Insurance Council Welcomes Appointment of James Shipton as ASIC Chair

SYDNEY, Oct. 17 -- The Insurance Council of Australia issued the following news release:

The Insurance Council of Australia (ICA) today welcomed the appointment of Mr James Shipton as Chair of the Australian Securities and Investments Commission.

ICA CEO Rob Whelan said Mr Shipton's extensive experience in regulation and financial markets would provide ongoing confidence in the regulator and the financial services sector.

"This is a notable appointment by Minister for Revenue and Financial Services Kelly O'Dwyer," Mr Whelan said.

"I look forward to meeting Mr Shipton in the new year to discuss his vision for ASIC and how it will affect insurers and consumers."

Mr Whelan thanked outgoing Chair Greg Medcraft for his service and commitment to effective regulation of the financial services sector.

"The Insurance Council and its members have worked closely with Mr Medcraft for many years. He has been a staunch advocate for a stable financial services sector and has led key achievements that have benefited consumers and improved confidence in the insurance industry," Mr Whelan said.