New industry leaders in ASIC shake up

The supervision of financial advisers by the corporate regulator has been rolled into the consumer portfolio held by Delia Rickard, while Gerard Fitzpatrick has taken control of the newly merged portfolio for investment managers and superannuation funds.

The changes are part of a broader restructure taking place at the Australian Securities and Investments Commission (ASIC), and Rickard’s new responsibilities in the advisory space follows the departure of Debororah Koromilas from the dedicated position last month.

Rickard, a longstanding executive at the ASIC, will now take on the supervision of financial advisers in addition to her existing position as senior executive leader for financial literacy, consumers and retail investors.

The restructure has also seen former Financial Planning Association (FPA) executive Gerard Fitzpatrick take responsibility for the newly merged portfolio responsible for superannuation funds and investment managers.

Those functions were previously managed by Pamela Hanrahan (investment managers) and Louise du Pre-Alba (super funds). Du Pre-Alba has now left the regulator, while Hanrahan will become regional commissioner in Queensland and special counsel in the chief legal office, replacing Maree Blake, who is taking an extended leave of absence.

Fitzpatrick joined the regulator late last year, having previously been in a key policy and government relations position with the FPA. While with the regulator he has been responsible for credit services and instrumental in the introduction of the new national consumer credit protection regime.

Responsibilities for credit services will now be merged with those for deposit takers and insurers, managed by Greg Kirk.

ASIC's website points to Rickard’s experience in areas such as financial literacy and education, vulnerable and disadvantaged consumers, stakeholder relations and industry self-regulation, while she also led ASIC’s role in the implementation of the Government’s Super Choice policy.

Rickard’s experience prior to ASIC includes time as head of the consumer protection branch at the Australian Competition and Consumer Commission and membership of the Secretariat to the Wallis Inquiry. The report that came out of that inquiry provided the current policy underpinning for the Corporations Act and ASIC's work.