We are pleased to announce the appointments of Mr Peter Kell and Mr Greg Tanzer as full-time Commissioners of the Australian Securities and Investments Commission (ASIC).
The appointments of Mr Kell for a five-year period from 7 November 2011 and Mr Tanzer for a four-year period from 23 January 2012 will further build on the Commission's capacity to implement the Government's significant investor protection initiatives. These include reforms to how financial advice is provided to consumers, consumer credit reforms and measures to boost financial literacy.
Mr Kell, who is currently Deputy Chair of the Australian Competition and Consumer Commission (ACCC), brings to his new role a strong record as a consumer advocate. Before joining the ACCC, he was Chief Executive of CHOICE and a board member of the global consumer organisation Consumers International.
Mr Tanzer is currently the Secretary General of the International Organisation of Securities Commissions (IOSCO), a role he has held since November 2007. Prior to that role, he was the Executive Director of Consumer Protection and International Relations at ASIC.
Current ASIC Commissioner Michael Dwyer has said he will not seek reappointment when his term expires on 11 December 2011.
We would like to thank Mr Dwyer for his valued stewardship of the accounting, auditing, compliance and insolvency policy areas in his three years on the Commission. The Government will use a merit-based selection process for the appointment of a new ASIC Commissioner to replace Mr Dwyer over the next few months.
We would also like to recognise the important contribution of former ASIC Commissioner Shane Tregillis. Mr Tregillis left the Commission on 26 August to take up his new role as the Chief Ombudsman of the Financial Ombudsman Service. During his time as an ASIC Commissioner, Mr Tregillis worked particularly in the area of equity market competition and the transfer of market oversight to ASIC last year.
In relation to the vacancy of the ACCC Deputy Chair position, the Government has today initiated a process to replace Mr Kell by writing to the States and Territories to seek nominations, as required under the 1995 intergovernmental Conduct Code Agreement.
20 October 2011