ASIC Experiencing A Changing Of The Guard

What Is ASIC?

The Australian Securities & Investments Commission was established in 1998 and its role is to act as Australia’s integrated corporate, markets, financial services and consumer credit regulator. 

The areas of responsibility of ASIC include: 

• Corporate Governance
• Financial Services
• Securities and Derivatives
• Insurance
• Consumer Protection
• Financial Literacy

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Who Is Leaving The CEO Chair?

The organisation has had ASIC veteran, Warren Day at the helm since July 2023, however, there is currently a changing of the guard. 

Warren has been with ASIC for over 20 years and began his executive career in 2009, before transitioning to the top brass in 2020, as the Chief Operating Officer, before beginning the position he will be vacating on June 1 2024, CEO. 

The reason for Warren's departure is a secondment or a temporary transfer to the Commonwealth Director of Public Prosecutions.

Warren has been instrumental with the mass organisational transformation of ASIC since 2021 with ASIC Chair, Joe Longo speaking about his departure in an official statement. 

“Warren has been a significant contributor to ASIC for more than 20 years across virtually every part of ASIC’s remit. This is an opportunity for him to bring the skills and experience he has gained at ASIC to an agency we have a shared interest in supporting and seeing succeed,” Longo said.

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Who Will Be The New Top Dog?

As of June 1, 2024, Greg Yanco, the Executive Director of Regulation and Supervision, will assume the position of interim CEO.

Yanco has been a part of ASIC for over 15 years and was responsible for the regulator's efforts in combating unlicensed financial influencers. 

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When Will The Search Continue?

Yanco has made it clear that he plans to retire in mid-2025 with a local and global search expected to commence early 2025.

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Conclusion

While there may be uncertain times ahead, one thing is certain, your ability to take control of your retirement future.

Get in touch with the Supavest team today to discuss how you can invest your super in brand new house and land builds.

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