The Australian Securities and Investments Commission (ASIC) has announced the appointment of current deputy chair Sarah Court as its new chair replacing Joe Longo, who will depart at the end of May.
“Sarah is an exceptional regulator with a strong record in enforcement that demonstrates her integrity and impact,” Longo said.
“Her work as ASIC’s deputy chair has been instrumental to the success of the agency’s structural transformation that has strengthened our enforcement posture and work, leading to better outcomes for consumers and a fairer financial system.”
Court has been ASIC deputy chair since June 2021, prior to which she was commissioner of the Australian Competition and Consumer Commission for over a decade.
The appointment was welcomed by industry bodies.
SMSF Association chief executive Peter Burgess recognised Court is widely respected across the superannuation and financial services industries.
Burgess also acknowledged her focus on strengthening the corporate regulator’s enforcement and investigative capabilities, which is particularly important given recent high-profile failures in the industry.
“ASIC’s investigations into schemes such as Shield and First Guardian highlight the need for a strong, well-resourced regulator to detect misconduct early and deter exploitation of Australians’ retirement savings,” he said.
“Effective enforcement is essential to maintaining confidence in the superannuation system, including the SMSF sector.”
Association of Superannuation Funds of Australia chief executive Mary Delahunty pointed out Court’s appointment as the first female in the role was an important milestone for gender equity in Australia’s financial regulatory leadership.
“Sarah has the respect of the superannuation industry as a tough, fair and highly capable regulator, with a strong track record in enforcement and consumer protection,” Delahunty noted.
She reiterated the SMSF Association’s sentiments around Court’s role in investigating the Shield and First Guardian collapses.
“We look forward to working with Sarah to strengthen deterrence against financial crime and protect Australians’ retirement savings,” she confirmed.
