ASIC’s Chester claims chair Shipton was 'opaque' on expenses
If the chair of the Australian Securities and Investments Commission (ASIC), James Shipton had been less “opaque” in providing information to his commissioner colleagues about the payment of his tax advice expenses and the expenses of his deputy, Daniel Crennan, the issue would not have escalated.
That was the evidence of the acting chair of ASIC, Karen Chester who has told the Senate Parliamentary Joint Committee on Corporations and Financial Services that if there had been less opacity on the part of Shipton “I would not be here today”.
Chester responding to questions from the chair of the committee, Senator James Paterson who directly questioned the ASIC acting chair whether she was implying that responsibility for the Australian National Audit Office’s (ANAO’s) criticisms rested with the chairman.”
“Is that your your view. That this goes to Mr Shipton,” Paterson asked.
Chester said that she believed that if there had been full information provided to the non-recused ASIC commissioners, “I would not be here today”.
She claimed that she and the other commissioners had been informed of the issues but in an “opaque” way.
Chester also confirmed that a late set of documents provided to the ANAO in relation to the expenses issue had originated from Shipton’s personal computer.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
