ASIC announces new board members

Late last week saw treasurer Josh Frydenberg announce two new full-time members of the Australian Securities and Investments Commission (ASIC).

Former Myer CEO, Danielle Press, and current Tabcorp group general counsel, Sean Hughes, have been appointed to the regulating body for a period of five years.

Press has extensive experience in the corporate sector, with a previous 6-year stint as CEO with Euipsuper and a 17-year term as managing director of UBS Global Asset Management.

Press left Myer in the wake of the company’s merger with the Baillieu family office, and subsequently joined Six Park in July 2018.

Hughes also boasts an impressive resume, with stints with UniSuper, NAB and ANZ. He also currently serves as advisory council non-executive member for the Ethical Alliance.

These appointments come in the wake of a particularly active few months for ASIC. July saw financial services minister Kelly O’Dwyer, and then-treasurer Scott Morrison, announce a $70.1 million fund injection to ASIC, aimed at improving the monitoring of financial institutions’ governance and compliance.

On August 29, ASIC also released Report 587, which raised numerous concerns about business practices within the life insurance industry, including high-pressure sales tactics, unnecessary add-ons, poor claims processes and consumer misunderstandings around the nature of cover provided.

Two days later, ASIC also demanded an end to cold-calling for life and funeral insurance. It remains to be seen whether this proposed ban will be able to be enforced.

Additionally, ASIC is known to have collaborated with the Financial Services Royal Commission, though the exact capacity has not yet been disclosed.