A career of change – Felicity Minzlaff

It might seem unusual for someone with a strong disputes background to be leading the regulatory relationships for Group Treasury in Australia’s first bank and oldest company – Westpac. Yet that is exactly what Ashurst alumna Felicity Minzlaff has done in her career. So far…

After graduating with Honours at the University of Adelaide in 2000, Felicity began working as an associate with two South Australian Supreme Court Judges, Justice Wicks and Justice Besanko. They were wonderful mentors and Felicity credits them with fuelling her passion for dispute resolution.

In 2004, she moved to Sydney and joined Ashurst. There she flourished under the supervision of partners Andrew Carter and John Emmerig, working in dispute resolution and administrative law. During her time at the firm she worked on some significant matters, including the collapse of HIH and the equine influenza inquiry. Ashurst also gave her the opportunity to do some of the most rewarding – and challenging – work she’s ever done through a six-month secondment to the Mt Druitt and Area Community Legal Centre.

In 2008, Felicity and her husband moved to London where she joined Baker & McKenzie’s dispute resolution team as a senior associate focusing on investigations and administrative law. She loved that exposure to the international market and worked on many fascinating investigations, including one notable matter involving a Middle Eastern partnership, over 180 banking facilities in default, and complex questions of authority. Choice of laws led to consideration of Sharia law in one instance, something hard to imagine when she started out in law school.

Felicity returned to Australia in 2011 and worked in ASIC’s Enforcement teams (Market Integrity and Corporations and Corporate Governance) on either side of having her two children. There she experienced regulatory investigations, administrative banning proceedings, insider trading matters, and Supreme Court proceedings from the regulator’s perspective.

In July 2016, Felicity reached one of life’s “natural tipping points” and joined the Westpac Group to help develop and execute the bank’s regulatory response strategy.

Felicity has held a range of roles at Westpac, including as the Group Head of Regulatory Relationships and her current role as Executive Director, Regulatory & Governance, Group Treasury where she was part of the team that resolved a significant liquidity enforcement action instituted by APRA. Felicity is now responsible for managing the regulatory relationships for Group Treasury, responding to regulatory requests, and negotiating outcomes. She also holds the secretariat role for the Group’s Assets and Liability Committee.

A ‘first line’ view of regulatory change

Felicity has seen significant regulatory change during her time at the Westpac Group, including the introduction of the BEAR regime, the ASIC Close and Continuous Monitoring Program, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, various changes to the banking prudential capital framework and uplift generally of governance, culture, remuneration and accountability.

“One of the big changes I have seen is that banks and regulators both recognise that the legal answer is not the only answer anymore,” said Felicity. “When I started working at Westpac, I worked on financial advice remediations, including fee for no service issues. In that remediation, it was ultimately the regulator’s view of what it considered was fair to customers that determined the outcome, rather than a strict legal position. Regulators are now focused on risk management and governance as a means to ensure good customer outcomes as well as prudent financial outcomes. This has seen banks develop their three lines of defence models. In my current role, my focus is on owning and managing regulatory risk as part of Westpac Group Treasury’s first line of defence.”

Harmonising the ‘rhythms’

Felicity is passionate about fixing problems. She works closely with the bank’s experts in areas such as capital, liquidity, funding and investments to produce solutions that work for the regulators and Westpac’s hard-working teams.

Because of her experiences in the bank, the regulator, private firms and the court, Felicity understands the ‘unique operating rhythms’ of each. This understanding, combined with her strong disputes background, helps Felicity minimise conflict and find workable solutions. In particular, she appreciates the importance of working in a way that helps the regulators achieve what they need to meet their standards and guidance and builds trust. As Felicity said: “The more I understand about the regulators’ goals, the better I can explain to my colleagues how we need to respond. But ultimately, trust comes down to doing what you say you will.”

During the COVID pandemic, Felicity experienced how beneficial collaborative relationships between the banks and the regulators can be. “Because things happened so quickly during the pandemic, our quarterly meetings with the regulators quickly became daily stand-up sessions. I also had to report back to the bank on a nightly basis so the businesses were aware of regulatory developments and could make quick decisions as needed – it was an intense but very rewarding time. For example, we were able to work closely with ASIC to make sure that customers who couldn’t leave their homes during lockdown could be sent credit cards so they could buy what they needed,” she said.

Career influencers

There have been many people who have helped shape Felicity’s career and professional approach. These have typically been people, like Felicity herself, who influence change in the people around them through the way they go about their own work.

One of those people was Ashurst Partner, Andrew Carter. Amidst the throes of work, Felicity said Andrew always found the right balance between encouraging independence and motivating young lawyers. Another law firm partner taught Felicity to negotiate by never saying no (something that sadly she doesn’t always achieve at home).

There have been many outstanding professionals Felicity has worked with at Westpac too, including one executive who “had a way of being across everything that allowed them to dive into whatever was on fire and then guide you out.” Without expecting she would read this article, Felicity also said her current boss is a “combination of all the great bosses I’ve had. Apart from managing financial risk appropriately, she effectively leads a team of experts within a flat structure, and creates an environment where we want to come and work.”

Felicity’s family has also had a big influence on her career. As she explains: “My husband and I have a true partnership with similar demands, needs and wants. We’ve supported each other and found ways to work in our careers, spend the time we’d like with our children, and do the odd thing for ourselves.”

“Everyone’s needs change as they progress through life, so I’m a fan of flexibility. That doesn’t mean doing less, it just means trying different ways to make it work until something fits,” she added.