Costello joins ASIC advisory board

By Damon Kitney - The Australian

The corporate regulator has added further high-powered talent to its external advisory panel with the appointment of Future Fund chairman Peter Costello, former prudential regulator John Laker and Google Australia boss Maile Carnegie.

ASIC chairman Greg Medcraft said the appointments of Mr Costello and Mr Laker for four-year terms would help bolster the regulator’s work in the ­financial sector. ‘‘We are trying to get people looking directly at the sectors that we regulate.

Mr Laker has joined the ­advisory panel of the Australian Securities & Investments Commission after stepping down at the end of June as chairman of the Australian Prudential Regulatory Authority.

Mr Costello, chairman of boutique Melbourne corporate advisory firm ECG Financial, has joined the ASIC board as an ex-officio member of the panel.

Commonwealth Bank director Andrew Mohl and ANZ chairman David Gonski joined the advisory panel last year.

He also revealed that the regulator was poised to appoint a new member to the panel in the financial adviser space as it strengthens its surveillance of the advisory arms of the major banks and financial services companies, including enforcing faster reporting of misconduct by planners.

Catherine Livingstone also joined the 17-member panel as an ex-officio appointment last year after taking over from Tony Shepherd as the president of the Business Council of Australia.

Read more here: Business Spectator


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