Australian Securities and Investments Commission (ASIC) chair Joe Longo has welcomed the commencement of two of the three recently appointed commissioners, Simone Constant and Alan Kirkland, who began their five-year terms on Monday.
The third new commissioner, Kate O’Rourke, commenced her term in September 2023.
Mr Longo said: “The work of ASIC is fundamental to Australia having a strong and secure financial system that works in the best interests of all market participants and is well regarded globally.
“Simone, Alan, and Kate each bring deep experience to ASIC that will support the organisation to deliver on its strategic priorities, and importantly, ensure we maintain a strong focus on consumer protection amid the mounting cost of living pressures Australians are facing.”
The regulator said that the initial regulatory focus of Ms Constant will be on markets and superannuation, Mr Kirkland on insurance, credit and financial advisers and investment management, and Ms O’Rourke on banking and payments, audit, insolvency and registers.
In August, Treasurer Jim Chalmers announced the appointment of Ms Constant, Mr Kirkland, and Ms O’Rourke as full-time members of ASIC for a term of five years, to serve alongside Mr Longo, deputy chair Sarah Court, and deputy chair Karen Chester, noting Ms Chester’s term ends in January 2024.
“Strong institutions are central to a strong economy,” the Treasurer said at the time.
“These commissioners will ensure our corporate watchdog maintains a strong, fair, efficient, and innovative financial system that delivers good outcomes for consumers and investors.”
Ms Constant, who was previously the chief risk officer, institutional bank and markets, at the Commonwealth Bank of Australia, also has recent experience with the NSW Department of Education and NSW Treasury.
Mr Kirkland had been the chief executive at consumer group CHOICE since 2012 and has more than 20 years’ experience at the CEO level across both public and not-for-profit sectors.
Ms O’Rourke, most recently a first assistant secretary in the small and family business division at Treasury, was previously in the consumer data and digital division, as well as having been a senior executive at ASIC.
Thought ASIC were meant to be at arms length / independent, yet they make a commissioner from the consumer group they fund, and have a cosy relationship with.
Wouldn’t be surprised to see Kirkland tries to ban insurance commissions now.