New role for former UniSuper chief

Former UniSuper chief executive Kevin O'Sullivan has been appointed to the Compensation Scheme of Last Resort (CSLR) transitional board as a non-executive director.

O'Sullivan steps into the CSLR board role effective immediately, succeeding June Smith from the Australian Financial Complaints Authority (AFCA).

O'Sullivan, a veteran in the financial services industry with over 40 years' experience, was previously chief executive of UniSuper from 2013 to 2021. During his tenure, he saw its funds under management double to over $100 billion and earned the title of Fund Executive of the Year in 2020.

O'Sullivan has also served as a director of actuarial and benefits consulting at Russell Investment Group for over two decades, where he provided strategic advice to some of Australia's largest organisations.

Additionally, O'Sullivan has contributed to advisory boards, including Playfair Asset Management, Deakin University's Investment Committee, and Allianz Retire+.

He is a Fellow of the Actuaries Institute in Australia and the Society of Actuaries in the US.

"Kevin brings extensive financial sector experience, both as an executive and as a director, along with analytical acumen, strategic thinking and integrity," a statement from the CSLR's transitional board said.

"We look forward to the contribution he will make as a founding member of the board, which will take over from the Transitional board ahead of the CSLR's commencement.

"His significant actuarial expertise will greatly assist the board in its role determining estimates of claims, fees, and costs for annual levies."

As announced last month, accompanying O'Sullivan on the CSLR board is AFCA's Delia Rickard, who was previously deputy chair of the Australian Competition and Consumer Commission.

The finalisation of the board awaits the appointment of an independent chair by the government.

The CSLR, legislated in June 2023 and operational from April 2024, offers up to $150,000 in compensation for eligible claims against insolvent financial firms in areas such as personal advice and securities dealing for retail clients.