ASIC deputy chair steps down amid $187,000 expenses furore

The deputy chair of the Australian Securities and Investments Commission (ASIC) has resigned amid a review into expense claims.

Deputy chair Daniel Crennan claimed more than $69,000 in expenses related to his move from Melbourne to Sydney last year.

This morning, he announced he will resign from his role. In a statement, he said he had been intending to retire in July next year, The Mandarin reports.

“However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now,” he said.

“In order to ensure that ASIC’s important work is not disrupted, I will remain available to facilitate the orderly transfer of work to my successor.

“I wish the new commissioner every future success as he or she continues the critical work that ASIC is assigned to undertake.”

Chair James Shipman stepped aside on Friday, after it emerged he received $118,000 in expenses from ASIC, related to his relocation from the US to Australia.

That included tax advice, a relocation package and rental allowance, he said in a statement on Friday.

These payments “may exceed the limits set within the relevant Remuneration Tribunal Determinations”, he explained.

The payments came to light during an audit of ASIC’s annual financial statements.

The auditor-general has recommended an independent review into the payments, which Treasurer Josh Frydenberg has confirmed.

Shipton will stand aside until this review is complete.

“I have advised the Treasurer … that, in the circumstances, it is appropriate to stand aside pending the outcome of the review,” he said.

Shipton acknowledged this will assist in “making appropriate changes to key policies”.

This article was updated on Monday, October 26 at 1.54pm to clarify James Shipman has stepped aside pending an independent review.

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