Medcraft nominated as next ASIC chairman

The Federal Government has recommended Greg Medcraft (pictured) be appointed the new chairman of the Australian Securities and Investments Commission (ASIC).

Medcraft joined ASIC as a commissioner in February 2009, with responsibility for investment banking, investment managers, super funds and financial advisers.

Treasurer Wayne Swan said Medcraft was widely respected among financial markets, regulators and governments around the world after almost 30 years experience at global investment bank Société Genéralé.

If approved by the Governor General, Medcraft will be appointed for a term of five years.

He will take over the position from the incumbent Tony D’Aloisio, who was appointed ASIC chairman for a four-year term in 2007.

On the announcement of the appointment, Medcraft said it would be “business as usual at ASIC”.

“We’re going to consolidate the achievements we’ve made over the last few years under the leadership of Tony D’Aloisio and the structure we have.”

Medcraft said in his new role, he would be concentrating on disclosure to consumers, creating an efficient and fair marketplace and ensuring an efficient and cost-effective licensing system.

The government has also nominated Rod Sims to be the next chairman of the Australian Competition and Consumer Commission (ACCC) for a period of five years.

Sims, an eminent Australian economist who has previously worked for the government in numerous capacities, will take over the role from Graeme Samuel.