Mr Shipton has been cleared of wrongdoing in the ASIC expenses scandal, with Treasury opting not to take the matter further after the conclusion of an independent inquiry by Dr Vivienne Thom AM.
“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.
ScoMo should give him a custodial sentence.
Lucky, lucky bastard – he could have been in real sh*t if he was a Financial Adviser/Planner eh?
He is now Shippedout. Please close the door on the way out and turn the lights off. If he was an adviser he would be put in gaol. What a disgrace!
There’s a lot of anger and accusations being directed at Shipton in this forum, but just because ASIC has a financial adviser persecution culture, it doesn’t necessarily mean it’s Shipton’s fault, or he has done anything wrong in this case. Same with Crennan.
The real source of the ongoing cultural problems at ASIC are Medcraft & Kell. Their toxic anti adviser approach is still deeply ingrained in many of ASIC’s employees and is deeply embedded in many of its rules and processes. Consumers would have been so much better off if those two had left as quickly as Shipton & Crennan.
Please explain what Shipton did as ASIC Boss to make the disgustingly corrupt anti Adviser ASIC culture any better ?
Anything ? Please just one thing he did of substance to help Advisers ???
Yep I’ve got NOTHING too.
It’s not ASIC’s job to help advisers. However it is ASIC’s job to protect consumers. ASIC’s indiscriminate persecution of advisers is ultimately harming consumers. Please always focus on the negative impact ASIC’s bias and incompetence is having on consumers. No-one cares about advisers.
Culture starts at the top mate. Shipton obviously wasn’t interested in changing the anti-adviser sentiment amongst some ingrained staff.
It is as much about others within ASIC who kept this on the quiet and did not balk at the Accounting fees.
Happy to put my hand up for the role. Especially with the generous relocations allowances.
Not surprised. ASIC has demonstrated many times how corrupt they are. If a financial planner did one percent of what Mr Shipton has done they would have their livelihood ruined and would be facing banning, fines and jail time. At least we don’t have to hear anymore about ASIC staff being held to a higher standard because this clearly shows they are not. What is the bet the taxpayers are funding a severance package and relocation costs for Shipton’s exit too!
WOW
Going beautifully
No ethics here,why am I not surprised?
I’d like reimbursement of over $1700 in fees charged by ASIC
“Treasury could improve its processes for managing the appointments of statutory officers under Treasury portfolio laws”
Again, Treasury in the shadows making a mess of it?
Disappointing news for the sector.
Really. How can someone who we are lead to believe has substantialy overclaimed his expense allowance, be considered to have done nothing wrong.
Is he goign torepay that overclaimed amount.
As a financial advisor I am now paying fess to support and recover ASIC’s costs.
I DO NOT want to pay for these peoples excesses.
If the CEO of Australia Post can lose her job and be pillaired for what in effect was paying bonuses, then this is far worse as it was for Shimptons own benefit.
What a joke.
About time that corrupt scum left!! Can’t believe he went this distance without getting the boot. I had no illusion that someone like him would do the honourable or right thing and fall on his own sword voluntarily. The weasel clearly has zero moral fortitude to even think to do such an act.
Serious question, does anyone know how under FOI a copy of that report by Dr Viv can be obtained? If so please post details here as I not only want to see but also believe it is in the public good for this report to also be scrutinised or whether it was a ‘friendly’ hired to do it.
Seriously. They think it is OK to pay more than $100k for his personal tax advice? This may be within the rules, but that just means the rules are wrong.
ASIC is going from bad to worse. They treat businesses with disdain, and meanwhile they continue to act like pigs in a trough.
One example of how ASIC treat small business is the Annual Review Fee (which is nothing more than just a fee with no review attached to it).
Cost for a proprietary company (ie most small businesses) – $273
Late fee for paying one day late – $82 (yes a 30% late fee)
Late fee for paying on month late – $340 (yes a 125% late fee)
Imaging if any financial adviser put these types of late fees on any of our clients. ASIC and AFCA would (quite rightly) haul us over the coals and take our licence of us.
James Shipton: 7 year lookback.
Karen Chester – acting head of ASIC: eternal lookback.
Heading to a job at one of the Industry Funds or Choice is he?!!
A) who gives a shit and b) Why doesnt anyone take action or Ban him ? Actively lying about known lodgements seems a whole heap worse than the current flavour of the month banning reason “improper record keeping”. But what woud we know eh ?