ASIC reshuffle: Kell steps up, replaced by bank director

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Current ASIC commissioner, Peter Kell, has been selected as deputy chairman of the organisation for a five-year period beginning May 6, according to a statement issued by the parliamentary secretary to the treasurer late last week.

Kell, who joined ASIC in 2011, will be replaced by Cathie Armour, who has signed on as full-time commissioner for a four-year period beginning June 3.

Armour is an executive director and general counsel of Macquarie Capital within the Macquarie Group. According to the release, she has extensive experience in the financial sector, including responsibility for Macquarie Capital Compliance and Risk. Prior to working at Macquarie, Armour was legal counsel at JP Morgan.

With the appointments of Kell and Armour and the departure of Belinda Gibson, the current deputy chairman, ASIC will have five full-time members, including the chairman and the deputy chairman.

Neither Peter Kell nor Cathie Armour were available for comment prior to our deadline.

  • Keith L. on 29/04/2013 6:11:18 PM

    One always hopes that someone from the industry may bring real world enlightenment to the regulatory regime. Because Planners have been subjected to implied and direct accusations of conflicted interest, and because the current political cozying up to the ISN is obviously conflicted, Planners can be forgiven for a degree of scepticism regarding the neutrality of someone previously engaged by an industry giant.
    However, being an optimist, I have confidence in Cathie Armour's ability to see past her former employer's industry sector and see the needs of the whole financial services industry. I also have faith in her integrity to service her charter in an unbiased way for the good of Australian investors in an even handed and responsible manner. In appointing someone with such an impressive background, ASIC critics can no longer accuse it of not having any idea of what financial planning is all about.
    There is a risk that instead of spreading the enlightenment of her knowledge and experience within the organisation, the culture Cathie encounters will nullify her vision and intentions. I for one welcome the appointment of a person of Cathie’s background and wait to see what if any influence her appointment has on the public and regulatory attitude portrayed by ASIC in the future.

  • mushroom on 29/04/2013 9:33:34 AM

    I see that Dracula has literally been placed in charge of the bloodbank. What could go wrong?

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