ASIC not facing executive exodus

Australian Securities and Investments Commission (ASIC) outgoing executive director of financial services regulation Ian Johnston has played down suggestions his departure is reflective of a systemic exodus from the regulator.

Johnston, who will leave ASIC at the end of the month to take up a new role with the Hong Kong Securities and Futures Commission in mid-April, said the fact he was the fourth senior figure to leave in the past year did not mean the organisation was facing a personnel crisis.

“Working for ASIC means opportunities are always presenting themselves and this in an exciting time to go to Hong Kong, and the Hong Kong Commission has presented me with such an opportunity and I’ve decided to take it,” he said.

Johnston joins former ASIC executive director consumer protection Peter Kell, director of financial services licensing Pauline Vamos, and deputy director of financial services regulation (FSR) Pam McAlister who have all left over the past 12 months.

Meanwhile Johnston, who has been with ASIC since 1999 and has held his current role for four years, said while his organisation and Government had on occasion come under fire and faced criticism the market was over regulated, he felt the industry was in a stronger position now than it was previously.

“Industry is always going to be in the position that it will suggest it is over regulated, but despite this I think everyone recognises that Australia needs to have an efficient and well regulated financial system.

“We have recognised, and have openly said that there are aspects of FSR that aren’t working as the Government would have intended and we are in the process of refining these issues and the Government is also committed to fixing these issues,” Johnston said.