By Rollover’s reckoning, the chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, must by now be contemplating the fact that he has only another 12 months to go before his five-year contract expires.
Well, if Medcraft isn’t thinking about the sun setting on his tenure, then Rollover knows one or two superannuation industry luminaries who are.
Now logic might dictate that those intimate with the superannuation industry would be more enamoured of a role at the Australian Prudential Regulation Authority than ASIC, but as everyone knows, Wayne Byres, settled the executive ranks of the prudential regulator many months ago.
Medcraft was appointed while former Labor Treasurer, Wayne Swan, was in office and it has been speculated that he might not be entirely to the taste of a Coalition Government. However, Rollover believes the diminutive former Societe Generale is in favour with the Liberal Party pragmatists for his embrace of a user-pays model for the regulator.
Could this mean a sub-prime outcome for the superannuation industry aspirants?
