Penning an open letter to Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones, former ASIC chair, James Shipton, is seeking reassurances on Treasury’s efforts to address harmful behaviours and work, health and safety (WHS) failures in the workplace.
Shipton previously led the corporate regulator between 2018 and 2021.
In August 2023, he informed the Senate how his last few months in the role were tainted through unacceptable conduct by a billionaire defendant charged with offences instigated by ASIC. The billionaire had commenced a six-month smear campaign against Shipton with at least 43 prominent advertisements attacking his integrity, competence and character.
Speaking at the Senate Economics References Committee, Shipton outlined the “fundamentally flawed” institutional response from ASIC and the government towards the “soul-destroying” advertisements that affected his mental health, and at one point, made him consider taking his own life.
“When the advertisements started, the then-government and ASIC, led by an acting chair, offered no protection or support, nor did they for the three months of relentless advertising that followed. Not one email, not one concern phone call, no protective measures, nothing,” Shipton said.
“At the time, ASIC and the Treasury made no attempt to be a protective employer. Nor did they meet the minimum WHS standards required by law.”
In an open letter dated 4 September 2023, made available by ABC News, Shipton outlined Treasury’s “unhelpful” and “inappropriate” response to his concerns.
Following his Senate appearance on 23 August, Shipton said he wrote to the Treasurer and Assistant Treasurer on 28 August to ask that it provide assurance the failures raised in his Senate session will be addressed and offering his assistance to any review.
However, the Treasury refused to electronically deliver that letter.
Instead, an Australian Government Solicitor (AGS) disputes lawyer, representing Treasury, responded saying: “If [you] would like to correspond with ministers, you should do so directly and without Treasury’s involvement. We note that the information you wish to convey is already on the public record.”
Upon requesting a correspondence email address and asking again for the letter to be forwarded by the AGS or Treasury, Shipton said he was sent a hyperlink to the Treasury website’s general contact form that does not upload documents.
Pressing the matter again, Shipton said he was met with a “totally inappropriate response” over 26 hours later, with Treasury’s lawyer suggesting he seek appropriate assistance and support if he felt his life was threatened, adding a 1300 helpline number.
“Given that only days before I spoke publicly about the mental health impacts, including my own struggle with suicidal ideation, resulting from workplace intimidation, this response is wholly insensitive. It also misinterprets, diminishes and mischaracterises my warning,” Shipton said.
“I would also observe that, had I (or anyone else) actually been in a suicidal state, sending an email over 26 hours later attaching a ‘1300’ number does not reflect the seriousness that such a situation deserves. If Treasury or their lawyer genuinely believed I was in a ‘life threatening’ situation, they should have called me immediately (they have my number).”
Shipton shared that ASIC wrote to him after his Senate appearance acknowledging his statements; however Treasury responded using lawyers and suggesting a counselling helpline.
In the open letter, the former ASIC commissioner voiced zero confidence in Treasury taking his WHS warnings seriously.
“Given the serious nature of the issues and Treasury’s resistance, I feel I must publicly call on the Treasurer and Assistant Treasurer to provide assurance, not just to me, but to all serving law enforcement officers and other employees in the Treasury portfolio that these failures will be addressed, lessons will be learned, and the harm will not be allowed to repeat,” Shipton wrote.
“Treasury’s responses also force me to ask the Treasurer and Assistant Treasurer to assure us that the Treasury will address these issues with the seriousness they deserve.”
Signing off, Shipton added: “Whistleblowers not only need to be listened to, they should be treated with sensitivity, dignity and respect.
“Treasury must realise that the stakes are far too high for bureaucratic, legalistic and obstructionist responses to truths putting the health and safety of their own people at risk.”
The government has taken advisor assets i.e. Adviser trail commission with no fair compensation. I lost $1.0M on products I sold legally.
ASIC was part of this. NO WHS dealt with that situation and advisers committed suicide. Shipton- any thoughts?
“Treasury must realise that the stakes are far too high for bureaucratic, legalistic and obstructionist responses to truths putting the health and safety of their own people at risk.”
Just wondering if James Shipton applied that same thought process regarding ASIC’s own handling of financial advisers…
This bloke oversaw the destruction of financial planning to the point where advisers suffered the same mental health issues he is now claiming. He didn’t care when he inflicted it on others.