Govt appoints new ASIC chair

The Federal Government has announced the appointment of a new full-time chair, James Shipton, to the Australian Securities and Investments Commission (ASIC) for a five-year period from 1 February, 2018.

Shipton is currently leading a research centre at Harvard Law School where he is the executive director of the Program on International Financial Systems.

For the three years prior to his appointment in 2016, he was executive director and commission member at the Securities and Futures Commission in Hong Kong, which is the equivalent of a commissioner at ASIC. He was head of intermediaries supervision and licensing division and had 250 staff report to him.

He has over 20 years of experience across academia, regulation, the financial industry, and the law.

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Minister for Revenue and Financial Services, Kelly O’Dwyer, expressed her appreciation to outgoing chair, Greg Medcraft for his tenure at ASIC both as a chair and as a member.

“Mr Medcraft has overseen significant changes in ASIC’s role during his tenure, including reforms to improve the quality of financial advice and financial literacy, and the establishment of a national business names register,” O’Dwyer said.

Deputy chair, Peter Kell will be acting chair from the time Medcraft’s term ends on 12 November to when Shipton begins his term in February.