Government names new ASIC chair to succeed Greg Medcraft

The government will recommend James Shipton, the head of a research centre at Harvard Law School, for the new chairperson’s role at the Australian Securities and Investments Commission (ASIC) for a five-year term. 

Shipton’s term is expected to start from February 1, 2018 and the 

In a statement, Minister for Revenue and Financial Services Kelly O’Dwyer said the government would recommend Shipton’s appointment to the Governor-General in Council.

“Shipton brings wide regulatory and financial market knowledge to the position, as well as international experience,” the statement said. 

He is currently the executive director of the Program on International Financial Systems at Harvard Law School. Prior to that, Shipton was executive director at Intermediaries Supervision and Licensing Division at the Hong Kong Securities and Futures Commission. 

He has held investment banking roles in Asia and Europe and commenced his professional career as a solicitor in Australia. 

“I look forward to Mr Shipton making a significant contribution to the important work of ASIC in promoting confidence in Australia’s financial system and protecting consumer interests as the incoming Chair,” the statement said.

Minister Kelly O’Dwyer also commended outgoing chair Greg Medcraft for his role at the ASIC.

“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,” she said in the statement.

Peter Kell, the current deputy chair, will be the acting chair after Medcraft’s term ends on 12 November 2017 till the time Shipton takes over.

Earlier, the Federal Opposition had said it would oppose the appointment of former banker, John O’Sullivan, as the new chairman.

Both the Shadow Treasurer, Chris Bowen and the Shadow Minister for Financial Services, Senator Katy Gallagher said the party would not be support O’Sullivan’s appointment were it to be formally put forward by the Government.