Scott Gregson named as new ASIC CEO, as he steps down from ACCC role

Veteran regulator Scott Gregson has been appointed to run ASIC, as it readies to fight several major court battles and investigations.

Scott Gregson will be the new CEO of ASIC. Picture: AAP

The musical chairs at the top of Australia’s regulatory agencies continues with the Australian Securities & Investments Commission poaching veteran public servant Scott Gregson as its new boss, the latest in a string of changes at the agency.

Mr Gregson, the current chief executive at the Australian Competition & Consumer Commission, will start at ASIC on March 17, taking over from interim boss Greg Yanco.

Mr Yanco, who has run ASIC since the departure of former CEO Warren Day mid-last year, will retire from ASIC after Mr Gregson’s start.

He replaced Mr Day after the ASIC boss was seconded to the Commonwealth Department of Public Prosecutions as part of a project to modernise the ageing office’s internal systems.

ASIC chair Joe Longo said Mr Gregson had stood out from the pack after the agency ran a global search for a new chief.

“Scott is an impressive leader and will bring extensive experience to this important role at ASIC,” Mr Longo said. “His commitment to achieving regulatory outcomes that benefit all Australians makes him a strong addition to support ASIC’s commission and head the agency’s executive leadership team.”

ASIC chair Joe Longo has high praise for the incoming chief executive. Picture: John Feder

The ASIC chair said Mr Gregson was the latest step in a transformation of the agency, which has already undergone a gruelling restructure that led to the departure of a number of figures from the agency last year.

ASIC has appointed a new boss of enforcement, elevating general counsel Chris Savundra, as well as a head of its compliance, regulation and supervision, data, digital and technology functions, alongside a new chief people, culture and transformation officer.

“As ASIC enters the next phase of the program of transformation we began three years ago, Scott’s experience supporting digital and technology delivery, and his pedigree in enforcement and compliance, will continue to ensure ASIC is well placed to meet future challenges,” Mr Longo said.

Mr Gregson led the ACCC’s litigation teams that took aim at Volkswagen, Coles and Apple, before taking on the task of a digital transformation at the agency as its top regulator.

He previously led its consumer enforcement division.

ACCC chair Gina Cass-Gottlieb said Mr Gregson’s looming departure was a “great loss” for the agency, with multiple current and former colleagues of the regulator noting he was well regarded by others.

“Scott carried his enforcement experience in the agency throughout his career here, as a foundation of the strength of the ACCC,” Ms Cass-Gottlieb said.

“He has been an influential leader across a number of roles.”

ACCC chair Gina Cass-Gottlieb says Scott Gregson will be much missed at the competition watchdog. Picture: John Feder

Mr Gregson said he believed strongly in the work of the ACCC, noting he was now looking forward to “stretching myself and contributing to the important work at ASIC”.

He said ASIC was showing momentum in its work. “In an increasingly complex world with heightened cost-of-living pressures, the work of ASIC is more important than ever and I look forward to taking the step up and helping ASIC meet the challenges ahead,” he said.

The appointment of the veteran regulator comes as it prepares to face down a number of contentious enforcement issues as well as navigating the implementation of several major pieces of legislation likely to add to ASIC’s workload.

Already ASIC has faced criticism over its enforcement record, with observers warning the agency was overstretched and underresourced.

Mr Gregson’s appointment comes in the wake of a highly critical review of the regulator’s enforcement activity, led by Liberal senator Andrew Bragg.

A Senate economics committee report took aim at ASIC over its track record, calling for the agency to be split in two. Senator Bragg has also attacked ASIC’s enforcement posture, warning it was weak and timid.

ASIC is now facing several high-profile enforcement matters in the year ahead, including a widely anticipated clash with banking major ANZ as the regulator runs the ruler over a trading scandal and allegations of market manipulation.

ANZ is also in the regulator’s sights over allegations it billed dead customers for bank fees it was not entitled to.

ASIC is also shepherding several high-profile court fights, including a clash with airline REX and its former board.

Superannuation fund Cbus is before the courts over allegations it mishandled claims.

International bank HSBC is also facing off with ASIC over allegations it failed to stop its customers being scammed.

ASIC is also suing insurer QBE over allegations it overcharged customers.

Originally published as Scott Gregson named as new ASIC CEO, as he steps down from ACCC role