Ignition Advice UK, the fintech helping M&G Wealth launch a hybrid digital advice service, has appointed former FNZ CEO Paul McMahon to its board as a non-executive director.

Mr McMahon has over 35 years financial services industry experience in the UK including senior executive positions at Zurich Financial Services, managing director of AXA Sun Life, and CEO of platform engine company FNZ.

He founded his own advisory business in 2013 working with UK and European financial services companies in M&A, change management, and digital transformation.

Australian fintech Ignition recently expanded into the UK and landed a deal with the new wealth management arm of M&G, M&G Wealth, to help it launch a low-cost hybrid digital advice service this year.

The new service, due to launch by the end of 2021, will combine digital technology with human advice and will be aimed at clients unable to afford traditional Financial Planning. 

Peter Meurer, chairman of the Ignition board, said that Mr McMahon’s appointment brings significant international experience and knowledge to the business. He said: “Paul’s extensive industry expertise and understanding will be extremely valuable as we continue our expansion in both the UK and in Australia and Asia.

“We are currently establishing partnerships with leading financial institutions in these markets and Paul is ideally positioned to help support and guide these discussions, particularly in the UK.”

Mr McMahon said he has long been a passionate advocate of the social and economic importance of financial advice and he believes Ignition’s approach aligns closely with this.

 He said: “Our challenge as an industry has been to ensure there is sufficient breadth of advice, delivered in ways that are widely accessible and affordable. Advances in the use of digitisation now offers the prospect of removing historic barriers that have constrained advice capacity and makes it possible to do so in ways that bring a step change in quality assurance and customer convenience.”

Sydney-headquartered Ignition Advice announced its move into the UK in May and said it is establishing teams in London and Edinburgh, following a Dublin presence in 2017. It specialises in helping large firms develop digital direct to customer products and services.