ASIC appoints new head of enforcement

TheAustralian Securities and Investments Commission(ASIC) has appointed a new executive director of enforcement, Jan Redfern, to head-up the department responsible for actions against financial planners.

Redfern takes over the position following the retirement of Peter Wood, who held the position from March 2001.

Redfern has held the position of deputy executive director of enforcement since July 2001, and from 1999 she was general counsel for ASIC's New South Wales regional office.

ASIC acting chairman Jeffrey Lucy says Redfern has been responsible for overseeing major litigation and investigations and has been instrumental in high profile enforcement outcomes, including proceedings involving the former directors of HIH and OneTel.

“Jan brings outstanding skills, broad experience and an intimate knowledge of ASIC to her new role. We are extremely fortunate to have someone of the calibre of Jan to take on this important function,” Lucy says.

Redfern has over 20 years law experience, having worked in both private legal practice and the public service.

Redfern was a partner of the national law firm Hunt and Hunt for 10 years, specialising in litigation and dispute resolution. She has also served on a number of professional committees of the Law Society of New South Wales.

Wood has accepted a new, part-time role as special enforcement counsel, with Lucy saying that he will serve ASIC well in his new capacity.

In the 2002/03 financial year, ASIC jailed a total of 16 financial advisers for cheating their clients as well as two investment fraudsters.

ASIC also banned a total of 39 people from offering financial advice. Twenty of them were banned permanently, with the other 19 undertaking to stay out of the industry for shorter periods of time.