Treasurer Jim Chalmers has unveiled three new appointments to the Australian Securities and Investments Commission (ASIC). 

The changes come following the recent departures of ASIC commissioners Cathie Armour and Sean Hughes, with Danielle Press set to leave next month and Karen Chester in January.

Joining the ranks of ASIC are prominent figures in the financial and regulatory sectors: Simone Constant, currently Chief Risk Officer at the Commonwealth Bank; Alan Kirkland, CEO of Choice; and Kate O’Rourke, a senior official at the Treasury. 

These new commissioners will work alongside ASIC Chairman Joe Longo and Deputy Chairwoman Sarah Court, who were appointed by the previous Coalition government on five-year terms, extending to mid-2026.

Dr Chalmers says the simultaneous appointment of three commissioners presents an opportunity to “refresh” an organisation that has faced criticism in recent times. 

This criticism has stemmed from various factors, including the outcomes of the royal commission into financial services, internal leadership issues, conduct investigations, and persistent allegations that ASIC is falling short of public expectations.

Dr Chalmers has expressed confidence that these changes would bolster market regulation and benefit consumers and investors. 

He thanked outgoing commissioners Danielle Press, Sean Hughes, and Karen Chester for their contributions to ASIC and to the service of Australia.

The leadership shift follows Dr Chalmers' recent announcements regarding new leaders for the Reserve Bank of Australia and the Productivity Commission. 

They are part of a broader initiative to review and reform Australia's economic processes and institutions, addressing what many in the Labor party perceive as a decade of neglect.

Kate O’Rourke, who will assume her role on September 11, 2023, previously served seven years at ASIC before her current position as First Assistant Secretary of the Small and Family Business Division at the Treasury.

Simone Constant and Alan Kirkland will begin their terms on November 20, 2023. 

Constant, known for her extensive experience in financial services and risk management, held a senior position in the Commonwealth Bank's Institutional Bank and Markets before joining ASIC. 

Kirkland, with a background in financial markets and consumer protection, led Choice for over a decade after heading Legal Aid NSW.

Each of the new commissioners has been appointed for a five-year term.

ASIC Chairman Joe Longo welcomed the appointments, noting that they bring valuable experience and skills to the Commission at a time of significant regulatory change. 

He said ASIC remains vital to safeguarding Australian consumers and investors as the economy faces challenges like climate change, demographic shifts, and rapid technological advancements.