FinTech Australia welcomes new ASIC chair

By David Tuckwell on 19th October 2017

P2P/Marketplace LendingInvoice Funding

James Shipton has been clapped in by the top industry lobby

FinTech Australia welcomes new ASIC chair

New ASIC boss welcomed by fintech lobby. 

The Australian federal government has tapped former Goldman Sachs banker James Shipton to head up the corporate regulator ASIC.

Mr Shipton was appointed after the government’s first choice John O’Sullivan withdrew due to heavy criticism from Labor over his history as a Liberal Party donor. He will replace outgoing chief “ironman” Greg Medcraft, who served from 2009.

“I've been a great advocate of cultural reform in the financial institutions and in the financial markets for a long time, including when I was at the Hong Kong Securities and Futures Commission,” Mr Shipton said.

Adding that his “biggest challenge” would be “to build trust and confidence in the markets and, importantly, for those investors in the community that are investing their savings, their retirement into financial markets.”

Mr Shipton is something of a product of Melbourne’s elite. He attended Geelong Grammar, one of the country’s top private schools, then studied law at Melbourne University, arguably the country’s most prestigious degree. His father, Roger Shipton, was a prominent federal politician for 25 years.

FinTech Australia, the industry lobby, welcomed the appointment.

ASIC initiatives such as the fintech regulatory sandbox and written guidance on new fintech policy and regulatory matters are crucial tools to grow our fintech industry,” said Danielle Szetho, FinTech Australia’s CEO.

“We also need ASIC to play a major role driving our new open banking framework… [and] harness the full potential of … Australian fintechs.”

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