ASIC bolstered by new deputy chair role, reappointments

Leadership at the corporate regulator will be strengthened by a second deputy chair and two key reappointments.

ASIC deputy chair Peter Kell’s term has been extended. Pic: AAP

The corporate watchdog’s senior ranks have been bolstered after Financial Services Minister Kelly O’Dywer reappointed two long-serving executives to the regulator.

Australian Securities & Investments Commission deputy chairman Peter Kell has had his term extended for another year until mid-2019. ASIC commissioner John Price has also had his tenure extended, and will serve at ASIC til March 2020.

It comes after new chairman of the regulator, James Shipton, started at ASIC in February, replacing Greg Medcraft.

Mr Kell joined ASIC as a full-time member in 2011 and commenced as the deputy chair in 2013. Mr Price commenced as a member of ASIC in 2012.

Ms O’Dwyer said the government would also be creating a secondary deputy chair position, to bolster the regulator’s ability.

“This will build on and strengthen ASIC’s leadership to assist it to operate as a world-class regulator,” Ms O’Dwyer said.

“A second deputy chair will give ASIC greater flexibility to manage the breadth of ASIC’s new powers and increased responsibilities resulting from recent and upcoming law changes. It will also bring ASIC into line with the structure of the Australian Competition and Consumer Commission,” she said.

It came as the minister announced the government’s intention to give ASIC a mandate to monitor competition in the financial system. At the same time, the Productivity Commission is pushing for the ACCC to hold a spot on the Council of Financial Regulators.

The reappointment of Mr Kell to the regulator comes during the year-long royal commission into the financial services, insurance and superannuation sectors.

ASIC executive Michael Saadat will on Wednesday attend hearings for Kenneth Hayne’s royal commission, where it is believed he will field questions about the regulator’s work in clamping down on dodgy car dealer finance and insurance.