ASIC commissioner steps down to join Vanguard

ASIC/vanguard/Commissioner/regulation/

17 January 2023
| By Charbel Kadib |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has announced the departure of commissioner Sean Hughes, effective from 3 February, 2023.

Hughes cut short his term as commissioner, originally scheduled to conclude on 1 December, to join global investment management firm Vanguard Australia, where he would lead the Australian Office of the General Counsel.

In his new role, Hughes would be tasked with overseeing the legal and compliance functions of the business as part of the Australian executive team.

Vanguard Australia managing director, Daniel Shrimski, welcomed Hughes to the firm, noting his experience in law, governance, regulation, financial services, wealth management and risk.

“The strong foundations built by Vanguard’s Australian leadership over the past 27 years has always been guided by delivering on Vanguard’s mission, and with Sean’s appointment we continue to focus on building teams led by strong leaders who will ensure that the business remains aligned with the new and changing needs of our clients into the future, to offer them the best chance of investing success," he said. 

Hughes joined Vanguard after decades of service with ASIC, culminating in his stint as commissioner from November 2018.

During his term as commissioner, Hughes oversaw the implementation of a swathe of reforms across the financial services sector.

This included the introduction of revised responsible lending guidance, and more recently, the implementation of a new breach reporting regime — requiring Australian financial services (AFS) licensees and credit licensees to submit notifications about "reportable situations" to ASIC within 30 calendar days.

ASIC chair Joe Longo thanked Hughes for his service to the corporate regulator.  

‘We are grateful for the contribution Sean has made to ASIC in his role as Commissioner and wish him well in the next stage of his career,” Longo said.

Prior to assuming the role of commissioner, Hughes held a number of senior positions with ASIC, including as senior executive leader for corporate governance and corporations from 2008-2010.

Hughes also held a number of senior executive roles from 1999-2003, including as director, financial services regulation.

Commonwealth Treasurer, Jim Chalmers, would now be responsible for appointing Hughes’ replacement.

The prospective appointee would join chair Longo, deputy chairs Sarah Court and Karen Chester, and commissioner Danielle Press.

 

Read more about:

AUTHOR

Submitted by ILuvBanks on Tue, 2023-01-17 11:16

LMAO

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS