New commissioners "will be powerful advocates for Australian consumers and investors"
The Australian Securities and Investments Commission has announced that the Treasurer has appointed three new commissioners to ASIC.
The announcement includes the appointment of Katherine O'Rourke, currently a first assistant secretary at Treasury, as commissioner starting from September 11. Additionally, Alan Kirkland (pictured above left), CEO of consumer group CHOICE, and Simone Constant (pictured above right), chief risk officer at the Commonwealth Bank of Australia, will commence their terms on November 20.
“The new commissioners strengthen and reinforce the expertise of the commission at a time of significant and complex change in our regulatory environment.,” said ASIC chair Joe Longo.
“ASIC’s role is fundamental to protecting Australian consumers and investors while our economy navigates difficult challenges including climate change, an ageing population and the rapid evolution of data technology.”
Longo highlighted the relevance of the new commissioners' experience to ASIC's strategic priorities, particularly in becoming a leading data-informed regulator and enhancing the enforcement of the law.
“The new commissioners will be powerful advocates for Australian consumers and investors, and for maintaining the integrity of Australia’s financial system,” he said. “I look forward to working with them.”
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O'Rourke, who previously worked at ASIC from 2003 to 2017, brings expertise in areas such as fundraising, mergers and acquisitions, corporate governance, and regulatory policy. At Treasury, she held leadership positions focusing on data and digital economic reforms, small business policy, and regulatory frameworks governing market conduct.
Kirkland, a prominent consumer advocate, has a long history in financial markets and has influenced positive reforms for vulnerable members of the community. His familiarity with ASIC through his membership in the ASIC Consultative Panel and involvement in the Ramsay Review demonstrates his commitment to financial reforms, the regulator said.
Constant, with extensive experience in financial services and risk management, has previously worked as a lawyer. She held positions such as deputy secretary of NSW Treasury and led the NSW Department of Education's COVID Taskforce.
Longo also expressed gratitude to outgoing Commissioner Danielle Press.
“On behalf of everyone at ASIC I offer our deep gratitude to Danielle for her outstanding contribution to the commission over the past five years, particularly her pivotal role in establishing ASIC as the conduct regulator for the superannuation sector,” Longo said.
“Danielle's generous, warm and approachable leadership style has helped build open and effective relationships across ASIC, among our peers and across industry. I wish her well in her future endeavours.”
ASIC recently announced that it was seeking public feedback on product intervention orders designed to stop predatory lenders. Last month, the regulator announced higher penalties for broker non-compliance.
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