Frydenberg names new ASIC deputy chair
The woman who has been integral to the Productivity Commission’s sometimes controversial examination of the competitiveness and efficiency of superannuation, Karen Chester, has been appointed as the new full-time deputy chair of the Australian Securities and Investments Commission (ASIC), replacing Peter Kell.
Chester’s appointment was announced by the Treasurer, Josh Frydenberg who noted that Chester had previously been a partner at Mercer and the chief executive of Access Economics.
The Treasurer also noted that Chester had been chair of the 2015 expert panel which undertook a four-month capability review of ASIC resulting in a number of key changes aimed at strengthening the regulator.
Frydenberg’s formal statement said Chester’s appointment had followed “the Government’s significant investment in the leadership of ASIC with the appointment of the new ASIC chairman, James Shipton and deputy chair, Daniel Crennan QC who had a key focus on enforcement.
He also noted the appointment of additional commissioners, Danielle Press and Sean Hughes
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.
