'Focus on cowboys, not compliance', new-look ASIC urged

‘Focus on cowboys, not compliance’, new-look ASIC urged
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Top corporate lawyers and advisers to the financial services industry are hoping James Shipton’s replacement as ASIC chairman will bring a focus on red-tape reduction and healthy respect for business to the job.
Treasurer Josh Frydenberg announced on Friday that Mr Shipton would leave the corporate regulator once a replacement is found, despite an independent report into an expenses scandal finding no wrongdoing on his part.
Businesses say they are struggling under mountains of regulatory red tape. 
Illustration: Michael Mucci
His exit will follow that of barrister and deputy chairman Daniel Crennan, QC, who was also cleared of any wrongdoing over relocation expenses, but resigned in October.

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