New Aussie Regulator Talks Tough
Australia's banking regulator wants to lift professional and ethical standards in the financial industry. The new chairman of the commission is drawing to the examples set by other countries.
Finance sector workers in Australia could face tougher exams after the new chairman of the Australian Securities and Investments Commission (ASIC), James Shipton, used his first public appearance to throw his weight behind the idea.
Shipton told a parliamentary committee into the oversight of ASIC that he wants participants in the Australian financial sector to be professional. «The U.S., U.K. and Hong Kong have broad-brush exams and I am very much in support,» he told the committee.
Various Roles
Shipton was previously a regulator at Hong Kong's Securities and Futures Commission. He also worked as managing director in Goldman Sachs' Asian executive office and as head of government and regulatory affairs for Asia Pacific.
