Australia’s financial services industry demands a strong financial regulator as it continues to navigate the pandemic crisis, yet Josh Frydenberg continues to dither about who will lead ASIC. 

The longer he stalls his decision about the future of James Shipton as Chairman, the more potholes he’s creating in the long road to economic recovery. 

Mr Shipton cannot remain on gardening leave on his full $775,000 a year salary while a million Australians are looking for work and corporate Australia deals with the economic uncertainty. 

The Treasurer has run out of excuses to avoid dealing with this situation. 

Vivienne Thom delivered her report on Mr Shipton’s $118,000 expenses claim weeks ago. 

Mr Frydenberg must immediately release that report. 

He must immediately decide whether Mr Shipton or someone else will lead ASIC through these challenging economic times. 

And he must immediately outline how and when Mr Shipton’s replacement will be chosen if his position is untenable. 

Meanwhile financial services providers are looking to ASIC for leadership on dealing with the massive planned changes to their operating environment, including to insolvency laws, responsible lending obligations, superannuation and the implementation of the Banking Royal Commission. 

With a wave of insolvencies, distressed assets and impaired loans expected over coming months as the Government winds back economic supports, strong leadership at ASIC has never been more important. 

It is simply not good enough to have the Treasurer lost in a fog of indecision on this vital question.