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MFAA leader steps down over key differences

by James Mitchell4 minute read

The MFAA’s head of finance and HR has stepped down from his leadership role, claiming the association was not providing its members with the support they needed.

Just over two months since the departure of former MFAA CEO Siobhan Hayden, leadership team member Stephen Bisgrove has left the industry body.

Along with Evan Thomas and Stephen Hale, Mr Bisgrove formed the leadership team that jointly led the MFAA following Ms Hayden’s departure.

Mr Bisgrove contacted The Adviser last week and revealed that he handed in his resignation on 24 August after becoming frustrated with the lack of support the industry body was providing to its brokers.


According to Mr Bisgrove, there is much more the MFAA could be doing for brokers in terms of education and support in light of the ASIC remuneration review.

"The board is now meddling and changing constitution...they are more worried about governance and how they look than running [the MFAA] for the true member and getting in front of ASIC.

“The review is more about record keeping and the choice of loans. There are things that can be put in place right now to not only appease ASIC but help the members do the right thing. The ASIC review is really about making sure consumers are getting the best outcome. There are things that the MFAA could be doing to help brokers right now which they are not doing,” he said.

“They could be doing a lot more to prepare brokers, regardless of what the outcome will be.”

Mr Bisgrove held his leadership position at the MFAA for 12 months.

On 22 June the MFAA announced that Siobhan Hayden had stepped down from her role as CEO due to "stategic differences" with the board. 

"The board has decided members of the existing leadership team Stephen Bisgrove, Evan Thomas and Stephen Hale will share the leadership of the organisation with a ‘business as usual’ brief to minimise disruption to the association’s 12,500 members as, in time, the search for a new CEO takes place. The group will continue to implement the framework set by the board in February 2016," the MFAA said at the time.

On 5 August the industry body announced that it had appointed de JAGER Executive Search to manage the recruitment of its new CEO.

[Related: MFAA breaks silence on Hayden's abrupt exit]


James Mitchell

James Mitchell


James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.


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