Top 10 most influential, 2004: Ian Johnston – the regulator

Financial Services Reform (FSR) had much in common with the hype that preceded the dawn of the new millennium due to the disruptive ‘scenarios’ anticipated from the Y2K bug.

However, unlike Y2K, the challenge for many in the financial services industry was not the drama that preceded the main event, but rather the issues with running a business under the new regime.

In light of this, the Australian Securities and Investments Commission’s (ASIC) executive director of financial services regulation, Ian Johnston, has been the voice for the regulator in the post-FSR environment.

As the industry comes to terms with new compliance obligations, many view Johnston as the person to offer early insight as to the regulator’s attitude on interpretation of the legislation.

Johnston took a lead role from the outset in March, when he telegraphed to the industry that the granting of an Australian Financial Services Licence would be just the beginning for those seeking legitimate participation in the industry.

“The FSR road for us all doesn’t stop with the end of transition — you will have ongoing compliance obligations to meet, while we’re already monitoring industry compliance,” Johnston said.

Johnston has remained in the public eye throughout the year as the requirements of FSR were fine-tuned to repair what were widely accepted as inherent flaws.

Needless to say, Johnston will continue to play an influential role as the FSR Act is continually tweaked to ensure its effective implementation for both the industry and consumers.