s Mortgage Management division, which grew to become one of Australia’s largest non-bank mortgage lenders.

In 2008, Mr Benari became Challenger’s first joint Group CFO/ Group COO, with oversight of the company’s Treasury, Finance, Legal, Tax, Compliance, Information Technology, Investor and Government Relations functions. He was appointed managing director and chief executive officer in February 2012.

Greg Cooper, chairman of the Financial Services Council said: “Brian’s experience across a broad spectrum of institutional and retail financial services is welcomed by the FSC board.”

“This will be particularly important when the financial services industry undergoes its review under the new government,” Mr Cooper said.

The Financial Services Council board now includes:

• Chairman: Greg Cooper – CEO, Schroder Investment Management Australia Limited
• Deputy Chairmen: Craig Meller – MD, AMP Financial Services Limited and Brad Cooper – CEO, BT Financial Group;
• Directors: Brian Benari −MD and CEO, Challenger Limited; David Bryant: − CEO & CIO of Australian Unity Investments; Robin Burns – MD, Equity Trustees Limited; Andrew Hagger – group executive, AB ealth and CEO MLC Limited; ohn ames – MD and Chairman of anguard investments; Brett ollie – MD, Aberdeen Asset Management Australia Limited; Marc Lieberman CEO, Metlife Australia; Geoff Lloyd –CEO and MD, Perpetual Limited; Annabel Spring – Group Executive, Wealth Management, Commonwealth Bank of Australia; Geoff Summerhayes – CEO Suncorp Life; and, Maria Wilton – MD, Franklin Templeton Investments Australia Ltd.

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