The next head of Australia’s financial regulator has been revealed as a continuity pick that will continue the Australian Securities and Investments Commission’s hardline approach to fighting corporate misconduct.
Sarah Court, ASIC’s current deputy chair, was unveiled by Treasurer Jim Chalmers as the watchdog’s next chair in a statement on Monday evening.
A seasoned litigator, Ms Court was an unsurprising choice to succeed ASIC’s outgoing chair Joe Longo, under whom she has served as deputy for almost five years.
“Ms Court has been an excellent deputy and she’ll be an outstanding chair,” Dr Chalmers said in a statement.
“Over the past five years, Sarah has substantially strengthened ASIC’s enforcement and investigation capabilities.
“Under her leadership, ASIC has delivered some of its strongest enforcement results on record – reflecting a sharper focus on protecting consumers, lifting standards across the financial system, and reinforcing the integrity of Australia’s markets.”
Before joining ASIC, Ms Court was a commissioner at the Australian Competition and Consumer Commission and a senior lawyer at the Australian Government Solicitor.
Ms Court’s elevation means there are a record number of women in charge of Australia’s key economic institutions.
The first female head of ASIC, she joins fellow female leaders in Reserve Bank governor Michele Bullock, ACCC chair Gina Cass-Gottlieb, Treasury secretary Jenny Wilkinson, and Productivity Commission chair Danielle Wood.
Ms Court begins her five-year term on July 1.
As head of ASIC, Ms Court will have a significant influence over Australian corporate culture at a time when getting the balance right between preventing overregulation and consumer harm is hotly contested.
Under Mr Longo’s tenure, ASIC’s enforcement capabilities have been strengthened and the regulator has begun a major digital transformation.
“Mr Longo has made a significant contribution to ASIC’s work, including through his focus on enforcement and consumer protection initiatives, his work on public and private markets and strengthening the commission’s organisational capability,” Dr Chalmers said.
But ASIC has also been criticised in some quarters for being overly aggressive in its litigation, while also being accused of falling asleep at the wheel by failing to stop the collapse of First Guardian and Shield managed investment funds.
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