Kell to leave ASIC before year’s end
Peter Kell has resigned as deputy chair of the Australian Securities and Investments Commission (ASIC), effective from 6 December, this year, following seven years of service at the regulator.
Sean Hughes would commence as one of ASIC’s six Commissioners later this year, with Danielle Press also starting in the role this week.
In his time at ASIC, Kell had been part of its leadership team, first as a member and then from 2013 as deputy chair. He also served as acting chair of the Commission during this time.
Federal treasurer, Josh Frydenberg, said that the Coalition Government thanked Kell for his contribution to ASIC and wished him well in his future endeavours.
Earlier this week, Frydenberg also called the regulator to explain why it did not act on key issues uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
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.
