Borrow
ASIC’s chair to leave despite being cleared of wrongdoing
ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing.

ASIC’s chair to leave despite being cleared of wrongdoing
ASIC chair James Shipton will leave the financial regulator permanently, despite being cleared of any wrongdoing.

Last year an investigation was launched after it was revealed ASIC had paid more than $118,000 for Mr Shipton to receive personal tax advice.
During a review into the allegations, Mr Shipton stood aside and had his salary frozen.
Although an independent report into an expense matter found Mr Shipton had done nothing wrong, it is understood that he and Treasurer Josh Frydenberg agreed he would leave once a new chairman was found.
“After considering Dr Thom’s report and supplementary legal advice provided to the Treasury concerning these matters, I am satisfied that there have been no instances of misconduct by Mr Shipton concerning his relocation arrangements, including ASIC’s payment for tax advice resulting from his relocation to Australia in early 2018, nor have there been any breaches of applicable codes of conduct,” Treasurer Josh Frydenberg said.
Mr Shipton will return to his role on Monday, but will step down in the coming months. Mr Frydenberg thanked Mr Shipton for his “service and dedication” during his time as ASIC chair.
“The review also concluded that the Treasury could improve its processes for managing the appointments of statutory officers under Treasury portfolio laws. In response, the Secretary to the Treasury has moved to implement a new system immediately,” Mr Frydenberg said.
Mr Shipton’s resignation follows pressure from the opposition, with shadow minister for financial services Stephen Jones saying that delaying the decision was hurting the Australian economy.
“The longer he stalls his decision about the future of James Shipton as chairman, the more potholes he’s creating in the long road to economic recovery,” Mr Jones previously stated.
“Mr Shipton cannot remain on gardening leave on his full $775,000 a year salary while a million Australians are looking for work and corporate Australia deals with the economic uncertainty.”
About the author

About the author


Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more

Banking
CBA liable for overcharging 1,510 customers in excess of $2.2m
Commonwealth Bank has been held accountable for overcharging 1,510 customers in excess of $2.2 million, among a suit of other breaches including “deceptive conduct”. ...Read more

Banking
Consumers let down by government failures on the banking RC
In the two years since the financial services royal commission, super fund members, bank customers and insurance policyholders have all been let down by the federal government’s failure to implement...Read more

Banking
NAB snaps up neobank in $220m deal
NAB is set to snap up a neobank in a deal said to cost $220 million, as it looks to enhance its digital offering. ...Read more

Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more

Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more

Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more

Banking
BOQ sets sights on big 4 banks with latest merger
The Bank of Queensland has announced that it will buy ME Bank for $1.3 billion in a bid to challenge the dominance of the big four banks. ...Read more

Banking
CBA liable for overcharging 1,510 customers in excess of $2.2m
Commonwealth Bank has been held accountable for overcharging 1,510 customers in excess of $2.2 million, among a suit of other breaches including “deceptive conduct”. ...Read more

Banking
Consumers let down by government failures on the banking RC
In the two years since the financial services royal commission, super fund members, bank customers and insurance policyholders have all been let down by the federal government’s failure to implement...Read more

Banking
NAB snaps up neobank in $220m deal
NAB is set to snap up a neobank in a deal said to cost $220 million, as it looks to enhance its digital offering. ...Read more

Banking
368k Australians potentially eligible for Westpac class action: Are you one of them?
The Federal Court is set to notify 368,000 Australians that they might be eligible to join a consumer credit class action against the big four bank. ...Read more

Banking
Government introduces royal commission laws
The government is striving to implement a number of the royal commission recommendations in a package that was recently introduced to Parliament. ...Read more

Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more

Banking
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group. ...Read more