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Home » ASIC deputy chair Daniel Crennan QC resigns

ASIC deputy chair Daniel Crennan QC resigns

The deputy chair of Australia’s financial watchdog ASIC has resigned after an audit of the organisation’s expenditure flagged concerns about $70,000 in expenses.

Daniel Crennan QC this morning said he would resign immediately, saying “it is in the best interests of ASIC”.

“I had been intending to retire from my position in July 2021,” Mr Crennan said in a statement.

Australian Security and Investments Commission Deputy Chair Daniel Crennan poses for a portrait in the Sydney CBD, Friday, 1 November 2019. (Sam Mooy)

“However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now.”

His departure comes three days after the Australia National Audit Office (ANAO) flagged concerns over expenses paid to Mr Crennan and ASIC Chair James Shipton.

Both sets of expenses relate to relocation expenses: Mr Shipton’s move from the US to Australia and Mr Crennan’s move from Melbourne to Sydney.

In a statement on Friday Mr Shipton said the processes approving these relocation expenses were “inadequate” and he was “disappointed” that it occurred.

Australia Post boss Christine Holgate and ASIC chairman James Shipton have both stepped aside this week. (Alex Ellinghausen)

An investigation into the accounts will now take place, with Mr Shipton stepping aside during the course of the investigation.

“Whilst I believe that I have acted properly and appropriately in this matter, I hold myself to the highest possible standard,” Mr Shipton said in a statement last week.

“What matters is that I act with integrity and honour. That means I need to act in the best interests of ASIC and its vital purpose to build a fair, honest and efficient financial system for all Australians.

ASIC regulates activity within Australia’s integrated corporate, markets, financial services and consumer credit sectors. (AAP)

“I only took this position to serve the Australian community and to work to improve the corporate and financial system that should also serve it.”

It’s second high-profile investigation into executive expenditure in a week, after it was revealed on Thursday that Australia Post had spent some $20,000 on Cartier watches to reward senior executives.

Australia Post Chief Executive Christine Holgate is also standing aside while an independent investigation is conducted.

Source: 9News

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