Former industry fund execs join ASIC
Two former industry fund senior executives have been appointed as full-time members of the Australian Securities and Investments Commission (ASIC).
The Treasurer, Josh Frydenberg announced on Friday that former Equipsuper chief executive, Danielle Press and former Unisuper chief risk officer, Sean Hughes had been appointed to the regulator for five years.
While having served at senior level within industry superannuation funds, both Press and Hughes boast far more extensive financial services industry experience with Press being most recently the chief executive of the Myer Family Company and a senior executive at UBS Global Asset Management while Hughes is currently the group general counsel for Tabcorp and has previously worked for ASIC.
Announcing the appointments, Frydenberg said their appointments would build on the strong action already taken by the Government to strengthen ASIC’s capabilities.
“These appointments will boost the experience and capability of the Commission in relation to financial markets and regulation, including superannuation, and will contribute to the leadership necessary to support the Commission’s new strategic direction,” he said.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
