Caroline Stewart

Ecstra Foundation’s inaugural National Financial Wellbeing Summit last week highlighted the growing support for a nationally coordinated financial strategy as way of improving Australians’ financial and overall wellbeing.

The event emphasised the importance of building an integrated approach to financial wellbeing by supporting individual financial capability, while also addressing the broader systems, policies and market structures that shape people’s financial lives.

Bringing together leaders from government, business, education and community sectors, the discussion was focused on practical approaches to help build a better financial future for all Australians.

With an address from the Assistant Treasurer and Minister for Financial Services, Hon. Dr Daniel Mulino MP (pre-recorded), and a keynote delivered by ASIC Commissioner Alan Kirkland, sessions examined the drivers of economic inequality, the balance required between regulation and education, and how greater cross sector collaboration can influence financial, mental, and social health outcomes.

A key focus was on the importance of embedding financial education across schools, homes, and workplaces, to ensure young people develop the skills and confidence they need to make informed financial choices at key life stages.

Ecstra Foundation CEO Caroline Stewart, said the Summit came at a time of national momentum around improving financial wellbeing and literacy, particularly for young people.

“There’s increasing demand for practical, engaging financial education. We know that starting money lessons early builds lifelong knowledge and capability, and programs like our own Talk Money school workshops are helping normalise these conversations in classrooms and at home.

“Australia had been a leader in this space for many years. It was clear from the Summit there is strong support for Ecstra’s call for a more coordinated, national approach to financial capability. This would connect education, policy, and community initiatives to help every Australian build lasting financial wellbeing” she added.

Speaking at the Summit, Roset Khair, Vice President of Economics and Business Educators NSW, a leading advocate for financial literacy education, said there is growing support for schools to embed financial capability in the classroom.

“Financial literacy is an essential life skill and a foundation for overall wellbeing. Teachers see first-hand the positive impact when their students can connect financial concepts to real world decisions.

“Supporting schools-based programs are vital because they provide schools with curriculum aligned resources and tools to teach these skills effectively, while helping to build a culture where learning about money is normal and empowering,” she added.

Ms Stewart said that the Summit is an opportunity to connect classrooms, workplaces and communities with broader systems change.

“Talk Money is just one part of a bigger picture, to ensure every Australian has access to financial education, and that the systems around them support financial inclusion and wellbeing. Events such as the Summit show what is possible when education, policy, and community come together with shared purpose.”

Speakers at the Summit included:

• Dr Cassandra Goldie AO, CEO ACOSS 
• Georgie Harman AO, CEO Beyond Blue
• Miles Larbey, OECD’s head of financial consumer protection, Education & Inclusion Unit
• Leah Bennett, Managing director, First Nations Foundation
• Prof Roslyn Russell, RMIT
• Effie Zahos, 9News money editor
• Janet Liu, group head of social impact and community partnerships ANZ
• Xavier O’Halloran ,CEO, Super Consumers Australia
• Roset Khair, vice president, Economics and Business Educators NSW
• Phil Gardner, CEO ABCN 
• Gerard Brody, commissioner and chairperson, Essential Services Commission Victoria
• Michelle Wright, deputy head of communications and education, RBA
• James Kirby, associate editor – wealth, The Australian.

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AFCA’s Board Chair, Professor John Pollaers OAM, said Jonathon would bring an impressive set of skills and experience to the board. “With his legal expertise and proven leadership in advancing consumer rights, Jonathon will bring a unique and valuable perspective to our mission,” he said.

“He has extensive experience working with socially, culturally and linguistically diverse groups, which is extremely beneficial for our work as an ombudsman service that serves all members of the community.”

The AFCA Board consists of an independent Chair and an equal number of directors with consumer and industry experience, covering the multi-dimensional and highly complex industries AFCA deals with.

Jonathon is a practising lawyer with more than 25 years’ experience, across discrimination, human rights, Aboriginal land rights, administrative, criminal and coronial law. He serves on the boards of the Australian Pro Bono Centre and Community Legal Centres NSW.

He is also the Chief Executive Officer of the Justice and Equity Centre, a leading independent law and policy centre focused on serving those facing disadvantage and protecting human and civil rights. Before this he was the Principal Legal Officer of the North Australian Aboriginal Justice Agency in Darwin.

“Jonathon’s commitment to equity and justice aligns perfectly to our goals, and we are confident that his contribution will help drive meaningful outcomes for the community,” Professor Pollaers said.

Jonathon has also served as the Director of Legal Services at the Australian Human Rights Commission, including acting as counsel assisting the National Inquiry into Children in Immigration Detention.

Jonathon will replace Gerard Brody, the former Chief Executive of the Consumer Action Law Centre who became a member of the AFCA Board in 2023. Mr Brody is now the fulltime Chair of the Essential Services Commission in Victoria.

“We thank Gerard for his contribution to AFCA and we wish him continued success,” Professor Pollaers said.

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Gerard Brody

The Australian Financial Complaints Authority (AFCA) has announced the appointment of the former chief executive of the Consumer Action Law Centre, Gerard Brody, to its independent board. His appointment is for three years, effective 4 May 2023.

“Mr Brody brings to the board his policy, regulatory, legal and consumer experience,” AFCA’s Independent Chair, Professor John Pollaers OAM, said. “He has a thorough understanding of the contemporary challenges facing consumers and firms.”

The AFCA Board is made up of an independent and expert group of directors with extensive financial services industry and consumer experience. Its eight directors, led by an independent Chair, bring together a breadth of knowledge across the multi-dimensional and highly complex industries AFCA covers: banking and finance, insurance, investments and advice, and superannuation.

AFCA provides free, fair and independent help with financial disputes for consumers and small businesses and their financial firms. AFCA’s external dispute resolution scheme is on track to register about 100,000 complaints this financial year and has secured $1 billion for complainants since inception in November 2018.

“The Board is committed to ensuring that AFCA continues be an effective external dispute resolution scheme for financial services, with a focus on efficiency, customer service and providing clear member and community value,” Professor Pollaers said. “Mr Brody’s broad experience will be invaluable as AFCA delivers against these goals.”

Mr Brody has worked as a lawyer, policy officer and consumer advocate for 20 years. He was the CEO of the Consumer Action Law Centre, a leading consumer advocacy organisation that provides legal assistance and financial counselling, for 10 years until February 2023.

He is also an experienced director. He has been on the board of the Energy & Water Ombudsman Victoria since 2014, the Telecommunications Industry Ombudsman since 2022, and Community Legal Centres Australia, the peak body for community legal centres, since 2021. In addition, he is the Chair of the Consumers’ Federation of Australia, the peak body for consumer organisations in Australia.

Mr Brody said: “Dispute services like AFCA are critical to consumer protection in Australia. Not only do they help resolve complaints quickly and fairly but they also look to improve the marketplace for everyone by raising standards and improving internal practices to avoid disputes in the first place.

“I’m excited about contributing to AFCA and its vision of being a trusted and world-class ombudsman service that meets the needs of our diverse community.”

Mr Brody will replace Elissa Freeman, who served on the predecessor Financial Ombudsman Service’s board and then the inaugural AFCA board for a total of about nine years.

“As a founding board member, Elissa played an important role in the creation of AFCA,” Professor Pollaers said. “We thank Elissa for her commitment to the work of FOS and for her stewardship as AFCA created a new, world-class dispute resolution service.”

AFCA replaced FOS, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal in November 2018.

The AFCA Board extended the current term of Jennifer Darbyshire, also a founding board member, who has extensive senior executive experience in governance, law and risk across a range of sectors and in a variety of roles and organisations, including most recently the National Australia Bank.

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