Bank fees; Senate obstructionism; stem cell research; St George Bank
June 21, 2002Pacific Islands Forum Economic Ministers’ Meeting (FEMM)
July 1, 2002NO.035
DEPARTURE OF MS JILLIAN SEGAL AS ASIC DEPUTY CHAIR
On 30 June 2002, Ms Jillian Segal will be resigning from her position as Deputy
Chair of the Australian Securities and Investments Commission to take up a position
as a Member of the Committee of Inquiry into the competition provisions of the
Trade Practices Act 1974, and their administration (the TPA Review).
Ms Segal was appointed to the position of ASIC Commissioner from October 1997
and Deputy Chair of ASIC on 18 November 2000, for a three-year term. During
that time, Ms Segal has been instrumental in the development and implementation
of some of the Government’s ambitious and wide ranging reforms of the financial
services industry.
Following the 1997 Wallis Financial Systems Inquiry ASIC assumed solely responsible
for all market integrity and consumer protection regulation within the financial
system. The final stage of the Wallis reforms culminated in the commencement
of the Financial Services Reform Act which introduced reforms designed to provide
for a single, harmonised licensing regime for financial service providers and
product issuers, as well as a consistent and comparable financial product disclosure
regime, and uniform arrangements for the regulation of our financial markets.
As Deputy Chair of ASIC Ms Segal has made an outstanding contribution to these
reforms both in the policy formulation stage and in establishing a range of
measures designed to ensure that the transition to this new regime is as smooth
as possible for both industry and consumers.
Ms Segal has also played an important role in supporting the ASIC Chairman
in steering the organisation through a particularly challenging time in relation
to key enforcement and investigative projects that have absorbed a good deal
of ASIC’s time and resources in recent years.
On behalf of the Government, I would like to take this opportunity to thank
Ms Segal for her great contribution to the work of ASIC and her tireless efforts
in building and maintaining productive and constructive relationships with both
Government and industry. I am sure that her extensive commercial experience
and work as a regulator with a consumer protection focus will allow her to make
a unique and important contribution to the TPA Review.
CANBERRA
27 June 2002
Contact: Niki Savva
Treasurer’s Office
02 6277 7340