ASIC deputy chair resigns

Treasurer Josh Frydenberg has announced that deputy chair of the Australian Securities and Investments Commission (ASIC) Peter Kell has resigned, effective 6 December.

Mr Kell first served as a member of ASIC after joining the regulator in 2011, before assuming his role as deputy chair in 2013.

“His [Mr Kell’s] experience and understanding of corporate regulation has been appreciated by successive governments as well as members of ASIC,” Treasurer Frydenberg said.

Mr Kell has previously served as deputy chair of the Australian Competition and Consumer Commission (ACCC) and as a member of the Australian government’s Financial Literacy Board.

“Since its [Financial Literacy Board’s] establishment, [Mr Kell] has made a significant contribution to improving financial literacy and ensured that the transition to the new chair of ASIC was as smooth as possible, including serving as acting chair,” Mr Frydenberg added.

The Treasurer concluded: “The coalition government thanks Mr Kell for his contribution to ASIC and wishes him well in his future endeavours.”

Mr Kell’s replacement as deputy chair is yet to be announced. However, the government noted that newly appointed commissioner Danielle Press is set to assume his role this week, with Sean Hughes also due to commence as a commissioner later this year.

[Related: New Treasurer appoints ASIC members]