Former ASIC chairman James Shipton has hit out at the regulator’s response to a six-month “abusive advertising campaign” by Clive Palmer.
, attacked his character, his competence and his integrity and were published “by a defendant charged with offences instigated by ASIC.”
“I consider that the conduct is seriously impeding the ongoing effectiveness of ASIC’s governance and administration and requires a formal response,” Mr Shipton wrote to Mr Frydenberg at the time. “I believe it is appropriate and necessary for there to be a review process to investigate this matter.
The revelations put a spotlight on new ASIC chairman Joe Longo, who took no action against Ms Chester when the matter came across his desk. Mr Shipton said this showed the accountability arrangements for statutory office holders, such as the chair and deputy chair of ASIC, were deficient and called for an independent agency to give confidence in outcomes.
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